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Hedge Fund News: Lee Ainslie, Steve Cohen & John Paulson’s Bet

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Maverick Capital CEO Explains How He Founded His Hedge Fund At Age 28 (BusinessInsider)
Finance career site OneWire scored another great interview with one of the hedge fund world’s Tiger cubs-this time with Lee Ainslie, the rarely-interviewed head of Maverick Capital. In the video, Ainslie breaks down his career path – from discovering his passion for investing back in junior high, to earning an engineering degree, to working for the legendary hedge fund, Tiger Management, to founding his own hedge fund at only 28 years old.


Soros to Goldman Poised to Win on Crisis-Era Housing Bet (Bloomberg)
Goldman Sachs Group, Inc. (NYSE:GS), JPMorgan Chase & Co (NYSE:JPM) and billionaire George Soros are poised for gains from a housing bet placed in the depths of the financial crisis. Essent Group Ltd., the Bermuda-based mortgage insurer that raised $500 million from a group including those backers in 2009, filed last week to sell shares in the first initial public offering of a home-loan guarantor in almost two decades. The industry is rebounding from record homeowner defaults that triggered payouts, forced almost half the companies out of the business and pushed some of the biggest survivors to the brink of default…

Steve Cohen seeks settlement for SAC (MalaysiaSun)
Hedge fund billionaire Steve Cohen is crying “uncle” — Uncle Sam, that is. The embattled founder of behemoth hedge fund SAC Capital Advisors recently approached federal prosecutors about a sweeping settlement of its criminal case against the firm and its civil case against him, according to a report. The stakes are high for the 57-year-old investor — perhaps the best-known and most successful hedge fund manager in the country. Losing the criminal case — US Attorney Preet Bharara, in announcing the case in July, called SAC “a magnet for market cheaters” — could cripple the firm. The civ…

Former hedge fund manager John Tausche gets four and a half years in prison for fraud (Opalesque)
Sixty-two year-old hedge fund manager John C. Tausche was sentenced to 4 ½ years in prison in a federal penal colony after he was found guilty of participating in a $311m scheme to defraud his investors. A report by said that Tausche and his co-accused, German national Helmut Keiner, ran the Oceanus Funds from his offices in Wichita, Kansas, and connived to convince investors that Keiner’s K1 hedge funds were making more money than they actually were.

GLG shuts EM special sits hedge fund (AsianInvestor)
GLG Partners has closed its emerging markets special situations fund less than a year after the exit of the firm’s EM co-heads. The strategy was down about 60% in 2012. A spokeswoman for UK-based Man Group, the parent of GLG, confirmed the fund’s closure but declined to provide further information. The GLG Emerging Markets Special Situations Fund had a focus on illiquid and private equity-style opportunities in emerging markets. Investors are said to have been subject to three-year lock-ups.

Long-term view of hedge fund returns (FT)
Sir, Dan McCrum’s long-term perspective on hedge fund performance (“Hedge funds and the post-Lehman equity rally”, Alphaville, Markets & Investing, September 18) shows that over a 20-year period the industry in aggregate has outperformed traditional asset classes such as equities and bonds. Figures from Imperial College’s Centre for Hedge Research show the industry has generated over 4 per cent per annum of “alpha” or performance above the market, after fees. Of course, during much shorter time periods the industry cannot always outperform every asset class, and Mr McCrum’s point about recent equities performance should be seen in that light.

How The Economic Machine Works by Ray Dalio (YouTube)

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