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Hedge Fund News: Warren Buffett, Third Point & Soros Fund Management

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Will Warren Buffett win this bet? (MorningStar)
Investing icon Warren Buffett made a bet about the relative performances of hedge funds and index funds, that the latter would beat the former over a decade. The bet: Over a 10-year period commencing on January 1, 2008, the S&P 500 will outperform a portfolio of funds of hedge funds, when performance is measured on a basis net of fees, costs and expenses. …The low-priced index fund that Buffett narrowed down on is the Vanguard 500 Index Admiral Shares. Only Buffett and the managers at Protégé know the names of the hedge funds. Each side in the bet put up about $320,000, and the total was invested in zero-coupon bonds that at the contest’s end would be worth $1 million.

Warren Buffett and Billionaires

Former Money Manager Charged With Stealing Hedge Fund Fees (HedgeCo)
Former hedge fund manager Sean C. Cooper has been accused of fraudulently taking excess management fees from the accounts of investors, the SEC reports. An investigation found that Cooper improperly withdrew more than $320,000 from a hedge fund he managed for San Francisco-based investment advisory firm WestEnd Capital Management LLC. While WestEnd disclosed to clients the withdrawal of annual management fees of 1.5 percent of each investor’s capital account balance, Cooper actually withdrew amounts that far exceeded that percentage. The SEC alleges that Cooper was using hedge fund WestEnd Capital Management LLC., as his own private bank.

New hedge fund makes big bet on Churchill Downs Inc. (Courier-Journal)
A new hedge fund has amassed more than 5 percent of the shares of Louisville-based casino and racing company Churchill Downs, Inc. (NASDAQ:CHDN), according to a filing with the Securities and Exchange Commission on Thursday. Three Bays Capital of Boston, led by Matthew Sidman, reported Thursday that its interests have 5.3 percent of Churchill stock as of Sept. 11. Institutional Investors Alpha reported in December that the $500 million Sidman raised for Three Bays was “one of the largest hedge fund launches in years. He also is poised to grow to at least $1 billion in 2014, according to knowledgeable sources.”

Soros manager signs up for Brummer affiliate (eFinancialNews)
According to a client letter seen by Financial News, Donald will become a Zenit partner, taking positions in such sectors as industrials, cyclical light and resources. He most recently worked at Soros Fund Management which he left in December 2012, going on to spend a prolonged period on gardening leave prior to negotiating his Zenit deal, according to a spokesman for Brummer. Zenit, a $1.7 billion long/short fund based in London, is led by chief investment officer Martin Jonsson, who has worked at Zenit since 2002…

Elliott sells £59m of Game shares despite lock-up agreement (Telegraph)
The controversial hedge fund Elliott Advisors has raised £58.5m by dumping shares in video games retailer Game Digital, despite seemingly being tied to a lock-up agreement. Elliott floated Game three months ago and committed to a lock-up agreement that restricted the further sale of shares for six months. However, Liberum Capital, the City broker, announced on Thursday that it had placed 22.5m shares in Game on behalf of Elliott. This prompted Game shares to fall by 20.5, or 7pc, to 260.00p.

Yahoo’s Alibaba’s cash (CNBC)

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