Bill Ackman: Hindenburg’s Carl Icahn Report is a ‘Must Read’ (Financial News)
Hedge fund billionaire Bill Ackman has called Hindenburg Research’s report into Icahn Enterprises a “must read” after the high-profile short-sellers described the firm as “Ponzi-like”. Icahn Enterprises, the holding company for American investor Carl Icahn‘s empire, was accused of taking money from new investors to pay out dividends to old investors in Hindenburg’s investigation.
Visa, Tiger Global Back Open Banking Firm Tarabut’s Saudi Push (Bloomberg)
Payments giant Visa Inc. has made its first open banking investment in the Middle East, joining Tiger Global Management in backing fintech firm Tarabut Gateway’s latest fundraising. United Arab Emirates-based Tarabut raised $32 million to fund its expansion in Saudi Arabia, also tapping local investors such as Pinnacle Capital and Aljazira Capital, Tarabut founder and Chief Executive Officer Abdulla Almoayed said in an interview.
Ex-Goldman Traders and Quants are Fueling Eisler’s Big Multi-Strat Bet (efinancialcareers.com)
Eisler Capital is taking on a prodigious amount of new talent – especially ex-Goldmanites – in its quest to become a multi-strategy hedge fund. Starting with its addition of ex-Goldman partner Alain Marcus back in January, it has taken on a number of strategists and traders from the firm in just the last few months, in both New York and London. Rishabh Vaid joined Eisler Capital as a quantitative researcher in April after nearly eight years at Goldman – half in London, where he moved to after joining the bank in Bangalore.
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Icahn the Hunter Has Become the Hunted (Bloomberg)
I don’t know what Carl Icahn eats for breakfast. Shark blood? He’s supposed to be the most feared man on Wall Street, after all. Tuesday morning, he got something even less appealing: a short seller. Hindenburg Research attacked Icahn Enterprises LP as an overvalued, dangerously levered confidence trick for retail investors who don’t know any better. It is unclear whether Icahn will care; he has been called worse – raider, devil, evil Captain Kirk, and so on — but this time he should.
Avenue Capital Bets on Covid-19 Insurance Claims (Hedge Week)
Several prominent hedge funds are making bets on Covid-19 business-interruption claims – the most prominent being a roughly $2 billion pandemic-related claim by Caesars Entertainment – despite a string of losses in state and federal courts, according to a report by the Wall Street Journal. The report cites anonymous sources as revealing that distressed debt specialist Avenue Capital Group has paid roughly 10 cents on the dollar for a $330 million share of the claim filed by the casino and hotel owner in 2021 against a group of insurers including Allianz SE, Chubb Ltd, Markel Corp subsidiaries, and Aspen Insurance Holdings.
