Why James Chanos Is Short Valeant, Long Allergan (WSJ)
Short-seller James Chanos said he’s betting against shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) -2.92% amid its unsolicited $46 billion bid for Allergan, Inc. (NYSE:AGN) -0.87%, saying the company is “playing aggressive accounting games.” Mr. Chanos, founder of hedge fund Kynikos Associates, criticized Valeant’s acquisition strategy, noting the pitfalls and potential accounting issues associated with relying on deals for long-term growth. He also suggested Valeant may be bidding against itself in its pursuit of Allergan, a stock which he said he is long. Valeant earlier this week said it would improve its offer for Allergan after the initial bid was rejected.
Carl Icahn’s Fund Down In First Quarter As Winning Streak Ends (Forbes)
At the age of 78, billionaire Carl Icahn has been running circles around most hedge fund mangers in recent years. With winning bets on the shares of companies like Chesapeake Energy Corporation (NYSE:CHK) -2.29% and Netflix, Inc. (NASDAQ:NFLX) -1.63%, it has been a very strong stretch for Icahn, who has helped usher in a golden age for the activist investing style he helped invent. But in the first quarter of 2014, Icahn’s winning streak came to an end. Icahn’s investment fund, which he uses to bet on stocks with his own money and money belonging to his publicly-traded Icahn Enterprises, fell by 0.4% in the first three months of the year, according to an investment presentation released by Icahn Enterprises LP (NASDAQ:IEP).
Join us for HedgeCo’s May Hedge Fund Networking Event in NYC on Thursday (HedgeCo)
We’re pleased to announce HedgeCo in conjunction with Alternative Assets will be hosting the Third Thursday Hedge Fund Social event on May (5/15) in New York City. The HedgeCo Networking Events are a chance for investors, hedge fund managers, and other industry professionals to come together and enjoy a night of sharing ideas and meeting new contacts. Recognized as having the largest attendance for any type of event in the hedge fund industry, the HedgeCo Networking Events have quickly become the top destination for generating new business and meeting new industry contacts. Space is limited for this event so please RSVP to reserve your place!
Billionaire: Heiress ex is faux-poor (PageSix)
Annabelle Bond may be crying poverty, but she could be the most pampered, high-maintenance heiress in the world, according to court papers filed on behalf of her ex-boyfriend, Warren Lichtenstein. Annabelle’s father, Sir John Bond, who built HSBC Holdings plc (NYSE:HBC) into a banking colossus, is a billionaire. Her boyfriend, Andrew Cader, co-owner of the Tampa Bay Rays, has hundreds of millions of dollars. And Lichtenstein, who runs the Steel Partners hedge fund, is also a billionaire. Lichtenstein, repped by lawyer Stanley Arkin, is seeking in Manhattan Supreme Court to prevent the enforcement of a one-time $600,000 child-support judgment that Bond, 44, obtained in Hong Kong.
A look behind the curtain hiding Tom Steyer’s fortune (WashingtonExaminer)
Silicon Valley billionaire Tom Steyer has generated lots of adoring coverage in the mainstream media with his promise to spend $100 million to elect Democrats who oppose the Keystone XL pipeline. Fighting Keystone, which would carry millions of barrels of Canadian tar sands oil south to U.S. refineries, is just one part of Steyer’s activism on behalf of “green” energy and against fossil fuels, including coal and natural gas. Outside of the mainstream media, however, independent journalists and bloggers are doing deep-dive research into how Steyer made his own fortune running the Farallon Capital Management hedge fund.