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JUNE 28, 2012
WSJ – Genworth CEO Resigns Abruptly, CFO Takes Over For Now

“Genworth shareholder Kevin Byun of Denali Investors said selling the Australian or Canadian units would create some value for shareholders but spinning off the
entire mortgage-insurance operation would be the most attractive option.

“It’s the cleanest break and the thing that would make their lives easiest,” Mr. Byun said. “Just hive off the entire segment. It could be done in a year, and then all
the headaches they’ve had for the last five years are gone.”

MAY 1, 2012
Bloomberg – Genworth CEO Fraizer Resigns From Insurer

“It sets the stage f or a separation,” said Kevin Byun, f ounder and chief investment of f icer of Genworth shareholder Denali Investors LLC in New York. “Because they’re announcing at the same time, it shows that they’ve decided to shake this thing up all at once.” Byun, based in New York, said he has asked Genworth to consider splitting into two or more companies.”

MARCH 6, 2009
Opalesque Exclusive Interview:
The siren call to strike out on one’s own in the hedge fund world continues even during financial crisis – Part Two 

“From Kirsten Bischoff, Opalesque New York: No matter what the assets under management eventually grow to be, most hedge funds start out as one person’s dream. And for many, that dream is – simply stated – to run an investment strategy that they believe in, and to generate solid performance for their investors. While the general public is made acutely aware of the billions of dollars generated by those who manage the largest funds, many forget that a large portion of the hedge fund industry’s 7,000 funds are small businesses.

When H. Kevin Byun founded Denali Investors LLC in New York in November 2007, starting with investments from family and friends he became one of these small businessmen. That his foray into the hedge fund industry happened in concert with the worst global financial crisis in history has been unnerving at times, but Byun’s value-based and special situations investment strategy of a handful of concentrated positions long ago required him to have the courage of conviction.” 

FEBRUARY 9, 2009 

Downside Protection Report Special Interview 

“Dear Fellow Idea Seekers,

I am pleased to bring you an exclusive interview with up-and-coming value investor H. Kevin Byun in this special edition of Downside Protection Report.

Byun is the founder and managing partner of Denali Investors. Investment funds managed by Byun generated a gross return of +28% for the full year and +43% for the fourth quarter of 2008. 

Denali employs a strategy of investing in special situations, including spin-offs and other major corporate events. As a result, Denali’s performance has been relatively uncorrelated to that of the broader stock market, with outperformance generated through the careful selection of special situations.

In addition to the enclosed interview, we recommend Byun’s recent letter to Denali investors, available at” 

SEPTEMBER 10, 2007
Barron’s Cover Article – Annual Survey of the World’s Most Respected Companies
“They’ve Got Class”
By Michael Santoli

“This year the survey’s third, America’s, money managers effectively honored not a century-old management tradition or an iconic brand, but one man’s extraordinary life’s work. Berkshire Hathaway (ticker: BRKA), a one-time New England cotton-mill operator that Warren Buffett transformed over 40 years into a multifaceted 4185 billion colossus, has succeeded last years winner; Johnson & Johnson (JNJ), and 2005’s first-place finisher, General Electric (GE), as the most respected company in the world.” 

SEPTEMBER 24, 2007
Letters to the Editor
“Value Rises Again”
By H. Kevin Byun


OCTOBER 31, 2007
“The Risk-Reward Relationship Revisited”
By H. Kevin Byun

“The risk-reward relationship is assumed to have a positive correlation such that the greater the risk (beta) taken, then the greater the required reward (returns) and the greater the potential for reward (return), then the greater the assumed risk (beta). We have seen this relationship in countless finance books with risk (beta) on the x-axis and reward (return) on the y-axis and their relationship plotted as a line that extends up and to the right. This relationship tells us that to achieve excess returns, one must be exposed to excess risk. This is the classic framework that has goes largely unquestioned. 

I submit that this relationship is wrong. 

Before carting the author away to the asylum…” 


DECEMBER 27, 2007
The Motley Fool
“A Special Situation at Steak n Shake – Interview with H. Kevin Byun”
By Emil Lee

“I learned of H. Kevin Byun and his recently launched hedge fund, Denali Investors, through the value-investing grapevine. Upon learning that his fund focused on special situations, I thought it’d be fun to pick his brain about one of his favorite ideas. The following is an interview I conducted with Kevin.” 


FEBRUARY 28, 2008
Seeking Alpha
“Shareholder Letter to the Steak ‘n Shake Board of Directors”
By H. Kevin Byun

“As a concerned shareholder, the following letter was sent to the Board of Directors of Steak ‘n Shake (SNS) on February 7th, 2008.” 


MARCH 25, 2008
Seeking Alpha
“Steak ‘n Shake: Follow Up Letter to the Board of Directors”
By H. Kevin Byun

“To the Board of Directors: The purpose of this letter is three-fold: 1. Request timing for when the company By-Laws will be reverted. 2. Understand the Board’s stance on share repurchases as a capital allocation opportunity. 3. Request an articulated and detailed turnaround plan.” 


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