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Value investing conference new york 2012 panorama

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value investing conference new york 2012 panorama

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His strategy for changing their behavior was to throw a new variable into the cost-benefit equation: prison. Agents from the F. Peter Grupe, who supervised the investigations at the F. Rumors about insider trading had circulated around Steven Cohen since his first years in the business. Cohen asserted the Fifth Amendment and was never indicted, but, during the nineties, as his fund became extraordinarily profitable, observers and rivals speculated that he must be doing something untoward.

When Cohen was growing up, as one of eight children in a middle-class family in Great Neck, New York, his father, who owned a garment factory in the Bronx, brought home the New York Post every evening. I was fascinated when I found out that these numbers were prices, which were changing every day. I started hanging out at the local brokerage office, watching the stock quotes.

When I was in high school, I took a summer job at a clothing store, located just down the block from a brokerage office, so that I could run in and watch the tape during my lunch hour. In those days, the tape was so slow that you could follow it. You could see volume coming into a stock and get the sense that it was going higher. But everything I do today has its roots in those early tape-reading experiences. He moved in and out of stocks quickly, making big bets on short-term fluctuations in their price.

And he trades constantly. The business model at S. In fact, as federal agents pursued multiple overlapping investigations into insider trading at hedge funds, it began to appear that the culture at S. What I need you to do is go out and get me edgy, proprietary information.

Lee subsequently pleaded guilty to insider trading. White-collar criminals tend to make soft targets for law enforcement. Most of the suspects in insider-trading investigations have never been arrested, nor have they contemplated the prospect of serious jail time. When Michael Steinberg was waiting for the jury in his trial to pronounce a verdict, he fainted in open court. So the authorities approached hedge-fund employees, one by one, confronting them with evidence of their crimes and asking them what else they knew.

Then one day, as a suspect headed into a coffee shop and prepared to place his usual order, an agent would sidle up and place the order for him. The tactics echoed the approach the F. The plan was to arrest low-level soldiers, threaten them with lengthy jail terms, and then flip them, gathering information that could lead to arrests farther up the criminal hierarchy. Over time, agents produced an organizational chart with names and faces, just as they had with La Cosa Nostra.

At the top of the pyramid was Steven Cohen. In , F. Freeman became a key witness. Capital understood that providing Cohen with your best trading ideas involved providing Cohen with inside information. When Martoma first came to S. Employees checked Panorama incessantly, and many noticed the scale of the bet that Martoma, a relatively junior portfolio manager, was making, and the fact that Cohen was backing him.

A portfolio manager named David Munno, who had a Ph. Portfolio managers at S. Whenever Gilman learned about a meeting of the safety-monitoring committee, Martoma scheduled a consultation immediately afterward, so that Gilman could share whatever new information he had obtained. Apart from consultation fees, Gilman did not receive any additional remuneration from Martoma, yet he slid into ethical breaches with an ease verging on enthusiasm.

At one point, Gilman proposed outright deception, suggesting to Martoma that they supply the Gerson Lehrman Group with fraudulent pretexts for meetings, in order to deflect suspicion. Martoma scheduled a consultation, informing G.

Two weeks later, Elan arranged for a private jet to fly him from Detroit to San Francisco, where the company had offices. He spent two days with company executives, crafting his conference presentation. After downloading the slide show, Gilman received a call from Martoma.

They spoke for an hour and forty-five minutes, during which, Gilman later admitted, he relayed the contents of the presentation. But the material was complicated—too complicated, perhaps, to convey over the phone. Martoma announced that he happened to be flying to Michigan that weekend; a relative had died, but he had been too busy to attend the funeral, so he was going belatedly to pay his respects.

Could he swing by? Two days later, Martoma flew from J. He flew back to New York that evening, without having visited his family. Rosemary picked him up at the airport. Martoma called him at home. According to phone records introduced in court, they spoke for twenty minutes. Over the next several days, S. Martoma said nothing to Gilman about the selloff, and a week later he flew to Chicago for the conference, bringing along Rosemary and their children, as he often did when he travelled.

