Why George Soros Likes J.C. Penney (Seeking Alpha)
Soros Fund Management, which is managed by billionaire George Soros, now owns 21.98 million shares of ailing retailer J.C. Penney Company, Inc. (NYSE:JCP). The stake is 10% larger than it had been in the second quarter. The fund will be the retailer’s largest investor when Pershing Square Capital pulls out of J.C. Penney. Glenview Capital, a hedge fund managed by former Omega Advisors trader Larry Robins, owned 8.4 million shares at the end of the second quarter. Also, Tiger Consumer Management raised its stake in J.C. Penney Company, Inc. (NYSE:JCP) to 5.43 million shares. While I don’t recommend blindly following hedge fund picks, I believe they should serve as initial ideas for further research.
What George Soros must be thinking about the rupee (FirstPost Business)
George Soros likes to believe that he has managed to make all the money that he has, by following what he calls the theory of reflexivity. Not everyone believes this though. His son Robert, offers another explanation for his success in Michael Kaufman’s Soros: The Life and Times of a Messianic Billionaire. As Robert puts it “My father will sit down and give you theories to explain why he does this or that. But I remember seeing it as a kid and thinking, Jesus Christ, at least half of this is bullshit, I mean, you know the reason he changes his position in the market or whatever is because his back starts killing him. It has nothing to do with reason. He literally goes into a spasm, and it’s his early warning sign.”
Soros-Funded ProPublica Also Has Secret Snowden Documents (News Busters)
A Soros-funded journalism organization also has copies of secret intelligence files from NSA leaker Edward Snowden. Reuters revealed this during an Aug. 30 article that called ProPublica an “independent investigative journalism group,” and made no mention of its political left-wing leanings. ProPublica is a liberal investigative journalism outfit that has received $300,000 from George Soros’ Open Society Foundations since 2000 and millions of dollars from the liberal Sandler Foundation.
SEC is looking at Soros (New York Post)
The Securities and Exchange Commission is taking Bill Ackman seriously. Days after the hedge-fund mogul wrote the regulator and complained about alleged insider-trading violations by George Soros’ family fund regarding its trading in Herbalife, the SEC took action. An SEC lawyer has contacted at least one person who spoke with Soros Fund Management portfolio manager Paul Sohn, who was driving the firm’s Herbalife investment, The Post has learned.