Piggybacking on Billionaire Singer Boosts Debt: Argentina Credit (Bloomberg)
Speculators in Argentina’s defaulted debt are looking to ride billionaire Paul Singer’s coattails to a payday. The price of bonds left over from the nation’s $95 billion default in 2001 jumped 50 percent to about 85 cents on the dollar since June 16, when the U.S. Supreme Court left intact a ruling that requires Argentina to compensate holdout creditors led by Singer when it pays those who provided debt relief in 2005 and 2010. That compares to a 0.15 percent gain in emerging markets. The notes are now at their highest level since the default, Seaport Group LLC said.
Here’s How America’s Highest Paid Hedge Fund Manager Is Giving Away His Money (Inside Philanthropy)
For three years running, David Tepper has earned the title of highest paid hedge fund manager in America, which likely makes him the highest paid person in the world. Raking in $3.5 billion in 2013 alone, Tepper’s fortune has ballooned to over $10 billion in recent years. And at just 55, he’s not likely to slow down any time soon, though his increasing wealth has caused him to become increasingly serious about his philanthropy. This isn’t to say Tepper hasn’t been serious about philanthropy for a long time. The David Tepper Charitable Foundation was created way back in 1997, just four years after he started his own hedge fund, Appaloosa Management, much earlier in his career than many of his counterparts, and certainly before he started making billions.
Drawing a line between pricey markets and globalization: James Saft (Reuters)
If global policy makers are wrong about globalization, and they could be, we may be in for more low growth, low rates and the high asset prices they support. At issue is the bedrock belief that globalization lifts all boats, making us all richer by allowing the flowering of individual countries’ comparative advantage. The big question is whether this is a transitional problem, a distributional one or something closer to a permanent condition. One person who has thought interestingly about these issues is Stephen Jen, a hedge fund manager at SLJ Macro Partners. Jen argues, picking up on points made by economist Paul Samuelson a decade ago, that lagged effects of globalization may be behind some of the peculiarities in both markets and economics we now observe.
Bob Evans Says Sandell Spurned Efforts to Avoid Proxy Fight (Wall Street Journal)
Bob Evans Farms Inc (NASDAQ:BOBE) said hedge fund Sandell Asset Management Corp. has spurned its efforts to avoid a proxy fight and that it doesn’t plan to expand the size of its board to accommodate the hedge fund. The New Albany, Ohio, company said its board has decided to keep the size of the board at 12 and that it plans to nominate 10 of its own candidates. With the previously announced retirements of two members, that would allow for two seats to be filled by Sandell candidates.
Hedge Fund MKP Said to Hire Nomura Interest-Rate Traders (Businessweek)
MKP Capital Management LLC, the $8.5 billion hedge-fund manager that invests in global macro and credit strategies, hired two interest-rate traders from Nomura Holdings, Inc. (ADR) (NYSE:NMR) as hedge funds anticipate a divergence in global central bank policies. Vivek Sahay and Lee Berkowitz will join New York-based MKP in July as money managers focusing on global interest-rate markets, according to a person familiar with the matter, who asked not to be named because the information is private. Katherine Plavan, a spokeswoman for MKP, declined to comment on the appointments.
Cramer demystifies market (CNBC.com)