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Discovery Capital Management

also referred to as: discovery capital

21 statements across 1 episodes · 4 bullish · 9 bearish · 1 people on the record · first statement Jul 11, 2022 by Rob Citrone · said 22 times in 1 episodes since 2022 · across every show →

Mentions by year

brought up most by Ted Seides (12), Rob Citrone (10)

tap a year for its mentions
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2022 22 mentions in 1 episode

every mention, scene by scene, with the transcript →

Everything said about Discovery Capital Management, oldest first

Jul 11, 2022
Disclosure
Discovery Capital Credited Back Management Fees to Investors After Poor 2019
“The other thing we did in 19, we thought we had a really bad year. We gave back our fees to our investors. I basically said, look, I think we just did a lousy job. I feel terrible about that. I don't feel like I earned any of my fees. Anybody who stays, I'm go…”
Rob Citrone Jul 11, 2022 ▶ 43:01 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 positive
Assertion Supported
Citrone: Discovery Made Back All Investor Losses and More Within Two Years
“Instead of closing down, I think we distinguished ourselves by sticking with our investors. We made their money all back. And more in less than a two year period.”
Rob Citrone Jul 11, 2022 ▶ 43:13 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022
Disclosure
Discovery Lost Money in 2019 on Trump Administration Regulatory Reversals
“In 2019, we had two large positions that were required regulatory issues in the U.S. And the U.S. Government to make certain issues. And under the Trump administration, things changed dramatically and they were never consistent. So we had two ideas that I thin…”
Rob Citrone Jul 11, 2022 ▶ 46:13 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 negative
Opinion
Citrone: Shutting down a fund during downturns betrays investor trust
“I really value the track record, the integrity, and the trust that investors have placed with me for so many years. I just think that would be so disappointing to fold up shop during difficult times.”
Rob Citrone Jul 11, 2022 ▶ 43:47 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022
Disclosure
Discovery Holds 120 to 150 Positions Across 10 Macro Themes
“We have probably about 10 themes on at a time, and then each of those themes may have 10 to 15 positions, so we're between a 120 to a 150 positions.”
Rob Citrone Jul 11, 2022 ▶ 34:09 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 positive
Insight
Funds Must Consult External Contacts to Prevent Internal Groupthink
“I think it's really important to try to not get groupthink within the organization to be thinking and talking to people outside the organization that also look at these markets and these positions and see what they think and what's their view and how are we di…”
Rob Citrone Jul 11, 2022 ▶ 37:35 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022
Assertion Not checkable as stated
Very Few Hedge Funds Hold Discovery's Top 10 Positions
“Now, when I look at my portfolio, our ideas are so different than other people's ideas. I've went through my top 10 longs. Very few hedge funds would have any of the names I have in the top 10. The same thing on the short side.”
Rob Citrone Jul 11, 2022 ▶ 39:03 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 bearish
Disclosure
Citrone Will Never Allow Discovery Capital to Return to $15B Peak AUM
“I'll never get back to that kind of size. It's just too large in these markets.”
Rob Citrone Jul 11, 2022 ▶ 35:47 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022
Disclosure
Citrone Has Woken Up at 3:00 AM Nightly for 23 Years
“So we have a 24 hour trading desk. I get woken up at three o'clock in the morning every night and have for 23 years. I see the close of Europe. I see the open of Asia. It really gives me an edge. I can feel what the markets are doing a little bit. We do some t…”
Rob Citrone Jul 11, 2022 ▶ 37:07 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 bearish
Prediction Partly held up
Turkey Is the World's Best Short; CDS Will Top 1,000 Bps
“We think maybe the best short in the world is Turkey right now. Turkey CDS has gone from about 400 over now to 800 over. We think it's going well over a thousand. The country is going to experience a traditional currency and credit crisis as we've seen in EM w…”
Rob Citrone Jul 11, 2022 ▶ 23:32 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 bearish
Disclosure
Discovery Capital Maintained a Short China Stance Since August 2021
“Well, we think the currency in China is a great short. So it's one of our larger positions. We're short than the CNH. We do have some individual equity shorts there. We've been short China since August last year”
Rob Citrone Jul 11, 2022 ▶ 25:46 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 bearish
Insight
Avoid or Short Any Tech Company Valued on Price-to-Sales or TAM
“Anytime a company's still being priced to sales or they're talking about the TAM, I want nothing to do with that company. Probably a short”
Rob Citrone Jul 11, 2022 ▶ 30:53 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022
Disclosure
Discovery Will Hit 25% Net Short When Expressing Severe Macro Concern
“Well, we'll get to 20, 25% net short if we really get incredibly concerned.”
Rob Citrone Jul 11, 2022 ▶ 34:33 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 bearish
Disclosure
Discovery Capital is currently short the German DAX index
“We're currently short the DAX.”
Rob Citrone Jul 11, 2022 ▶ 33:44 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 neutral
Disclosure
Discovery Capital Launched With $5M, Including $4M of Citrone's Own Capital
“We started the fund with five million dollars with one million of fee payment. Four of it was mine.”
Rob Citrone Jul 11, 2022 ▶ 35:26 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 negative
Insight
Citrone: Analysts who refuse to change views when facts change are the most dangerous
“The worst analyst is the one who just gets dug in his position and just says, okay, no, no, no, even though the facts have changed, my view hasn't changed. That's the dangerous analyst. Being able to change your mind is a very valuable thing in this business. …”
Rob Citrone Jul 11, 2022 ▶ 40:20 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 bearish
Disclosure
Discovery Shorted Developed Sovereign Debt but Covered Too Early
“In fact, they were generally good shorts, and we were short most of them. Unfortunately, we covered a little bit too early.”
Rob Citrone Jul 11, 2022 ▶ 30:05 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022
Disclosure
Discovery Capital Generates 80% of Ideas From Top-Down Macro Analysis
“And I would say that we generate probably 80% of our ideas from our macro side of things, but then we can populate them with securities that are much more efficient using the bottom-up analysis.”
Rob Citrone Jul 11, 2022 ▶ 21:37 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 bullish
Prediction Not checkable as stated
Citrone: India will be the world's new growth engine
“We think India will be the new growth country of the world.”
Rob Citrone Jul 11, 2022 ▶ 27:53 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 bearish
Prediction Not checkable as stated
Citrone: Markets May Bottom in Six or Seven Months at Lower Levels
“It's possible the markets may bottom in the next six or seven months, but probably at much lower levels than here.”
Rob Citrone Jul 11, 2022 ▶ 44:50 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
Jul 11, 2022 positive
Disclosure
Citrone Personally Funded Discovery Capital to Support Organization During Asset Contraction
“I had to take a lot of money out of my own pocket to support the organization for the last couple of years, but I'm glad I've done it.”
Rob Citrone Jul 11, 2022 ▶ 42:40 Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game (Capital Allocators, EP.261)
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