Hedge Fund Highlights: Carl Icahn, John Paulson & Sprott Asset Management

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Icahn and Ackman Publicly End Feud With an Embrace (New York Times)
A dispute between two billionaire investors, Carl C. Icahn and William A. Ackman, ended with a phone call a few weeks ago and, on Wednesday, a public embrace. Mr. Ackman called Mr. Icahn’s office and told his assistant, “Tell Carl I’m calling to forgive him,” Mr. Ackman told an audience of the hedge fund faithful on Wednesday at the CNBC Delivering Alpha Conference at the Pierre Hotel in Manhattan. The two investors, who last spoke together publicly more than a year ago in a confrontation that ended with Mr. Icahn calling Mr. Ackman a “crybaby in the schoolyard,” met for an intimate chat on stage.

ICAHN CAPITAL Carl Icahn

Capital Innovations To Sub-Advise Sprott Real Asset Fund (FINalternatives)
Toronto, ON-based Sprott Asset Management has launched a fourth alternative mutual fund sub-advised by Wisconsin-based Capital Innovations. The Sprott Real Asset Class fund will give investors exposure to the infrastructure, timber and agriculture sectors. It joins the Sprott Global Infrastructure Fund, the Sprott Timber Fund and the Sprott Global Agriculture Fund, all managed by Capital Innovations’ Michael Underhill and Susan Dambekaln.

Hedge fund manager Paulson calls Valeant a ‘serious acquirer’ (Reuters)
Billionaire investor John Paulson on Wednesday called Valeant Pharmaceuticals Intl Inc (NYSE:VRX) a “very serious acquirer” and predicted that Allergan, Inc. (NYSE:AGN) cannot rebuff the drug maker on its own. Paulson, whose hedge fund Paulson & Co holds a roughly $1 billion stake, or 6 million shares, in Allergan, threw his weight behind Valeant’s bid to buy the Botox maker on Wednesday at the CNBC Institutional Investor Delivering Alpha Conference.

An Obscure Hedge Fund Has Mapped Out A Recovery Plan For American Apparel (Business Insider Australia)
Standard General, a little-known hedge fund that has taken the reins of American Apparel, has mapped out a recovery plan for the retailer with or without its ousted Chief Executive Officer Dov Charney. The fund invests in companies that have potential even though they may be bogged down by debt and are undergoing an event such as bankruptcy. Standard General has not always succeeded — consider its passive investment in RadioShack Corporation (NYSE:RSH)’s stock, which has fallen about 69 per cent this year. But it has a track record of turning positions in distressed companies into board seats and eventual profitability.

Cliffs Natural Resources: Board Battle Just Got Interesting (Barron’s)
It’s proxy vote time in the battle between Cliffs Natural Resources Inc (NYSE:CLF) and Casablanca Capital–and Casablanca just scored a big victory in trying to unseat Cliffs board. Last night, Casablanca Capital said that two leading proxy advisory firms–ISS and Glass Lewis–recommended that shareholders vote for its board nominees. Credit Suisse analysts Nathan Littlewood and Gayle Podurgiel explain the impact…

John Paulson: The single best investment you can make (CNBC.com)

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