Honne Capital

10/21/2014

Click to read our latest letter to investors.

https://static.squarespace.com/static/508adb26e4b06993f6ab5cfb/t/5445daf0e4b078a916599ab2/1413864176568/Honne%20II%2010-20-14.pdf

04/08/2014

I've worked for j2 Global for 3 years now. We have monthly quotas to sell the product. Not only do they fraud customers, they fix commission reports to steal half your commission. Every month, it's...

04/08/2014

After tracking Cairn Energy for over 2 years and not finding it interesting enough, today I finally pulled the trigger with a 10% position. I've dealt with Indian tax issues before in the portfolio...

03/27/2014

"Deliver to the world what you would buy if you were on the other end."
-Charlie Munger

11/14/2012

We spoke with IOC’s head of investor relations Wayne Andrews, and were told, both verbally and in writing, that the reason the Company has been unable to perform extended well tests is a lack of the relevant approvals from the Department of Petroleum and Energy (DPE). He also mentioned that the reason behind the delay on securing a major international partner is a lack of government approval for the LNG project. IOC had the LNG project approval in place from late 2009 to mid 2011, but it was pulled after they were accused of straying from the original blueprint. They claim that major international partners are ready to move forward, as soon as the new project approval is granted.

We were able to get in touch with the head of permitting and licensing at the DPE in PNG, and we asked him to verify that IOC had applied for extended well testing permits. He told us on multiple occasions that IOC had never applied for extended well tests. He even asked his colleagues at the DPE just to make sure. Additionally, he mentioned that if they had applied they would have likely been given permission to run these tests. He also informed us that the DPE is waiting on IOC to secure an international partner before approving their LNG facility plan, and not the other way around.

04/04/2012

Deirdre BrennanFINforums, the events arm of FINalternatives, is holding its Annual Hedge Fund Summit on Sept. 20, 2012 at the Sentry Centers in New York City. Don't miss out on this chance to meet and mingle with the top decision makers and investors in the alternative asset management industry. Rea...

03/15/2012

New York-based event-driven hedge fund manager Honne has launched its maiden offering to outside investors

03/07/2012

Seems to be a lot of confusion about Trident. It turns out that Entropic is going to pay a total of $102 million for the set-top box business--$65 million in cash, the rest is an assumption of liabilities. Also the TV business already has a stalking horse bidder and a second interested party. So expect some competition at the auction. This is publicly available information for those who follow court cases in bankruptcy, but the lack of press releases makes this seem like insider information. Oh well. -Derek

01/03/2012

http://seekingalpha.com/article/316904-mattress-firm-is-a-timebomb-will-anybody-care

My research has involved interviewing Mattress Firm’s current and former employees and competitors, reading public filings, and listening to the earnings conference call. You can see full transcripts of the interviews at mattressferm.wordpress.com.

12/27/2011

http://www.thesocialnetworkfund.com/

12/27/2011

http://seekingalpha.com/article/316123-sears-what-happens-when-a-stock-takes-a-tumble

“Another issue I have with this sort of thinking is probably best summarized by the word “Ick.” Ick investing means taking a special analytical interest in stocks that inspire a first reaction of “ick.” I tend to become interested in stocks that by their very names or circumstances inspire an un...

12/27/2011

http://seekingalpha.com/article/316114-why-healthcare-is-not-defensive

What’s the problem with their logic? Not only are they are driving while looking out the rear-view mirror, but there’s also a dagger mounted on the steering wheel, pointing at their faces. From the latter: