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Cramer on $CELG, Berkowitz Report, Hedge Fund Redemptions

Jim Cramer Says Celgene is Better Than Pfizer (InsiderMonkey)

Jim Cramer is the host of the popular “Mad Money” show on CNBC. He is famous for making big bold calls, liking momentum stocks and preferring dividend yielding stocks. On his show November 16, Cramer discussed the importance of looking beyond company metrics, using Celgene (CELG) as an example. CELG is a fast growing biotech company. Cramer used the company as an example to illustrate the importance of paying attention to a company’s metrics as well as its future prospects. Cramer compared CELG to Pfizer (PFE). Jim Cramer

He explained that PFE is selling at 8.6 times next year’s earnings while CELG is selling for 14.5 times its earnings, so PFE appears cheaper, but Cramer says you have to look deeper. In this case, PFE has a 4% dividend yield but lacks growth. “That’s why when we’re playing in pharmaceuticals, I’d prefer to go with a fast growing biotech firm like Celgene,” Cramer said.

Bruce Berkowitz Releases “Fairholme Stays the Course” Report (InsiderMonkey)

Bruce Berkowitz’s Fairholme Fund recently released a document entitled, “Fairholme Stays the Course.” The document, which has a tag line that reads, “Ignore the crowd,”  goes into detail describing the Fairholme Fund’s investment philosophy and explains the reasoning behind some of its unpopular investments, particularly its investment in Bank of America (BAC), which is used as an example in the document. It goes on to detail the Fairholme Fund’s performance in comparison to the S&P 500, its investment thesis and provide a case study as to why it likes Bank of America.

State Street Vet Bill Hunt Joins Multifonds Board (FINAlternatives)

Former State Street Corp vice chairman Bill Hunt is joining the board of investment fund software specialist Multifonds. Hunt has 20 years’ experience across asset management and securities services. He began with State Street in Japan in 1994, following securities and investment management roles at Swiss Bank Corporation International and AIG Investment Corporation in Tokyo. He returned to the U.S. in 2001, was appointed SSgA president and CEO in 2005, and vice chairman of State Street Corporation in 2006. At SSgA he was responsible for leading a team of about 2,800 people and US$ 1.9 trillion in assets under management.

BTIG Adds 4 Equity Traders (FINAlternatives)

BTIG, broker-dealer to the alternative assets industry, has expanded its equity trading business with four new hires. The financial services firm has added Francis Heine, Christopher Sula, Phil Dauber and Joseph Fragala to its staff. Heine joins BTIG as managing director and international equities sales trader, working out of the company’s Red Bank, New Jersey office. A Wall Street veteran, Heine spent 27 at Morgan Stanley, the last 22 years, as a sales trader covering global institutions for North and South American equities.

GlobeOp: Hedge Fund Redemptions Rise In November (FINAlternatives)