Gilman also did not know that Martoma had cultivated a second source connected to the clinical trials—Joel Ross, a New Jersey doctor who had been involved in the efficacy tests. Martoma met Ross in the lobby of the hotel immediately after the dinner.

But Ross was mystified by their interaction. He was still moderately optimistic about bapi, having seen real improvements in the patients he was supervising, but Martoma was more skeptical. And, indeed, Martoma knew every detail of the results that Ross had learned at the dinner, moments earlier. As Gilman made his presentation, the next evening, word of the ambiguous results hit the news wires. Tim Jandovitz, a young trader who worked for Martoma, watched in dismay as the news appeared on his Bloomberg terminal in Stamford.

He checked Panorama, which showed that S. The next morning, he braced himself and went to the office. But when he consulted Panorama he saw that the Elan and Wyeth shares had vanished. Some time later, Martoma informed Jandovitz that S. The two men had worked closely together, and Jandovitz was hurt that he had been left out of the loop. People outside the firm were equally startled to learn that S. Morgan, said in an instant message. The last time he saw Gilman—before the two men met again in court—was the day after the presentation, when Martoma invited Gilman to lunch at a Chicago hotel.

The market does not like a drug that helps only half the people who receive it, he explained. Hi Mat. I hope that you have not been too terribly set back by the great turmoil in the markets plus the disappointing drop in Elan stock. Anyway, no need to call, I have nothing new; I just wonder how you are faring.

Regulators at the New York Stock Exchange monitor millions of transactions. In the summer of , Charles Riely, an attorney at the S. Sanjay Wadhwa, who oversaw the S. By that time, federal authorities had been investigating Steven Cohen for years.

But Cohen was a more elusive target than perhaps they had imagined. This meant that the authorities could arrest and flip low-level suspects who might describe the crooked culture of the place, but these employees would not necessarily be in a position to testify that Cohen knowingly traded on inside information. In the summer of , the F. According to a person involved in the investigation, Cohen spent most of the month that it was operational in a house that he owned in the Hamptons.

In most white-collar cases, the authorities subpoena reams of internal communications, but this approach had limited utility with S. Even when there appeared to be ironclad evidence that Cohen had received and acted upon inside information, his lawyers went to impressive rhetorical lengths to challenge it. One day in , Jon Horvath, the analyst, sent an e-mail to two colleagues about an upcoming earnings report from Dell.

Two minutes after the call, Cohen began liquidating his position in Dell, which was worth ten million dollars. He received a thousand e-mails each day, the lawyers elaborated; he sat at a desk with seven monitors, and it was on the far left monitor that his Outlook inbox appeared.

Cohen was never charged. In theory, Steinberg could have testified against his boss, but he might not have been able to produce any additional evidence that Cohen had knowingly traded on inside information. Martoma had no such loyalty to Cohen. After receiving his enormous bonus in , he lost money in In —down and out—he was fired. Neither of them had a job, and they focussed instead on their kids they had a third child in and on charity, establishing the Mathew and Rosemary Martoma Foundation and giving it an endowment of a million dollars.

On the evening of November 8, , the Martomas returned home from running errands to discover two F. One of them, B. Kang, had been a key figure in the investigation of Steven Cohen. Kang has a buzz cut and a brusque demeanor, and he is known for carrying his service weapon—and several magazines of extra ammunition—with a regularity that may not be entirely necessary for an agent on the hedge-fund beat.

Martoma looked unsteady. When Martoma was accepted at Harvard Law School, his father was so happy that he insisted on driving his son in a U-Haul all the way from Florida to Massachusetts. Martoma, who at the time was still using his birth name, did well in his first year. In the fall of his second term, he sent applications for judicial clerkships to twenty-three judges.

On February 2, , the registrar confronted Martoma. A remaining B-plus, an A, and an A-minus were left unchanged. He fought the decision vociferously, hiring a lawyer and taking two polygraph examinations.

