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.

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