Hedge Fund News: David Einhorn, Whitney Tilson & Warren Buffett

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Greenlight Posts Big Gains in November (InstitutionalInvestorsAlpha)
David Einhorn’s Greenlight Capital posted a strong 4.7 percent gain in November, putting it up 19.1 percent for the year with just one month to go. The most recent monthly performance easily topped the 2.80 percent gain posted by the S&P 500 (3.05 percent with dividends reinvested). But the New York hedge fund’s return for the first 11 months of the year still falls well short of the 26.62 percent gain by the benchmark over the same period. Even so, Greenlight, managed by the firm of the same name, is likely to finish the year with its best performance since 2009.

GREENLIGHT CAPITAL David Einhorn

Hedge Fund Association and Asset.tv Launch ‘HFA TV’ (HeraldOnline)
The Hedge Fund Association and Asset.tv are proud to announce the launch of “HFA TV,” a new online channel featuring over 2,500 videos by hedge fund managers, institutional and high-net worth investors, industry service providers and Asset.tv content partners. HFA TV is now available to watch on demand via The Hedge Fund Association’s website, Asset.tv, and the Bloomberg and Reuters professional networks. “We are pleased to be able to further enhance our member’s reach through the HFA’s new alliance with Asset.tv,” said Ron Geffner, Vice President of the HFA.

Northwest Warrant Fund Returns 203% This Year on Japan Trades (Bloomberg)
Northwest Warrant Fund Ltd., the best-performing equity hedge fund tracked by Bloomberg in the past year, returned 203 percent in the first 10 months betting that Japan’s stimulus will bolster stock prices. The $32 million fund has investments in almost $500 million worth of convertible bonds, said George Philips, chief executive officer of Northwest Investment Management (HK) Ltd., which runs it. More than 80 percent of its investments are tied to Japan and Northwest plans to keep it at that level, he said.

Investor demand drives move to alternative mutual funds (CNBC)
As pension funds, endowments and charities clamour for access to hedge fund strategies that are cheap, transparent and liquid, US hedge fund managers are rushing to meet their requests by rolling-out alternative mutual funds. An American version of the “hedge-fund lite” Ucits funds popular in Europe – so-called liquid alternative funds, registered under the Investment Company Act of 1940 – is in vogue. US hedge fund managers are looking to introduce whizzy new investment vehicles as investors scorn low bond yields and more than $2.7tn in cash “sits on the sidelines” of markets, according to calculations by JPMorgan Chase & Co (NYSE:JPM) in a recent report.

Mosman Residents Take On Legendary Hedge Fund Manager Greg Coffey (BusinessInsider)
International hedge fund manager Greg Coffey has plans to build a magnificent 10 bedroom $8 million mansion in Sydney’s north shore, but his Mosman neighbours aren’t happy. The local showdown has already seen seven objections to the plans handed to the Mosman Council, all with the same consensus– Coffey’s plans are of “excessive scale and magnitude” and, well, “out of sync with the surrounding mansions”. “It’s not as though he needs to go any higher to get a view. He has got it all over,” one disgruntled resident told The Sydney Morning Herald.

Hedge fund downgrades stock over company’s links to illegal logging in Russian Far East (MongaBay)
A hedge fund manager has downgraded Lumber Liquidators’ stock over the company’s alleged links to illegal logging in the Russian Far East, reports The Wall Street Journal. Speaking at the Robin Hood Investors Conference on November 22, Whitney Tilson, the founder of Kase Capital Management, said Lumber Liquidators’ stock price may be inflated due to purchases of illegally sourced timber from Russia, which is less costly than legitimately-sourced wood. He set a two-year price target of $53 for the stock, which was trading at $115 at the time. The stock plunged 12 percent after the presentation.

Hedge funds moving into non-traditional spheres (CNBC)

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