THE CARNE CAPITAL TEAM
Founder and CIO
Mr. Bonner is the founder and Chief Investment Officer of Carne Capital, LLC and has been a portfolio manager for the Fund since its inception. Mr. Bonner has 21 years of experience in managing equity and equity derivatives portfolios. Mr. Bonner is the portfolio manager and conducts the Fund's portfolio investments and risk management. Mr. Bonner created and implements the proprietary models used by the Fund. On a daily basis Mr. Bonner reviews the risk and performance of the Fund as well as overseeing all equity and index option trading for the Fund.
Prior to managing the Fund, Mr. Bonner worked as a senior trader for Deutsche Bank in New York City in its Global Equity Derivatives division from 2004 to 2008. From 1997 to 2004, Mr. Bonner founded and served as the manager of the Bonner Investment Group, which was a Philadelphia Stock Exchange and American Stock Exchange member firm specializing in proprietary option trading. From December 1993 to 1997 Mr. Bonner options market maker for an AMEX and PHLX member firm that specialized in proprietary options trading.
He earned a B.A. from the University of Delaware, 1993 and is an officer in the United States Navy Reserve.
CARNE CAPITAL IN THE NEWS
Carne's CIO, Sean Bonner quoted in Barron’s UP AND DOWN WALL STREET—
Wall Street's Oldies Show
"So why are these old stunts hot again? For a start, leverage -- which juiced deal-making 30 years ago and provided the L in LBO, the three letters that helped define the '80s -- is very cheap, thanks to the tireless money-printing by the Fed (the three letters that will come to define this decade). "Corporate earnings have not been great, but are good enough for companies with healthy balance sheets to tap the debt markets at historically low rates," adds Sean Bonner, who manages the Carne Hedged Equity Fund (CARNX). Having prepared for financial Armageddon, yet another passing year of merely dull growth and 2013's surging stock markets have persuaded management to unclench a little and rethink their cash hoards. "If companies value their earnings stream, then paying out cash that yields nothing might make sense for those looking to keep their earnings," Bonner says."
Carne's CIO, Sean Bonner quoted in Barron’s On Apple's Valuation—
Have Apple Shares Hit Bottom?
"Apple's enterprise value has fallen so far relative to its current revenue and five-year average gross margins that Sean Bonner, who manages the Carne Large Cap Value fund, says shares now trade as if revenue will shrink 12.5% annually over the next five years, an assumption he calls "simply ridiculous." It's also a far cry from the 18% year-over-year revenue growth Apple reported just last quarter."
Sean Bonner quoted in Barron’s Streetwise— 2.16.13
Just How Much Is Nasdaq Worth?
As buyout firms circle the exchange operator, some estimates put its value as high as $54 a share.—By Kopin Tan
Sean Bonner, who manages the Carne Large Cap Value Fund, likens exchanges to tollbooths for transactions and trading data. Technology has made the highway bigger and faster, but the asset base–servers, software, a few buildings–are small, compared to their profitability. "It's literally a bucket nailed to a post on the side of the road where people throw money," he maintains.
Buffett's Advice for Apple
Market Commentary on Warren Buffett and Apple
Election Dividends by Sean Bonner, as seen in Advisors Perspectives [DOWNLOAD PDF]
Carne CIO is interviewed about the profitability of Scripps Networks Interactive Inc. (SNI), the television home of Paula Deen's mashed potatoes and HGTV now that the controlling family trust has disbanded.
READ STORY @ BLOOMBERG.COM»
Carne Capital Host Service-Disabled Veterans
READ STORY @ PHILLY.COM»
Advisors Perspectives - Moneyball Investing [DOWNLOAD PDF]
Highlights From The Benefits of Selling Volatility (2011) [DOWNLOAD PDF]
An Analysis of Index Option Writing for Liquid Enhanced Risk-Adjusted Returns [DOWNLOAD PDF]