Hedge Fund News: T. Boone Pickens, Warren Buffett, Jim Chanos

BP CAPITALT. Boone Pickens losses rear-end on wind energy(KRMG)
Oilman T. Boone Pickens says his wind energy plan was costly. He talked about it on MSNBC’s Morning Joe Wednesday morning.
“I’ve lost my a– in wind power. “
Pickens says he’s all for green and renewable, but President Barack Obama can’t have it all that way or the cost will increase by ten times.

Citadel Soars to $115 Billion With Reporting Rule Change(Businessweek)
Citadel Advisors LLC and Millennium Management LLC said their assets soared ninefold when tallied under a new rule that requires hedge funds to disclose investments financed through borrowings.
Citadel, run by Ken Griffin out of Chicago, reported $115.2 billion of regulatory assets in a March 30 filing with the U.S. Securities and Exchange Commission, compared with $12.6 billion of net assets. Millennium, founded by Israel Englander, disclosed comparable figures of $119 billion and $13.5 billion as of year-end.

Jim Chanos Discusses China And Why He Is Shorting Chinese Banks(GuruFocus)
Jim Chanos, founder and CEO of Kynikos Associates, discusses goings on in China. He believes growth in China will be the slowest in a while as the government attempts to orchestrate a soft landing. He is also shorting Chinese banks:

SEC Charges City Capital, Executives in Ponzi Scheme (WSJ)
The Securities and Exchange Commission filed civil charges against City Capital Corp. and two former executives for allegedly running an $11 million Ponzi scheme that targeted socially conscious investors in church congregations.
The government alleges Ephren W. Taylor II, 29 years old, made numerous false statements to lure investors into two investment programs being offered

Soros Says Bundesbank Guarding Itself Against Euro Break-Up(Bloomberg)
Billionaire investor George Soros said financial markets are concerned other countries will follow Germany’s Bundesbank in girding against the end of the euro.
The Bundesbank is campaigning against the “indefinite expansion” of money supply and taking steps to limit the losses it would face if the euro splintered, Soros said in a speech in Berlin today.
“This is creating a self-fulfilling prophecy,” he said. “Once the Bundesbank starts guarding against a breakup everybody will have to do the same. Markets are beginning to reflect this.”

Goldman-linked hedge fund Capula expands to Hong Kong(Reuters)
Goldman Sachs-linked Capula Investment Management is expanding its $13 billion (8 billion pound) business into Hong Kong, according to sources, becoming the latest major investor to jump into the region where hedge fund players are a small but growing part of the market.

Hedge Fund Giant Seth Klarman Gives Up Targacept; Sold Out (Forbes)
Renowned value investor Seth Klarman sold out his position in biopharmaceutical company Targacept (TRGT)at a loss of at least 30%. Apparently he gave it up on Targacept. His selling price is around $4.9 a share. Today Targacept dropped another 10% and was traded around $4.4 a share on the news that it has revised top-line results from its exploratory Phase 2 clinical study of TC-6987 for asthma.

Hedge fund flows as measured by the GlobeOp Capital Movement Index advanced 0.35% in April(Opalesque)
Opalesque Industry Update – Hedge fund flows as measured by the GlobeOp Capital Movement Index advanced 0.35% in April.
“Outflows tend to be seasonally higher at quarter ends as investors rebalance their portfolios,” said Hans Hufschmid, chief executive officer, GlobeOp Financial Services. “Despite this, net flows for April were slightly positive.”

WisdomTree’s Steinhardt Says Bonds Are ‘No Place to Be’(Bloomberg)
Investors should avoid bonds and buy stocks in companies paying high dividends, and theFederal Reserve should reconsider its low-interest-rate policy, according to Michael Steinhardt, whose hedge funds returned more than 20 percent a year for almost three decades.
“Bonds are no place to be,” Steinhardt, 71, who is now chairman of New York-based WisdomTree Investments Inc., said in an interview today on Bloomberg Television’s “Money Moves” with Carol Massar. “Equities are cheap by historic standards. Equities that pay high dividends relative to bonds, relative to the stock market, I think that’s a good place to be.”

Warren Buffet Building Newspaper Empire (WSJ)
The Oracle of Omaha seems to see a better fate for U.S. newspaper publishers than the dismal destiny he forecasted for them back in 2009. By buying up loans in recently bankrupt Lee Enterprises Inc., Warren Buffett’s Berkshire Hathaway had also purchased an over 4% stake in the company, according to bankruptcy documents and a person familiar with the matter.

Warren Buffett News: Daily Digest (Insider Monkey)

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