Hedge Fund News: David Tepper, Steve Cohen, CVR Refining LP (CVRR)

Page 1 of 3

New Jersey hedge fund manager Tepper says U.S. on ‘verge of greatness’ (NJ)
David Tepper, the hedge-fund manager who runs the $15 billion Appaloosa Management LP, said he’s bullish on U.S. stocks as the economy is set to grow by as much as 3 percent this year. …Tepper said investors should own stocks because they’re historically inexpensive, U.S. companies have little debt, interest rates are low, credit is fully valued and the major risks to the global economy, such as a debt crisis in Europe, have diminished. Short Hills, New Jersey-based Appaloosa, which celebrates its 20th anniversary this year, returned 30 percent in 2012, he said.

APPALOOSA MANAGEMENT LPWesley Wang’s insider trading tale (GreenBayPressGazette)
Wesley Wang was unemployed and at home in Berkeley, Calif., about four years after being fired as a junior analyst for an affiliate of hedge fund giant SAC Capital when he got a surprise visit from the FBI. The Taiwan native listened as an agent told him he was the subject of an insider-trading investigation, outlined what investigators knew about his activities and offered a chance to cooperate with prosecutors. Wang said he understood, and asked for time to check with a lawyer. Within weeks of that January 2009 visit, Wang, now 39, was secretly helping federal prosecutors gather evidence against other suspects targeted in a three-year crackdown on Wall Street insider trading that has so far produced more than 70 arrests, convictions or guilty pleas.

Jesse Redmond starts hedge fund research and media company named Next Alternatives (Opalesque)
Jesse Redmond, co-founder of Evolved Alpha and Alpha Titans, has unveiled a hedge fund research and media company named Next Alternatives (Next). The business leverages skills developed during Redmond’s fifteen-year investment management career with his passions for media and technology. The initial offering is a hedge fund research service coined On Demand Due Diligence™. Next will evolve into a diversified research and media business in the coming quarters.

HFRU Hedge Fund Composite Index gains 1.11% MTD through January 21 (Opalesque)
Global equity markets posted gains to begin 2013 as investors responded to near term settlement of many of the issues surrounding the US fiscal cliff on the final trading day of 2012. Equity gains were broad based across regions, with leadership from the US, UK, Italy, Spain, Switzerland and Argentina, while Energy & Oil Service, Technology & Biotechnology s led gains across sectors. US treasury yields rose across all maturities as the 30 year yield rose above 3 percent; Germany, France & UK also saw rising yields, although yields declined across Spain, Japan & Italy. The US dollar gained against the Japanese Yen, Euro & Swiss Franc, while falling against the Euro. Energy & Metals commodities rose led by Oil & Platinum, while gains in Agricultural commodities were let by Coffee, Corn & Cocoa.

Hedge fund managers at conference forecast stock gains (Reuters)
After years of favoring fixed income, investors are ready to put their money back into equities and they might be rewarded with strong returns, especially in U.S. stocks, hedge fund managers and investors said at a conference on Tuesday. “We have seen outflows from government bonds and the next big migration is going to be into equities,” said Tim Garry, a portfolio manager at $3.7 billion Passport Capital.

SAC Thinking the Unthinkable (DealBreaker)
The once-proud firm, which could blithely charge three-and-50 with a dismissive shrug of the shoulders or a penetrating, “you’ve got a lot of fucking nerve to question me” glare, has suffered indignities ranging from a snub from Citigroup (Citigroup!) to begging and coughing up extra cash to hang on to employees to pleading with clients to stick with it through the hard times, even as it continues to post double-digit returns. Now, it’s having Japanese banks turn up their noses at a once-in-a-lifetime, too-good-to-be-true opportunity to get a little piece of the Big Guy’s pie. …Steve Cohen does not pay for others to dine and golf with him or his minions! You pay, out of what’s left of your half of the profits after he gets his 3% management fee!

Optimism grows over Asia’s recovering hedge fund sector (AsianInvestor)
Favourable recent Asian hedge fund performance has spurred hopes of a better year ahead as the industry contends with a drop in assets on the back of disappointing 2011 returns. The Eurekahedge Asia ex-Japan Hedge Fund Index gained 11.5% in 2012, falling slightly behind MSCI Asia ex-Japan’s 19.4% rise. However, it represents a huge improvement from 2011, when Asian hedge funds delivered an average loss of -12%.

Page 1 of 3
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!