The GlobeOp Forward Redemption Indicator for November 2011 measured 3.44%, up from 2.51% in October. “We expect fund redemption requests to increase as year-end approaches,” said Hans Hufschmid, chief executive officer, GlobeOp Financial Services. “January is typically the largest month as investors rebalance their portfolios. Redemptions this year are similar to 2010 and there are no signs of unusual investor activity.”’
Cayman Directors Sit on Hundreds of Boards (FT)
A small group of Cayman Islands “jumbo directors” are sitting on the boards of hundreds of hedge funds as demand for independent directors booms in the Caribbean tax haven. At least four individuals hold more than 100 non-executive directorships each, and 14 have more than 70 – each worth as much as $30,000 a year.
Hedge Funds Cut Bullish Bets by Most in Seven Weeks on Europe: Commodities (Bloomberg)
Hedge funds cut bullish commodity bets by the most in seven weeks on mounting concern that Europe’s debt crisis will restrain global economic growth and demand for raw materials. Money managers reduced combined net-long positions across 18 U.S. futures and options by 10 percent to 754,558 contracts in the week ended Nov. 15, Commodity Futures Trading Commission data show. That’s the biggest decline since the seven days ended Sept. 27. Sugar wagers fell 30 percent, the most since December 2008, and bets on lower copper prices almost doubled.
Hedge Fund Scammers Get 5 Years Apiece (Courthouse News)
Two hedge fund scammers were sentenced Friday to 63 months in federal prison for conspiring to defraud investors of more than $18 million. William Shternfeld and Benjamin Koifman both pleaded guilty to conspiring to commit mail fraud and wire fraud. Prosecutors said the men “preyed on the elderly to entice them into investing in their so-called fund. In some cases, the defendants wiped out the victims’ entire retirement savings.” Their so-called hedge fund was called the A.R. Capital Global Fund and supposedly invested in real estate, gas, oil and other commodities.
Montlake Moves into German and Swiss Markets with Acolin Deal (HFMWeek)
The Montlake Ucits hedge fund platform today announced it has signed a distribution agreement with Acolin Fund Services of Zurich, giving the firm’s managers access to several hundred banking groups across the German and Swiss marketplaces. “This deal with Acolin will further enhance our competitive position as these distribution deals can often take a year or more to structure,” said John Lowry, chairman of Montlake’s parent company, ML Capital.
Former Soros Partner Medley Dies (FINAlternatives)
Richard H. Medley, a former partner of billionaire George Soros and the founder of hedge-fund advisory firms has died at age 60. A statement from his firm, RHM Global, said Medley died Nov. 16 at New York Presbyterian Hospital/Weill Cornell Medical Center after a brief illness. Medley’s financial market and political analysis reports had a wide following on Wall Street. In 1995, he founded the New York-based hedge fund adviser, Medley Global Advisors, which he later sold to Boston Ventures Management and Castanea Partners. Medley later founded RHM Global.
Kerryman’s Hedge Fund Beats the Market Chaos (IrishIndependent)
Despite stock markets yo-yoing at unprecedented levels, Kerryman Colm O’Shea is making a fortune at his London-based hedge fund Comac Capital. Comac Capital has seen assets under management soar as the financial crisis wreaks havoc among more mainstream investors. Comac, which was set up just six years ago, now has close to €5bn in funds under management — making it the largest Irish-run hedge fund in the world. Mr O’Shea, a low-profile 41-year-old, read economics at Cambridge before working at Citibank. He then became a key player at the legendary George Soros Quantum Fund before setting up his own hedge fund in London six years ago.
Biggs Cuts Bullish Stock Bets on Higher Odds of Recession (Businessweek)
Barton Biggs, the hedge fund manager who reduced U.S. equity investments in September before the biggest monthly rally since 1991, cut bullish bets again on concern the odds of a U.S. recession have increased. The Traxis Global Equity Macro Fund’s net long position has been lowered to less than 40 percent, and may be reduced another 15 percentage points, Biggs said during an interview on Bloomberg Television “In the Loop” with Betty Liu today. “It’s a much more bearish environment than I anticipated,” he said. “We are going to have a decline at least back to the lows of last summer. God forbid, maybe even testing the lows of 2008 and 2009.”

Newport Beach Women-Owned Fund of Hedge Funds and Business Leader Participates in White House Forum on Jobs and American Economic Competitiveness (SacramentoBee)

Kimberly Mounts, Managing Partner of MAP Alternative Asset Management Company, a women-owned Fixed Income Fund of Hedge Funds, was one of 120 business leaders who participated in a White House Business Leaders’ Forum recently in Washington, DC. The forum brought together CEO’s, senior executives, investors, venture capitalists and small business owners for a chance to share data, ask questions and raise concerns over how to create jobs and improve America’s economic competitiveness.

Winton Gets 10% of All New Money as Investors Flock to Biggest Hedge Funds (Bloomberg)

Winton Capital Management LLC, the London-based firm founded by David Harding, collected more than a 10th of the cash flowing into hedge funds this year as a handful of managers dominated money-raising. Winton, with $26 billion in assets, pulled in a net $7.3 billion through Oct. 31, according to two investors, who asked not to be identified because the firm is private. In all, eight funds, including Millennium Management LLC and Capula Investment Management LLP, have attracted a third of the new money this year, according to investors in the funds.

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