ALBERT BRIDGE CAPITAL
IN THE PRESS

TESLA'S BIGGEST PROBLEM: CARS

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/485109f3-9118-4d75-a202-58bd2b89da45 In order to make money in the stock market, you have to anticipate fundamental developments that exceed those already implicitly baked into the share price. Despite the stock’s fall from grace, I’m afraid that many Tesla shareholders still don’t understand that. In our view, it is going to take a miracle for Tesla shareholders to avoid more pain.

DREW CHATS WITH JENS BALLE

On stock picking, investing, portfolio construction, and the impact of behavioral biases on our decision making.

VOLKSWAGEN AND PORSCHE SE ARE STUCK IN WALL STREET'S PITS. STOCK INVESTORS, START YOUR ENGINES!

In our view, Porsche SE, with a recent 14 billion euro market cap, is one of the most underpriced, liquid, listed assets available to investors.

DREW CHATS WITH DOWNTOWN JOSH BROWN

On the impact of indices and passive investment - and flows generally - on security pricing, plus a little bit on the opportunity in value, and specifically what we are seeing in Europe.

DREW CHATS WITH MEB FABER

PUTTING A PRICE ON TESLA POST MUSK

Elon is the gift that keeps on giving. Or in this case, tweeting.

THE TROUBLE WITH TESLA'S ECONOMICS

Link to the full post: https://www.ft.com/content/50f021a3-0491-45d0-9a31-6f22f34092bf

WHAT'S THE MOOD IN EUROPEAN EQUITIES? (Podcast)

Drew sits in for Bill Brewster in the Value After Hours podcast, hosted by Toby Carlisle and Jake Taylor.

OK, 2022 WAS A DISASTER FOR TESLA. WHAT NEXT?

FAULT LINES IN US AND EUROPEAN EQUITIES AND BEHAVIORAL FINANCE (Podcast)

A discussion between Drew Dickson of Albert Bridge Capital and Morgan Housel of The Collaborative Fund; moderated by Jamie Catherwood of O'Shaughnessy Asset Management.

ON BEHAVIORAL FINANCE AND STOCK PICKING (Podcast)

Drew chats with Dr. Daniel Crosby about behavioral economics and stock-picking.

WHY EUROPEAN VALUE STOCKS MIGHT WIN

In a return to normalcy, Europe might have a lot of catching up to do – particularly some of the value stocks across the continent. For American investors that have previously been shunning European opportunities, this is something worth considering.

EUROPE'S COMPANIES LANGUISH IN THE SLOW LANE

US outperformance has been driven in part by global investors’ obsession with the growth stocks that dominate US indices. Europe, meanwhile, is weighted towards value stocks, or companies where profits or book values suggest that a higher share price is merited.

THE ‘TESLA-FINANCIAL COMPLEX’

"The real importance and wider footprint of what might be called the “Tesla-financial complex” far outstrips the company’s market capitalisation. This is thanks to a vast, tangled web of dependent investment vehicles, corporate emulators and an enormous associated derivatives market of unparalleled breadth, depth and hyperactivity."

BEHAVIORAL INVESTING AND THE INTERSECTION WITH SPORTS (Podcast)

We start with his time at the University of Chicago and learning from people like Merton Miller, Gene Fama and Richard Thaler, and then hear how Drew applies those behavioral principles when analyzing the market today.

HERE'S THE MATH FOR TESLA'S STOCK PRICE IF IT BECOMES THE APPLE OF CAR MAKERS

On whether or not automaking will go the way of handsets, and if Tesla will become the Apple of automakers.

BEHAVIORAL FINANCE AND VALUE INVESTING IN EUROPE (Podcast)

Sri Prakash interviews Drew Dickson.

YOU NEEDN'T HOLD YOUR STOCK WINNERS

The language of the Burns-Dickson dispute was new, but not the rivalry. Baillie Gifford buys growth stocks--in recent years scoring big with its Tesla (TSLA) position--while Albert Bridge prefers value stocks. Consequently, Baillie Gifford resists selling equities because they have become costly, while Albert Bridge suggests doing so.

BAILLIE GIFFORD'S NEVER-SELL MANTRA IS A SONG FOR FOOLS

That sure would be nice, wouldn’t it? If we all could just sit back and take our money out of 99 percent of our investments and all plough it in the same 1 per cent that everyone else already knows about, and then expect to outperform.

FINDING ALPHA THROUGH BEHAVIOURAL INVESTING IN EUROPE (Podcast)

A discussion with Drew Dickson of Albert Bridge Capital on voting and weighing machines, Fama and Thaler, Narratives and Modeling, and a host of other financial topics.

I'VE PULLED OUT ALL THE STOPS FOR TESLA, BUT CAN'T FIND UPSIDE.

There is a difference between a company and its share price. A company can be poor and its stock expensive. That isn’t a good mix. A company can be great and its stock cheap. That is a good mix. But what about a company that is probably great with a share price that is magnificent? Well, that’s Tesla

AA’s BIGGEST SHAREHOLDER REJECTS 'DERISORY' OFFER

The AA’s largest shareholder has urged its fellow investors in the British roadside recovery group to reject a takeover bid from a consortium of private equity firms unless the offer is improved.

