Einhorn Says In A Word If He Shifted Bets for Election: ‘No’ (Bloomberg)
Hedge fund manager David Einhorn opted against shifting his portfolio to prepare for market volatility tied to the results of U.S. elections. Asked in a conference call Tuesday if he made any “tactical moves” to prepare for the eventual outcome, Einhorn answered: “No.” “I’m sure it matters to a lot of the holdings. It’s not clear when it matters to the portfolio as a whole, however,” Einhorn said on a conference call discussing results for Greenlight Capital Re Ltd., the Cayman Islands-based reinsurer where he is chairman. “The portfolio is a mix of longs and shorts, and I’m sure various securities will be impacted in different ways.”
Julian Robertson Sucked Into Fintech-Investment Battle (The Wall Street Journal)
Hedge-fund titan Julian Robertson last year passed on an investment in one of the most highly valued U.S. financial-technology companies. Why he did so is now the subject of a legal battle between the company, Mozido Inc., and a former board member. Mozido alleged in a complaint filed in New York state court last week that the former director told Mr. Robertson the mobile-payments company was a “fraud” that would go out of business. This led Mr. Robertson, the complaint said, to walk away from a potential investment in Mozido, which is now trying to raise capital. The allegations of defamation and wrongful “interference” are rare in the usually genteel world of venture-capital fundraising.
Whatever Happens Tuesday, The Biggest Loser Is Bill Ackman (DealBreaker)
When Valeant Pharmaceuticals announced last month that it would hold its third-quarter earnings call on election day, investors should have braced themselves for some sobering news. A charitable observer might chalk up the dubious timing to the company’s Canadian domicile, but functionally speaking, Valeant is headquartered in the decidedly American environs of Bridgewater, New Jersey. But despite Tuesday’s electoral hubbub, Valeant’s shareholders – most notably Bill Ackman – haven’t missed the company’s dismal quarterly financial results. The stock fell by more than a quarter in the first hour of trading, on news that revenue dropped 11 percent while profits of $50 million last year flipped to a massive $1.2 billion loss this past quarter.