Hedge Fund Highlights: Andy Hall, Chuck Royce’ Royce & Associates, Advanced Micro Devices, Inc. (AMD)

Short-sell hedge funds count cost as M&A picks up (Reuters)
Hedge funds circling the stock of vulnerable companies got an expensive wake-up call this week with Nokia Corporation (ADR) (NYSE:NOK)’s dramatic exit from commercial purgatory, prompting many to reassess their targets. Funds that had borrowed Nokia stock to sell on, in a ‘short’ bet it would fall further, have suffered a potential loss of up to $843 million, Reuters calculations showed, as it jumped up to 49 percent after the once world-beating Finnish tech firm agreed to sell its handset unit to Microsoft Corporation (NASDAQ:MSFT) for $7.2 billion.

How To Invest Like Bill Ackman (iStockAnalyst)
In some ways, Bill Ackman invests like he’s riding a bicycle. In the summer of 2012, Ackman joined fellow hedge fund manager Daniel Loeb and half-dozen other cyclists on a very long bike ride. Although Ackman, a fierce competitor, was admittedly out of shape for such a ride, he pulled out to lead the pack early, only to eventually fall well behind the others. One participant noted, “I’ve never had an experience where someone has gone from being so aggressive on a bike to being so hopelessly unable to even turn the pedals… (Ackman’s) mind wrote a check that his body couldn’t cash.”

Two Indicted in $275 Million Investment Fraud Scheme Involving the Sale of Medical Accounts Receivable to Hedge Funds and Other Investors (Federal Bureau of Investigation)
A federal grand jury has indicted Richard Shusterman, age 50, of Highland Beach, Florida, and Jonathan E. Rosenberg, age 44, of West Orange, New Jersey, on charges of conspiracy and wire fraud, in connection with a scheme to defraud equity investors and asset-based lenders in medical accounts receivable of more than $275 million. The indictment was returned on September 4, 2013, and unsealed today upon the arrest of the defendants.

AIMA publishes enhanced statement of principles (HedgeWeek)
The Alternative Investment Management Association (AIMA), the global hedge fund industry association, has published an enhanced statement of policy principles. The principles are set out in a new AIMA paper, Regulating Capital Markets: AIMA’s Policy Principles. The paper builds on the AIMA Policy Platform, the landmark 2009 document in which AIMA offered its support for improved transparency, unified global standards, manager authorisation and supervision, aggregated short position disclosure to regulators and new policies to reduce settlement failure.