The boat people of Stamford vs. Ray Dalio’s hedge fund (CNBC)
It was around 9:38 at night when James Cutler realized that things were not going well. Cutler was standing in front of a stage in the auditorium of the Westover Magnet Elementary School in Stamford, Conn. On the stage, sitting on folding chairs behind uneven tables, sat the planning board of the city of Stamford. Packed into the auditorium were 150 or so Stamford residents. Most of them it seemed, hated Cutler. “Can I please take a few moments to explain?” Cutler asked. “NO!” the folks in the auditorium chairs shouted. Cutler was just a few minutes into explaining to the planning board the designs to build a mammoth headquarters for Bridgewater Associates, “the world’s richest and strangest hedge fund” founded by Ray Dalio…
Hedge funds follow Carl Icahn into Dell (BayouBuzz)
Half of the world’s 50 largest hedge funds followed Carl Icahn into Dell Inc. (NASDAQ:DELL) in the second quarter of 2013, according to research from FactSet. Icahn owns roughly 9% of the PC maker and has been battling its founder Michael Dell and the private equity firm Silver Lake to keep the company public. Although Michael Dell and Silver Lake have vowed to go forward with their plan, Icahn’s agitating is one reason that Dell Inc. (NASDAQ:DELL) and Silver Lake increased their takeover offer.
George Soros, Carl Icahn buy shares in Herbalife (JournalNow)
Billionaires George Soros and Carl Icahn bought a combined 5.65 million shares in Herbalife Ltd. (NYSE:HLF). in the second quarter in a bet that hedge-fund manager Bill Ackman is wrong about the nutrition and weight-loss supplement company. Soros Fund Management LLC, the investor’s family office, bought a 4.9 percent stake in Herbalife valued at $227.5 million at the end of the quarter, according to a filing. The company was Soros’s third-largest U.S. stock-listed holding as of June 30. Icahn added 611,354 shares of Herbalife Ltd. (NYSE:HLF), bringing his stake to 17 million shares, valued at $765.9 million at the end of the second quarter, according to a separate filing.
Finance Pros Are Going Nuts Over A New Database That Lets Them Compare Their Compensation Anonymously (BusinessInsider)
This morning SumZero, a networking site for financial professionals, launched a new service — a compensation database where members can submit their pay and compare it to others submitted to the site. As you can imagine, in a matter of minutes the service, SZ Compensation, was going completely nuts. It’s not hard to see why — who doesn’t like a little “I’ll show you mine if you show me yours?” especially in an industry as secretive about pay as finance. In 30 minutes, SumZero members (who are all vetted buy-side professionals at private equity firms, hedge funds and mutual funds) had already sent in over 100 submissions.
Narula’s Metacapital Mortgage Fund gains in July after first-half loss (Reuters)
After four months of losses, hedge fund manager Deepak Narula’s flagship fund posted its biggest gain of the year last month. Narula’s Metacapital Mortgage Opportunities Fund, which boasted double digit gains in the last three years but fell on tough market conditions this year, climbed 1.58 percent in July, according to a monthly fund summary reviewed by Reuters.
Icahn Still Firm on Herbalife (HLF); Seeks to Dismiss Short-Seller Suit (StreetInsider)
Activist investor Carl Icahn has made a nice gain on his long position in Herbalife Ltd. (NYSE:HLF), a position he took following allegations late last year by Pershing Square’s Bill Ackman that the company was nothing more than a pyramid scheme. Ackman, it seems, isn’t the only one irked by Icahn’s actions. Reports out late Monday had Icahn looking to dismiss a lawsuit filed by Florida lawyer Daniel Ravicher, who accused Icahn of perpetuating a pyramid scheme.
