The Good Guy Hedge Fund Manager – Who Wants a Youth Movement (2Paragraphs)
Stan Druckenmiller looks across the table at Charlie Rose, bemused. Rose’s questions are doing that long-tail staccato thing they do when Rose is visibly tired: the questions can’t stop themselves, they sputter on like a Grateful Dead jam. Each time Druckenmiller begins an answer Rose claws the desk and tosses another stray word–and then another–onto the end of his question. Even the camera doesn’t know where to point. It’s all very strange, since Druckenmiller–one of the most financially astute and successful men in the world–has come to this chair bearing potential solutions to the most vexing issue of our time: how to secure a viable financial future for US citizens–all of them…
David Tepper’s Appaloosa Is Latest Firm to Return Investors’ Money (InstitutionalInvestorsAlpha)
David Tepper’s Appaloosa Management is the latest high-profile hedge fund firm planning to return money to investors. The Short Hills, New Jersey-based firm expects to give back between $1.5 billion and $2 billion, according to people with knowledge of the firm. Both limited partners and general partners will probably be affected, according to these people. We reported yesterday that Seth Klarman’s Baupost Group plans to return about $4 billion at the end of the year. And earlier this year Daniel Loeb’s Third Point disclosed that it plans to return about 10 percent of its assets to investors.
Microsoft and Fedex are Some of the Biggest George Soros Stock Picks (Kapitall)
We took a closer look at some of the biggest George Soros stock picks, from Microsoft Corporation (NASDAQ:MSFT) to Halliburton. George Soros is known for a lot of things besides his investing prowess. In fact, the investment that made him famous happened over a decade ago – when he made over a billion dollars shorting the British Pound before what became known as “Black Wednesday.” While he is most famous for his currency transactions as an investor, Soros make headlines regularly for his controversial political stances and activist investment policies. He and Carl Icahn are squaring off against Bill Ackman’s billion dollar Herbalife Ltd. (NYSE:HLF) short position, and he once said in a 2003 interview that for him, getting rid of George W. Bush was a “matter of life and death.” So this investor has some pretty strong opinions.
Passport Capital gains from surging Chinese internet stocks- report (VCPost)
San Francisco-based Passport Capital made double digit gains this year because of its bet in Chinese Internet stocks, which had surged recently. Citing a fund investor, Reuters reported that Passport Capital was able to return 18.3% year to date when other hedge funds have only given modest returns. Last month, the hedge fund gained 2.4%. Industry data has revealed that the average hedge fund has only gained an estimated 6% this year. This compared with the 25% gain posted by the benchmark Standard & Poor’s 500 index. According to the report, the dull returns posted by hedge funds together with their high fees have made wealthy investors ask if these investment pools are indeed effective.
GM stake acquired by hedge fund Hayman Capital (InAutoNews)
Hayman Capital’s move into General Motors Company (NYSE:GM) comes as the U.S. government is in the process of selling its remaining stake in the company and as other new potential investors eye the stock, said two people working at a different hedge fund but who were not permitted to speak to the media. In a presentation posted on investing website HVST.com, Hayman founder Kyle Bass called the American carmaker one of the best investments available now. …GM shares were up 1.2 %, or 44 cents, at $38.58 in afternoon trade on the New York Stock Exchange.
Top Witness in SAC Case Can’t Recall Some Points (NYTimes)
Jon Horvath’s memory failed him again during the insider trading trial of his former boss, Michael S. Steinberg, once a top trader at the hedge fund SAC Capital Advisors. In court on Wednesday, Mr. Horvath struggled to recall how he came to learn that a friend, who was an analyst at another hedge fund, was passing on illegal inside information about Dell Inc. “I don’t remember when I figured it out,” Mr. Horvath, 44, testified. “Clearly in 2008, I was aware I got” inside information several times, he said.
Icahn ‘covers’ Time magazine (CNBC)