Hedge Fund News: Warren Buffett, Phil Falcone & Baupost Group

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Warren Buffett betrays America (SLTrib)
It must have been a bitter moment for President Barack Obama when he got the news that his favorite economic guru not only doesn’t like paying taxes but hates America. Warren Buffett, whose eponymous rule was a staple of Obama’s 2012 re-election campaign, is underwriting Burger King Worldwide Inc (NYSE:BKW)’s proposed move to Canada that the left is denouncing as practically the most dastardly plot since the Rosenbergs helped the Soviets get the bomb.

Berkshire Hathaway

Hayman Chief Blasts Elliott Over Argentine Impasse (Finalternatives)
Elliott Management founder Paul Singer is a better hedge-fund manager than he is a person, according to Hayman Capital Management’s Kyle Bass. In an interview with the Buenos Aires Herald, Bass—whose hedge fund holds restructured Argentine debt—criticized Singer for “holding poor countries as hostages.” “I frequently say that if you are an investor, ‘vulture funds’ such as Elliott will be a prudent fiduciary with your money,” he told the newspaper. “They do a good job on that…

Falcone’s tactics in buying steel company draw fire (NYPost)
Phil Falcone couldn’t play by the rules on Wall Street — so now he’s playing where there aren’t any rules. That’s the charge from critics as the hedge-fund tycoon moves to take over a little known but profitable steel fabricator whose shares are traded in the loosely regulated over-the-counter market. Falcone, who last year agreed to an $18 million settlement with federal regulators for misconduct that got him barred from the securities industry for five years, is using ruthless tactics to acquire the company, Phoenix-based Schuff International, on the cheap, according to rankled investors.

Blackstone’s New “Big Bet” Hedge Fund (HedgeCo)
Hedge fund investor The Blackstone Group L.P. (NYSE:BX) is preparing to launch a new hedge fund that will will have to up to 30 teams of seasoned investors with $100 million each to play with, according to a report by The Wall Street Journal. The new fund, Blackstone Senfina Advisors LLC, will invest in private equity, real estate, credit and hedge funds, Blackstone currently has $272 billion in assets for public and corporate pension funds, academic, cultural and charitable organizations. Blackstone already manages $58.3 billion in assets at its BAAM hedge funds solution division.

Dollar General To Continue Family Dollar Push (Finalternatives)
Dollar General Corp. (NYSE:DG) CEO Rick Dreiling said yesterday that his company remains committed to buying rival Family Dollar Stores, Inc. (NYSE:FDO), in spite of its opposition to the merger. Family Dollar last week turned down Dollar General’s $8.9 billion offer, citing antitrust concerns inherent in the marriage of the largest and second-larger discount retailers in the U.S. Family Dollar said it still favors a lower offer from another rival, Dollar Tree, Inc. (NASDAQ:DLTR).

Allergan, Apple top picks for hedge funds: Pro (CNBC)

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