Hedge Fund News: Warrant Buffett, Louis Bacon & Greenlight Capital

Chicago-Based Hedge Fund Manager Caught Conducting A Ponzi Scheme (HedgeCo)
Chicago-based investment fund manager Neal V. Goyal and two hedge fund advisers that he owned and controlled –Blue Horizon Asset Management and Caldera Advisors – are being charged with violating the antifraud provisions of the Securities Act of 1933, Securities Exchange Act of 1934 and Rule 10b-5, and Investment Advisers Act of 1940. The SEC is seeking financial penalties, disgorgement of ill-gotten gains plus prejudgment interest, and a permanent injunction against Goyal, Blue Horizon Asset Management, and Caldera Advisors.

‘CLEAN ENERGY’ RUINED SPAIN; NOW OBAMA IS DRAGGING THE US OVER THE SAME GREEN PRECIPICE (Breitbart)
Mead was quite right, of course. And there was plenty of evidence to back him up, such as the 2009 report by a Madrid university professor Gabriel Calzada Alvarez that for every expensive “green job” created by government subsidy, 2.2 jobs were destroyed in the real economy. The Obama administration responded as only the Obama administration knows how: by calling in its left-wing attack dogs. Friendly organisations including George Soros’s Center for American Progress and various well-funded wind industry lobbyists were recruited to monster this unhelpful evidence, which was dismissed for its “lack of rigor.”

Funds Cut Bullish Gold Wagers Most This Year (Bloomberg)
Hedge funds pared bets on a gold rally at the fastest pace this year after prices capped the biggest monthly decline since December. Money managers trimmed their net-long position by 24 percent as a rally in U.S. equities to a record eroded the appeal of alternative assets. Short holdings are now the highest in 15 weeks and assets in exchange-traded products backed by metal the lowest since 2009. The value of ETP holdings contracted $2.6 billion in May, the worst month since the end of 2013, the year that marked the end of the bull market in gold. The Standard & Poor’s Total Return Index of 24 commodities fell for the first time since January, led by crops, natural gas and precious metals.

Hedge fund giants secure grip on industry despite lagging returns (Reuters)
The world’s biggest hedge funds are managing more money than ever before – even while the returns they provide look less attractive compared to those achieved by younger, smaller firms. Large institutions managing money for wealthy individuals have always tended to look towards well-established money managers but this trend has become more pronounced following the financial crisis. According to data from industry tracker Preqin some 90 percent of assets are now held by just 505 funds worth at least $1 billion.

David Einhorn’s Greenlight Posts Gains in May (InstitutionalInvestorsAlpha)
David Einhorn’s Greenlight Capital continues its winning streak from last month. The New York–based equity hedge fund firm posted gains of 1.8 percent and 1.9 percent on its various hedge funds in May. Its Greenlight Capital Offshore fund has returned 4.6 percent through May, while Greenlight Capital Qualified has added 5 percent and Greenlight Capital has gained 5.1 percent. By comparison, the S&P 500 gained 2.1 percent in May and is now up 4.1 percent for the year. The Dow Jones Industrial Average added 0.8 percent in May and is up the same amount for the year, while the Nasdaq Composite returned to positive territory in May,…

Did Argentina lie to the U.S. Supreme Court? (Reuters)
I may have been too quick to believe that Argentina actually intended to follow through on a pledge to the U.S. Supreme Court. Last Friday, I credited the Argentine government with an historic concession in its May 27 brief to the court, in which Argentina pledged to comply with an injunction from the 2nd U.S. Circuit Court of Appeals prohibiting it from making payments to holders of its restructured debt before paying off hedge funds that refused to exchange defaulted bonds.

Recommended Reading:

Huber Capital Management Top Picks Include CNO Financial Group Inc (CNO) & ENSCO PLC (ESV)

Millennium Management’s Subsidiary Blue Arrow Capital Loves These Stocks

Tim Curro’s Value Holdings Bets on Services Sector

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

The 10 Longest Wars of All Time

The 13 Worst Looking Foods that Taste Great

The 6 Most Gruesome Injuries Suffered During a Sports Match

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!