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Bronte Capital

Semi-Retired Fund Manager
Contributor's Links: Bronte Capital Cooking With John
My name is John Hempton and I am a (semi) retired fund manager based in Sydney Australia. My key expertise is in banks and insurance companies though my investing interests extend widely. I run the Bronte Capital Blog. The purpose of this blog is to explore investment ideas. It differs from most ...more
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Spectrum Valuation And A Case For Verizon Against Sprint And GSAT
Thursday, October 9, 2014 1:10 PM EDT
This post has been in the back of my mind for a long time. It is also talking my book - long Verizon - big, boring with a *lot* of very high value spectrum and short the spectrum wannabe players like GSAT.
In this article: S, T, VZ, GSAT, TMUS
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Identifying At Least One Herbalife Customer
Monday, October 6, 2014 10:59 AM EDT
One of those bizarre moments in Bill Ackman's first Herbalife presentation was when his former staff member Shane Dinneen stated that it was possible that there was not one legitimate Herbalife customer anywhere in the world.
In this article: HLF
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Assessing The State Of Nu Skin's China Business - Part 2
Friday, October 3, 2014 4:42 AM EDT
In the last post we noted that the swings in Nu Skin's stock were dependent on the state of their business in China. Nu Skin is currently burning considerable amounts of cash and will likely need to renegotiate their debt covenants.
In this article: NUS
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Assessing The State Of Nu Skin's China Business - Part 1
Thursday, October 2, 2014 12:44 PM EDT
Nu Skin's stock for the past few years has been driven by its business in China.
In this article: NUS
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In Defense Of The Pershing Square Analysts
Tuesday, September 30, 2014 3:34 PM EDT
I can't quite believe I am doing this - because I loathe Bill Ackman with a passion. But I think today's charging of one of his former analysts and his roommate for insider trading in Herbalife is a bad case of SEC overreach.
In this article: HLF
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The Gobi Desert People Like Their Nu Skin, So Do Wild Yaks, Donkeys And Bears
Monday, September 8, 2014 9:18 PM EDT
Nu Skin has planned multiple store openings for the Gobi Desert, including in areas where human existence is not possible. Why would Nu Skin claim to be opening stores in regions where it makes little to no sense to do so?
In this article: NUS
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Nu Skin's Remarkable Store Opening Plans In China
Friday, September 5, 2014 10:45 AM EDT
Nu Skin's sales distribution figures in China seem implausible but the aggregate sales are audited - so they should be believed.
In this article: NUS
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Uyghur Women Like Their Nu Skin
Thursday, September 4, 2014 10:53 AM EDT
Nu Skin it seems has a knack of selling to Uyghur women.
In this article: NUS
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Richard M. Hixson Pardoned Nu Skin
Wednesday, September 3, 2014 10:19 AM EDT
Nu Skin has neither confirmed nor denied they needed a pardon on their debt covenant - and they neither confirmed nor denied that they will breach their covenants again at the end of this quarter.
In this article: NUS
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Valeant Pharmaceuticals Part XII: The Rolling Solvency Calculation
Tuesday, September 2, 2014 4:09 AM EDT
I am short Various parts of the Valeant capital structure and long a few thousand put contracts. This is a bet that is levered to terrible outcomes at Valeant. It is not quite a bet on insolvency - but it is a bet on financial stress
In this article: VRX
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Nuskin - An MLM With Wonky Accounts
Monday, August 18, 2014 10:58 AM EDT
Regular readers will know that I am not an unbridled fan of multi-level marketing schemes MLMs - but I don't think they are all evil either.
In this article: HLF, NUS
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Valeant Pharmaceuticals Part XI: Less Luscious Lips
Wednesday, August 13, 2014 4:36 AM EDT
On the aesthetics side, we recently sold certain facial injectable products to Galderma for approximately $1.4 billion, for a gain of over $300 million.
In this article: AGN, VRX
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More Than Ten Thousand Tonnes Of Fuel Stolen: African Minerals Edition
Thursday, August 7, 2014 3:42 AM EDT
Wholesale fuel prices are less than $1000 per tonne. Even by the time you get it to Sierra Leone the price is likely to be less than $1500 per tonne.
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For Kicks: Just How Big Is Herbalife? And A Simple Proof That This Is Not A Pyramid
Wednesday, August 6, 2014 4:21 AM EDT
Herbalife has 3.7 million distributors. There is very fast turnover amongst the lower-tiers of the distributor tree.
In this article: HLF
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Valeant Pharmaceuticals Part IX: A Comment On The Sale Of The Facial Injectables Business
Tuesday, August 5, 2014 3:12 AM EDT
Valeant missed analyst projections of revenue and guided down their so-called "cash EPS". Regular readers know that I don't hold much regard for Valeant's non-GAAP numbers (such as cash EPS) but for the moment lets consider them.
In this article: VRX
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Steal Three Billion Dollars, Get A 700 Thousand Dollar Fine: The Scammers Have A Better Business Model - Sino Forest Edition
Friday, August 1, 2014 3:13 AM EDT
Sino Forest - familiar to many of my readers - was a large forestry company listed in Canada with operations in China.
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49 to 64 of 101 Posts
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