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The hedge fund manager details why he thinks food processors Hormel and Tyson are overvalued.
It is extremely rare that hedge fund managers discuss in their quarterly letters specific companies they are currently shorting.
So, it is refreshing and instructive to read about the latest negative bets from Anthony Bozza, who founded $3.5 billion Lakewood Capital Management in 2007.
In his first-quarter letter, Bozza discussed in great specificity two shorts.
Bozza has a varied Wall Street background. He previously worked at New York hedge fund firm SAB Capital Management.
However, before that he spent time at alternative-asset giant KKR & Co. and as a mergers and acquisitions specialist at Gleacher & Co.
In the first quarter of this year, Lakewood was off 0.9 percent, despite surging more than 4 percent in March. The firm was up nearly 3 percent last year, 7 percent or so in 2014 and 13 percent in 2013.
At the end of March, Lakewood's equity exposure was...