There had been a misunderstanding, Martoma explained: he had altered his transcript not for the judges but for his parents. He brought the faked transcript home over winter break, and they were ecstatic. Unwittingly, the brother picked up a copy of the forged transcript, and included it in the mailing for the judges. The Administrative Board remained dubious, because the secretaries did not receive the e-mails until the night of February 2nd—hours after Martoma had been questioned by the registrar.

The e-mails were time-stamped February 1st, and Martoma maintained that there had been some sort of server delay, because he had definitely sent them the previous day. His mother, father, and brother all testified before the board and backed his account. Martoma even turned over his laptop to a company called Computer Data Forensics, which produced a technical report for the Administrative Board analyzing the metadata of the e-mails in which he asked to withdraw the recommendations.

The firm found that the e-mails had indeed been sent on February 1st. Nevertheless, Harvard finalized the expulsion. While contesting his dismissal, Martoma had moved to an apartment complex in Framingham, Massachusetts, where he became friends with a young M. The two began eating dinner together and training in martial arts at a local gym. Eventually, they started a business.

Martoma told the employees that he was a Harvard-trained lawyer. The name of the company was Computer Data Forensics. Martoma had supplied Harvard with a forensic report issued by his own company. Later that year, Martoma applied to business school at Stanford. Soon after being accepted, he stopped calling himself Ajai Mathew Thomas and legally adopted his current name. Stanford surely would not have accepted him had it known of his expulsion from Harvard, but because Stanford will not comment on the case it is impossible to know whether Martoma mischaracterized his year in Cambridge or left it out of his academic history altogether.

To Ronald Green, his former supervisor at the N. When I asked Rosemary Martoma when she learned about the expulsion, she said that Mathew had confided it to her early in their relationship. But the incident was a source of humiliation for Martoma and for his family, and it became a closely held secret. Even his best friend, Tariq Haddad, always believed that Martoma dropped out of law school; he learned the truth only recently, after Martoma was indicted.

Of course, S. When Martoma regained consciousness, Agent Kang told him that the F. The other agent, Matt Callahan, hung back, but Kang was aggressive. Then again, criminal kingpins are often convicted on the testimony of morally dubious underlings. The key witness who put away John Gotti was Sammy the Bull Gravano, who had confessed to nineteen murders. A rap sheet was practically a prerequisite to testify against Whitey Bulger. And Martoma clearly possessed a dogged instinct for self-preservation.

Agent Kang had already paid a visit to Sid Gilman. At an initial meeting at the university, and in several subsequent conversations, investigators asked Gilman if he had supplied confidential information about bapineuzumab to Martoma. Gilman repeatedly lied to them. Eventually, Gilman agreed to tell the government everything, in exchange for a promise not to prosecute him.

Would Martoma flip next? But, despite warnings from Agent Kang that if Martoma went to trial the F. Yet Martoma was intransigent. Eventually, a team of F. In financial and law-enforcement circles, many wondered why Martoma accepted the role of fall guy. One explanation suggested to me by numerous people was that a numbered account had been set up for the Martomas in some tropical banking haven. But this scenario struck me as unlikely. Suppose that Cohen did seek to witness-tamper in this way.

If someone promised Martoma ten million dollars not to testify about securities fraud, what would stop him from renegotiating on the spot, by demanding twenty million not to testify about obstruction of justice on top of securities fraud? After working briefly with a criminal-defense attorney named Charles Stillman, Martoma chose to retain Goodwin Procter, a major law firm with very high fees.

But Martoma was not paying for his lawyers: S. After the U. In March, , lawyers for S. Several months later, the S. Last summer, the Department of Justice announced a criminal indictment of S. Cohen had always greeted allegations of impropriety at S. When a lawyer asked him in a deposition in about Rule 10b-5—the federal regulation against insider trading—Cohen claimed not to know what it said.

Not long after S. While he was at it, he bought a new house in East Hampton, a waterfront property worth sixty million. The trial of Mathew Martoma began in January, , and lasted a month. Blizzards had deposited huge snowbanks around the federal courthouse in downtown Manhattan, and every morning Mathew and Rosemary Martoma arrived in a chauffeured car and clambered, with their lawyers, over cordons of dirty snow. They had brought the children with them to New York and were staying at a midtown hotel.

