Hedge Fund News: T Boone Pickens, David Einhorn & Jana Partners

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It’s T. Boone Pickens’ Birthday – Here Are 22 ‘Boone-isms’ On How To Win In Life And Business (BusinessInsider)
It’s billionaire oil tycoon T. Boone Pickens birthday today. The 86-year-old certainly has a way with words and a knack for telling it like it is. He’s known for engaging with hip-hop stars like Drake and Dr. Dre on Twitter Inc (NYSE:TWTR) about becoming billionaires. The author of “The First Billion Is The Hardest” has a ton of catchy/easy to remember phrases about life and business. They’re affectionately referred to by his family and staff members as “Boone-isms.”

T Boone Pickens with oil bin

Hedge Funds Get Fat on Lehman’s Remains (BusinessWeek)
Almost six years after Lehman Brothers Holdings filed for the largest bankruptcy in history and triggered a global market meltdown, hedge funds are still feeding on its remains. A few firms that waded into the morass following the financial crisis and have spent years analyzing the bankruptcy—including Paulson & Co., King Street Capital Management, Värde Partners, Halcyon Asset Management, and Solus Alternative Asset Management—have made billions of dollars trading in Lehman’s debt. And as they collect on claims or sell them, investors are buying ones that come on the market.

SEC Charges Sarasota-Based Private Fund Manager With Fraud (HedgeCo)
The Securities and Exchange Commission today charged a Sarasota, Fla.-based private fund manager with defrauding investors in a Ponzi scheme that ensued after he squandered their money on bad investments and personal expenses. The SEC alleges that Gaeton “Guy” S. Della Penna raised $3.8 million from investors in three private investment funds that he operated. Investors were told their funds would be used to trade securities or invest in small companies. Despite depicting himself as a distinguished trader and profit-maker, Della Penna lost nearly all of their money by making unsuccessful investments and diverting more than a million dollars to himself for mortgage payments and money for his girlfriend…

Texas Employees returns 1.3% in Q1, up 11.2% for year (PIOnline)
Texas Employees Retirement System’s returns topped the $25.4 billion fund’s benchmark in three of five measurement periods ended March 31. The Austin-based pension fund returned 1.3% in the three months ended March 31, trailing its benchmark by 10 basis points; one year, 11.2%, 70 basis points above the benchmark; three years, 8.1%, up 10 basis points over the benchmark; five years, 13.8%, trailing the benchmark by 30 basis points; and 10 years, 6.6%, 30 basis points above the benchmark. In the quarter ended March 31, global credit, real assets, rates and hedge funds contributed “positive relative value.

Goldman Sachs: Here Are 50 Stocks Most Loved by Hedge Funds (WSJ)
Goldman Sachs Group, Inc. (NYSE:GS) +0.31% quarterly analysis of hedge-fund holdings shows the industry continues to struggle keeping pace with the broad market. Hedge funds are flat for the year while the S&P 500 is up 2%, according to Goldman Sachs, which analyzed performance from 777 hedge funds with $1.9 trillion under management. A drop in correlation, the tendency of stocks to move in the same direction, and tight dispersion–a measure of how much stock returns differ within individual sectors–have weighed on hedge-fund performance. “Performance headwinds from stock-picking were compounded by poor market timing,” Goldman wrote to clients, as many hedge funds cut their exposure to media and Internet stocks in early April, just as many of those beaten-down stocks were starting to rebound.

See What This $7 Billion Hedge Fund Company Is Buying (Fool)
The latest 13F season is here, when many money managers issue required reports on their holdings. It can be worthwhile to pay attention, as you might get an investment idea or two by seeing what some major investors have been buying and selling. For example, consider highly regarded value investor David Einhorn and Greenlight Capital, which he founded. Einhorn’s investing success and advocacy of financial transparency and accountability have attracted many fans. Although he isn’t afraid to short stocks, he prefers going long, looking for situations where he feels a stock is mispriced. He started Greenlight with less than a million dollars, and it now boasts a stock portfolio worth $6.7 billion.

Hedge funds underperform S&P 500 YTD (CNBC)

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