Hedge Fund Manager Tepper Is ‘On Guard’ Toward The Market (CNBC)
Hedge fund billionaire David Tepper, who may already have signaled in a recent filing that he is less bullish on markets, is now “on guard” in his approach to trading, according to someone familiar with the matter. Tepper, whose Appaloosa Management has roughly $19 billion in assets under management, is neither too long nor too short, this person told CNBC — and the fund manager thinks the biggest risk to trading stocks in the U.S. right now is attempting to “out-think the market.” If investors don’t like what they’re seeing as the S&P 500 and other indexes hit repeated all-time highs, they should put some money in cash rather than going too short, the source added.
Crisis of the Week: Bridgewater Associates Takes On New York Times (The Wall Street Journal)
The crisis this week involves hedge fund Bridgewater Associates LP and its response to a New York Times article detailing a company culture of sex, fear and surveillance. The company responded by publishing on LinkedIn a strongly worded rebuke of the story from Chairman Ray Dalio. In that response, Mr. Dalio called the claims inaccurate and said he engaged the media because to do otherwise would be “unfair to our hard-working employees and valued clients.” Mr. Dalio said the Times’ reporters “never made a serious attempt to understand how we operate,” and created an image of the firm that differs from the reality.
Jana Partners Adds Time, Expedia Stakes; Exits Pfizer, Allergan (Bloomberg)
Jana Partners, the sometimes-activist hedge fund founded by Barry Rosenstein, acquired new stakes in Time Inc. and Expedia Inc. and exited health-care stocks Pfizer Inc. and Allergan Plc in the second quarter. The fund disclosed new stakes in 24 companies, including Liberty Broadband Corp., and exited 18 others, including Time Warner Cable Inc. and Lions Gate Entertainment Corp., a regulatory filing Monday shows. It decreased its holdings in five companies including Walgreens Boots Alliance Inc. and Microsoft Corp. Shares in Time, the publisher of People magazine, jumped as much as 7 percent after the stake was revealed.