She wore eye-catching clothes, becoming an attraction for the tabloid photographers who clustered at the base of the courthouse steps. The government presented dozens of e-mails that Martoma sent to Cohen and other colleagues, and called on Joel Ross, the doctor from New Jersey, to recount how he shared inside information with Martoma.

But the heart of the case was the testimony of Sid Gilman, who in the second week made his way, slowly, to the stand. His federal grant support disappeared, his former colleagues wanted nothing to do with him, and he was banned from the campus. He had lately been advising patients at a free clinic. Gilman still dressed elegantly, his shirt and tie cinched tightly around his neck, accentuating his large, round head.

But he was eighty-one and visibly frail. During five days of testimony, he looked marooned in the witness box, a shipwrecked man. He had apparently told prosecutors that he had e-mailed a copy of the PowerPoint presentation to Martoma. But, the defense team pointed out, the prosecutors had failed to find any trace of that e-mail. At times, Gilman just seemed confused. Asked about the population of Ann Arbor, he said that it was fifteen hundred.

The population exceeds a hundred thousand. Of course, this may be a generous interpretation of actions that many who knew him found inexplicable. When speaking to Gilman, Strassberg combined the elevated volume you might use to address a deaf person with the patronizing tone you might employ with a seven-year-old.

If this was a strategy, it backfired. His son Todd lived nearby, in New Haven, but they had hardly spoken for years. On his final day of testimony, Gilman was asked what set Martoma apart from the other investors he had dealt with. In his inquisitiveness. His brightness. And, sadly, my first son was very bright also, and committed suicide. One matter that was not illuminated at trial was the substance of the twenty-minute phone call that Martoma had with Cohen on the Sunday morning after his trip to Michigan.

Value stocks, which typically sport lower price-to-earnings valuations, tended to underperform growth stocks during the bull market that ran for more than a decade and ended this year. Yet better-than-expected readings on U. A sustained bounce in these economically sensitive areas could be an encouraging signal for the nascent recovery, investors said. Ramos has been buying shares of companies he believes will get a boost when consumer spending rebounds, including Sprouts Farmers Market Inc.

Shares of the company trade at a trailing price two earnings ratio of He also owns shares of PepsiCo Inc and U.

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Fitzpatrick Vulcan Value Partners. Joel Greenblatt Gotham Asset Management. Howard Marks Oaktree Capital. John Heins Value Investor Insight. The successful event featured renowned Value Investors from the United States as well as being a showcase for other Value Funds to talk about investment ideas from around the world.

The speakers at the conference provided valuable insights into the methods and approaches that have made them successful, commented on the investment climate and offered specific investment ideas. We are sorry that the third Value Invest New York cannot take place on December 9 and we will reschedule the conference for , which will be a fantastic event featuring renowned speakers from the US, Europe and around the world.

Press f for fullscreen. We use cookies to personalize and improve your experience on our site. Visit our Privacy Policy and Cookie Policy to learn more. Download the Conference Agenda in. Powered by Cincopa wp content plugins solution for your website and Cincopa MediaSend for file transfer. Featured Speakers. Opening, Moderator. Fugler is a global expert and speaker on Entrepreneurship.

Delivering education, training, and demonstration workshops on how to go from an idea on a napkin to a stock exchange listing and all the steps in between. He has developed the Business Mastery System for Entrepreneurs, teaching how to find capital around the world.

Fugler has been a licensed Attorney for 38 years developing an expertise in international law and finance, international investment and merchant banking. He has also been an Investment Banker for the past 16 of those years being FINRA registered with Series 7, 24, 63, and 79 licenses and establishing offices and providing extensive consulting and guidance to institutional investors throughout Europe and the USA and now Asia.

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For charity, Mr. Drake hosted the Harvard Club and Boston Symphony performances at his house and sat on the advisory board of Best Buddies Charity for autistic kids. Steve has been engaged in corporate finance, strategy, business development and financial technology throughout his career.

He served as a principal at Knightsbridge Partners, a private equity firm. Recognizing that the excessive use of mortgage debt is no longer a viable in financing residential real estate, PRIMARQ is a paradigm shift approach in a multi-trillion dollar market in the US and abroad. He has published a number of papers regarding housing finance, sustainable home ownership and mortgage risk mitigation, and has been interviewed on similar topics by the major media.

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He was a founding board member of the California Music Project, a private-public initiative to promote music education within the California school system. Furthering his commitment to music education, he is a Trustee of the San Francisco Conservatory of Music, a member of The Recording Academy and the Grammy Foundation, and has produced a series of concerts and theatrical productions benefiting music education.

Vince believes opening the private market for investment can spearhead economic growth and job creation. Vince is also the founder of Global Access Holdings LLC, a financial media and analytics company, which identified a global trend line of illiquid securities and the potential market need for alternative asset trading platforms.

Molinari began his career at Lehman Brothers Inc. Molinari is an active speaker on issues related to capital markets and early stage companies and has been invited to testify before the U. In addition Vince consults Members of Congress and Senate on these issues. Douglas S. Ellenoff is a corporate and securities attorney with a specialty in business transactions and corporate financings. Ellenoff has represented public companies in connection with their initial public offerings, secondary public offerings, regulatory compliance as well as general corporate governance matters.

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Along with other members of his Firm, Mr. Richard J. Salute Certified Public Accountant, J.

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Investing overseas from australia When I asked Rosemary Martoma when she learned about the expulsion, she said that Mathew had confided it to her early in their relationship. After receiving his enormous bonus inhe lost money in Gilman also got the impression that Martoma wanted to be friends. Even when there appeared to be ironclad evidence that Cohen had received and acted upon inside information, his lawyers went to impressive rhetorical lengths to challenge it. Blizzards had deposited huge snowbanks around the federal courthouse in downtown Manhattan, and every morning Mathew and Rosemary Martoma arrived in a chauffeured car and clambered, with their lawyers, over cordons of dirty snow. And I think we all agree that that is not a path we want to go down. The name of the company was Computer Data Forensics.
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Value investing conference new york 2012 panorama According to a person involved in the investigation, Cohen spent most of the month that it was operational in a house that he owned in the Hamptons. Martoma said nothing to Gilman about the selloff, and a week later he flew to Chicago for the conference, bringing along Rosemary and their children, as he often did when he travelled. But, despite warnings from Agent Kang that if Martoma went to trial the F. InF. He hired high achievers who were accustomed to gruelling pressure.
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Binary options work on weekends In the ensuing decades, however, enforcement of this prohibition has been inconsistent. But the material was complicated—too complicated, perhaps, to convey over the phone. A second phase of trials, involving two hundred and forty patients, was near completion. Inlawyers in the Boston office of the Securities and Exchange Commission learned that the president of a local source was issuing a pessimistic forecast to shareholders and then offering to purchase their shares. A few days after the sentencing, I took an elevator to the twenty-sixth floor of a skyscraper on Forty-second Street to meet with Rosemary and Mathew Martoma. Martoma even turned over his laptop to a company called Computer Data Forensics, which produced a technical report for the Administrative Board analyzing the metadata of the e-mails in which he asked to withdraw the recommendations. Gilman consulted with many other investors during this time, and Martoma spoke to many other doctors, but neither spoke to anyone else with nearly the same frequency that they did with each other.
Net charge off investopedia forex Gilman also did not know that Martoma had cultivated a second source connected to the clinical trials—Joel Ross, a New Jersey doctor who had been involved in the efficacy tests. Of course, S. He owned a dry-cleaning business, and placed enormous pressure on his son to succeed. The oldest of three brothers, he seems to have taken naturally to the role of family standard-bearer. Eventually, Gilman agreed to tell the government everything, in exchange for a promise not to prosecute him. The details of the clinical trials had been a closely guarded secret, yet S.
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