AA’s BIGGEST SHAREHOLDER SETS UP ROADBLOCK TO BUY-OUT WITH OBJECTION TO "DERISORY' OFFER

The AA’s board needs 75pc shareholder approval, meaning Albert Bridge Capital's 20pc stake is almost enough to block the deal

VALUE STOCK INVESTORS HOPE VACCINE BOOST CAN LAST

Positive news of potential Covid-19 vaccines handed a long-awaited boost to value stocks, fuelling a sector rotation that some hedge fund managers believe could mark the start of a long-term recovery by the equity sector.

AA TAKEOVER TALKS TRIGGER SHAREHOLDER BREAKDOWN

Firm's largest shareholder has criticised the board for 'jeopardising their negotiating leverage with potential buyers'

STALLING AA CALLS FOR RESCUE OF ITS OWN

Stalling AA calls for a rescue of its own

THIS BULL MARKET ISN'T AS BIG AS YOU THINK

The gap between Wall Street and Main Street has never seemed wider...

BEHAVIORAL ECONOMICS' LATEST BIAS

“People are now talking about behavioral finance so much, and a lot of them are relatively new to it, they almost want to start looking as if there’s definitely going to be a bias here,” said Dickson, who declined to comment for this story. “You’re biased to find a bias.”

INMARSAT BUYOUT FACES FRESH OPPOSITION AS COURT RULING LOOMS

Inmarsat buyout faces fresh opposition as court ruling looms

BLENDING BEHAVIOUR & FUNDAMENTALS AT ALBERT BRIDGE CAPITAL (Podcast)

A deep dive on how to blend fundamental research and behavioural finance in taking on the stock market

THERE'S SUCH A THING AS TOO MANY MEETINGS WITH THE CEO

Stock-market investors need to stay objective

BUBBLE ECONOMICS: THE ACTIVE VS. PASSIVE DEBATE

Bubble economics the active vs passive debate

SHORT SELLERS "SHOULD BE KNIGHTED, NOT SPITED"

Short sellers should be knighted not spited

FINANCIAL TWITTER LOSES A SOURCE OF HUMILITY AND WISDOM, BUT GOOD VOICES REMAIN

Financial twitter loses a source of humility and wisdom but good voices remain

THE FUTILITY OF MARKET TIMING

The futility of market timing

ALBERT BRIDGE BORDERS ON ‘SUGGESTIVISM’ IN BACKING MICRO FOCUS RECOVERY - PROFILER

Albert Bridge Capital has not engaged in activism per se in the case of the UK technology company Micro Focus.

ALBERT BRIDGE’S DREW DICKSON AT IRA SOHN

Albert Bridges Drew Dickson at IRA SOHN

VOLKSWAGEN STOCK IS CHEAP AND HAS LOTS OF HORSEPOWER

THE DAY VOLKSWAGEN BRIEFLY CONQUERED THE WORLD

In midst of the great financial crisis, something odd happened. Volkswagen, the German carmaker, became the biggest company in the world. For one, brief day.

A CHALLENGE TO THE BIGGEST IDEA IN BEHAVIOURAL FINANCE

Two professors make an interesting argument, but the theory of loss aversion isn’t dead yet.

ALBERT BRIDGE CAPITAL’S DICKSON DISCUSSES NOBEL PRIZE WINNER RICHARD THALER

When Richard Thaler brought the debate about behavioural economics to Chicago Booth, he entered a classroom that extends to Stockholm and beyond.

ALBERT BRIDGE HIRES FORMER BAML’S KENNY FOR MARKETING

Andrew Dickson’s Albert Bridge Capital, which started trading in London this year, has hired Mairead Kenny, Bank of America Merrill Lynch’s head of capital introductions, to lead fundraising.

EX-FORTRESS AND MORGAN STANLEY HEAVYWEIGHT JOINS HEDGE FUND STARTUP

A former president at alternatives giant Fortress Investment Group and one-time head of Morgan Stanley's investment arm, has taken up an advisory role at a London-based hedge fund.

EX-PERELLA WEINBERG MANAGER RAISES $150M FOR STARTUP

FORMER PERELLA WEINBERG PARTNERS EXEC DICKSON LAUNCHING NEW HEDGE FUND

ALBERT BRIDGE CAPITAL'S DICKSON INCLUDED IN THE HEDGE FUND JOURNAL TOMORROW'S TITANS 2016

EX-PERELLA WEINBERG PARTNER LAUNCHES ALBERT BRIDGE CAPITAL

Andrew Dickson set to launch first long-only fund in first quarter of 2016.

ALBERT BRIDGE HIRES BAML CAP INTRO HEAD

Mairead Kenny joins as director of marketing and investor relations.

EX-PERELLA WEINBERG PARTNER TO LAUNCH EQUITY HEDGE FUND

Former Perella Weinberg Partners Capital Management partner Andrew Dickson is preparing to launch an equities hedge fund firm called Albert Bridge Capital, six sources familiar with the matter said.