Calif. Billionaire Plans $100 Million Climate Change Campaign (WAMC)
Tom Steyer, a billionaire retired hedge-fund investor, is aiming to spend $100 million to make climate change a priority issue in this year’s midterm elections. As the New York Times reported Tuesday, the Democrat is working to raise $50 million from donors to add to $50 million of his own money to bankroll his San Francisco-based political organization, NextGen Climate Action. According to the Times, the money will be used for attack ads during the election, including the Florida governor’s race and the Iowa Senate race.
Einhorn sounds cautious tone about stock market (LATimes)
David Einhorn, the founder of hedge fund Greenlight Capital is going after anonymous blogger “Valuable Insights” who posts on the financial website ValueWalk. Einhorn filed a lawsuit seeking to identify the financial blogger in order to sue him or her. The hedge fund had wanted to keep its trades confidential so no one else would buy the sought-after stock, apparently blogging about it rose the stock price, frustrating and angering the hedge fund giant. ValueWalk reports that: Sometime prior to 9:32 AM on November 14, 2013, Valuable Insights posted “Expect one mega hedge fund rock star to show up as [Micron] holder today, not Ackman, Icahn or Loeb . . . .”
Hedge fund moves from California to Miami (BizJournals)
Hedge fund Universa Investments is moving from Santa Monica, Calif. to Miami’s Coconut Grove neighborhood. The move is the first big win for the Miami Downtown Development Authority’s push to lure hedge funds and private equity groups from high-tax states such as California and New York. Universa Investments is led by founder and CIO Mark Spitznagel, who is a noted libertarian and the author of The Dao of Capital, which makes a case against government intervention in capital markets. The forward is by libertarian former Congressman Ron Paul.
Hedge fund claims loss of investors’ confidence in Wausau Paper board (JSOnline)
The largest shareholder of Wausau Paper Corp. (NYSE:WPP), a hedge fund that already has compelled the 115-year-old paper maker to close and sell its Wisconsin operations, increased pressure this week by claiming that other shareholders have lost patience with Wausau’s management and performance. “The time has come for real change at Wausau Paper Corp.,” read the latest public letter from Starboard Value LP, the New York investment house. “While management continues to miss its targets and attempts to lower expectations, shareholders have been voicing their disappointment with the status quo and their support for change,” according to the four-page Starboard letter…
Soros betting against stocks? Not likely (KSPR)
Hedge fund heavyweight George Soros appears to be making a billion dollar bet against the stock market. But looks can be deceiving. Tongues have been wagging on Wall Street since Soros Fund Management revealed in a quarterly filing with the Securities and Exchange Commission Friday that his fund owned 7 million “puts” on the S&P 500 exchange traded fund in the fourth quarter. Puts are essentially a bet that the price of an asset will go down. The total value of the “puts” as of the filing date was $1.3 billion.
Hedge Fund Pours Scorn On ‘Desperate’ Jos. A. Bank-Eddie Bauer Deal (Finalternatives)
Eminence Capital wants to see Jos. A. Bank Clothiers merge—but not with the partner Jos. A. Bank favors. The New York-based hedge fund yesterday blasted Bank’s proposed takeover of outdoor clothing retailer Eddie Bauer as a move that “almost surely destroys shareholder value.” Eminence said the $825 million deal was nothing but a “desperate tactic” on the part of Jos. A. Bank’s management to stave off a takeover. And a takeover is exactly what Eminence wants to see, but by The Men’s Wearhouse, Inc. (NYSE:MW). The hedge fund has sued Jos. A. Bank for rejecting that company’s $1.6 billion approach, and to block it from doing something exactly like the Eddie Bauer deal.