Billionaire Hedge Fund Titans Dinan, Lasry on Election, Markets And Best Investment Ideas (CNBC)
Billionaire hedge fund managers Jamie Dinan and Marc Lasry shared their market views in an exclusive interview with CNBC’s Scott Wapner on Tuesday. On financials: “The regulatory environment offsets any kind of benefit from the steepening yield curve,” Dinan said. On the market: “I don’t think it’s a great environment. There’s nothing cheap out there … only thing we’re seeing out there [is the] energy sector, where we … still see a lot of opportunity [and also] Europe,” Lasry said.
Maverick Fund Said to Lose 6.8% as Bets Against Technology Hurt (Bloomberg)
Maverick Capital’s main hedge fund lost 6.8 percent this year through Oct. 7 as its bets against technology stocks soured, according to a person with knowledge of the matter. The $11 billion firm, run by Lee Ainslie, told investors last week that bearish bets on technology stocks hurt during the third quarter, said the person, who asked not to be identified because the information isn’t public. A few unexpected takeovers of companies Maverick had wagered against also contributed to the loss, including Arm Holdings Plc, which was bought by SoftBank Group Corp. on Sept 6.
Stewart Info Settles With Starboard to Replace Four on Board (Bloomberg)
Stewart Information Services Corp. is reshaping its board by adding three independent directors and its chief executive officer to the panel as part of a settlement with its biggest shareholder, activist investor Starboard Value LP. Stewart CEO Matthew Morris and Clifford Press — a former Morgan Stanley banker who founded his own investment companies — will join the property-title insurer’s board immediately, the company said in a statement Tuesday. They replace Malcolm Morris and Stewart Morris, who agreed to resign. Stewart is searching for two additional independent directors to replace Laurie Moore-Moore and Frank Keating, who will step down once replacements are found.