Hedge fund kingpin bullish on Apple, says it’s underpriced (Vancouver Sun)
David Einhorn, the hedge-fund manager who warned of a bubble in technology stocks two weeks ago, refined his stance by saying he’s bullish on the industry and that companies including Apple Inc. (NASDAQ:AAPL) look underpriced. “I’d like to clarify Greenlight’s remarks about a new technology bubble,” Einhorn said today in a conference call held by Greenlight Capital Re Ltd., the reinsurer where he is chairman and oversees investments. “In general, we are bullish on technology and technology stocks.”
Hedge fund chief donates £5m to Natural History Museum (Financial Times)
Facing government cutbacks, London’s Natural History Museum has found a welcome new source of funds: a £5m donation from a hedge fund manager. Sir Michael Hintze, founder of the CQS fund, said he was making the gift because he was “excited about the science” at the museum. Already one of the capital’s most successful tourist attractions, with a record 5.3m visitors last year, the museum contributes “between £4 and £5 of wider economic benefit” for every £1 of government investment, according to a 2010 study by the London School of Economics, cited by Michael Dixon, the museum’s director.
Lansdowne victorious at FN Hedge Fund Awards (Financial News)
Lansdowne Partners picked up the major awards at the fourth annual Financial News Awards for Excellence in Institutional Hedge Fund Management, Europe, at London’s One Mayfair last night. Over 200 senior executives from the hedge fund industry saw Lansdowne Partners take home Best Hedge Fund Manager Overall, and Best Hedge Fund Manager in Long/Short Equities over $3 billion. The flagship $13.8 billion Lansdowne developed markets strategy gained 33.1% last year, while the European hedge fund was up 21.5% and the financials hedge fund gained 23%
Paulson Sees Substantial Upside for Insurer Genworth (Bloomberg)
Billionaire hedge fund investor John Paulson said Genworth Financial Inc (NYSE:GNW) shares will probably rally as the company divests a stake in an Australian unit, and could gain further if the insurer splits itself in two. “If the company chooses to spin off its mortgage-insurance and other life-insurance businesses into two separate companies, there could be substantial additional upside,” the money manager said in a letter to investors discussing first-quarter results at his Paulson & Co. funds.
U.S. billionaire green activist shifts from bomb thrower to team player (Reuters)
As Boston Red Sox fans streamed into Fenway Park last April for an early-season baseball game, a small plane circled above, towing a banner that read “Steve Lynch for Oil Evil Empire.” Downtown, truck-mounted video screens looped attack ads against the Democratic congressman, who was running for a Senate seat. The man footing the bill for this sharp-edged campaign, San Francisco billionaire Tom Steyer, called Lynch “Dr. Evil” in a local TV interview because he did not oppose the proposed Keystone XL oil pipeline from Canada to the United States, which environmentalists say would worsen climate change.
Pays to be a hedge fund manager (CNBC.com)