market folly

Jay Petschek and Steven Major's hedge fund firm Corsair Capital has filed a 13G with the SEC on their position in Globe Specialty Metals (GSM).  Per the filing, Corsair now owns 5.01% of the company with over 3.69 million shares.

This marks an increase in their position size of almost 2 million shares since the end of the first quarter.  The filing was made due to activity on May 20th.  They've owned this stock for many years now.

For more from this hedge fund, check out Corsair's Q1 letter here with their thesis on Orbital ATK.

Per Google Finance, Globe Specialty Metals is "is the producer of silicon metal and silicon-based alloys. The Company’s customers include silicone chemical, aluminum and steel manufacturers, auto companies and their suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and computer chips, and concrete producers. The Company operates in five segments: GMI is a manufacturer of silicon metal and silicon-based alloys and a provider of metallurgical coal for the silicon metal and silicon-based alloys industries; Globe Metales is a manufacturer of silicon-based alloys; Solsil is a developer of upgraded metallurgical grade silicon metal; Corporate segment include general corporate expenses, investments, and related investment income, and the other segment include Yonvey’s electrode production operations, as well as Siltech’s silicon alloy production and certain other distribution operations for the sale of silicon metal and silicon-based alloys."