Ackman, Einhorn Bets Are Working Out So Far — in March Madness (Bloomberg)
Bill Ackman and David Einhorn are back on top. At least when it comes to basketball picks. The billionaire hedge fund investors who’ve struggled with their investments of late have standout brackets among the 42 titans of business and finance participating in Bloomberg’s Brackets for a Cause. Ackman’s choice to win this year’s NCAA Basketball Tournament, the Villanova Wildcats, cruised to the second round, while Einhorn nailed 14 of the 16 first-round games and can still notch a perfect Sweet 16.
John Paulson’s Hedge Fund Lays Off Workers (New York Post)
The ax has fallen at John Paulson’s hedge fund. Several employees of the once mammoth Paulson & Co. were let go Thursday amid years of poor performance, The Post has learned. Cuts were across the board but also included key veterans who have been with the fund for more than 10 years. Among the senior level hedgies being shown the door were: Keith Hannan, head of trading; Brad Rosenberg, head credit trader; and partners Victor Flores and Allen Puwalski. “We are right-sizing the firm to focus on our core expertise on areas that are growing,” a firm spokesman told The Post, declining to comment on specific individuals affected.
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Paul Singer’s Elliott Takes On Europe Inc. (The Wall Street Journal)
Elliott Management Corp., the American activist fund, is on a tear in Europe. Capping a series of big investments in the continent over the last two years, Elliott this week launched a proxy fight at Telecom Italia, the one-time state-owned telecommunications giant. It has disclosed a 3% holding and nominated a slate of directors to replace six current board members, including the company’s chairman. It wants the carrier to simplify its shareholder structure, start paying a dividend and sell or spin off two of its businesses.
What Billionaire Investor Warren Buffett Can Teach You About Retirement (TheStreet)
At 87 years old and still working, Warren Buffett doesn’t appear to be following the traditional path most Americans take toward retirement. But after all, the billionaire CEO of Berkshire Hathaway (BRK.A) has never really been normal. Though he hasn’t retired just yet, Buffett has offered a treasure trove of tips for those looking to settle down at a more reasonable age. Here are some of the best retirement tips from the Oracle of Omaha himself.
Insider Selling: Weight Watchers International, Inc. (NYSE:WTW) Director Sells 2,359,702 Shares of Stock (RegistrarJournal.com)
Weight Watchers International, Inc. (NYSE:WTW) Director Oprah Winfrey sold 2,359,702 shares of the stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $60.48, for a total transaction of $142,714,776.96. Following the sale, the director now directly owns 6,009,283 shares in the company, valued at approximately $363,441,435.84. The sale was disclosed in a filing with the SEC.
Insider Buying: Continental Resources, Inc. (CLR) CEO Buys 99,028 Shares of Stock (LedgerGazette.com)
Continental Resources, Inc. (NYSE:CLR) CEO Harold Hamm bought 99,028 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was acquired at an average cost of $50.26 per share, for a total transaction of $4,977,147.28. The acquisition was disclosed in a legal filing with the SEC.
Insider Selling: Waste Management, Inc. (WM) VP Sells 60,088 Shares of Stock (TheLincolnianOnline.com)
Waste Management, Inc. (NYSE:WM) VP Jeff M. Harris sold 60,088 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $86.67, for a total transaction of $5,207,826.96. Following the sale, the vice president now owns 80,203 shares of the company’s stock, valued at approximately $6,951,194.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Insider Buying: Entercom Communications Corp. (ETM) Chairman Acquires $1,990,000.00 in Stock (RegistrarJournal.com)
Entercom Communications Corp. (NYSE:ETM) Chairman Joseph M. Field bought 200,000 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The stock was acquired at an average price of $9.95 per share, for a total transaction of $1,990,000.00. Following the completion of the acquisition, the chairman now directly owns 3,971,897 shares in the company, valued at $39,520,375.15. The purchase was disclosed in a document filed with the Securities & Exchange Commission.
Insider Buying: American Assets Trust, Inc (NYSE:AAT) CEO Acquires $3,042,148.05 in Stock (LedgerGazette.com)
American Assets Trust, Inc (NYSE:AAT) CEO Ernest S. Rady bought 94,155 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were purchased at an average cost of $32.31 per share, with a total value of $3,042,148.05. The acquisition was disclosed in a filing with the SEC.
Insider Buying: City Office REIT Inc (CIO) Director Purchases 10,000 Shares of Stock (TheLincolnianOnline.com)
City Office REIT Inc (NYSE:CIO) Director Stephen B. Shraiberg purchased 10,000 shares of City Office REIT stock in a transaction that occurred on Thursday, March 8th. The shares were bought at an average cost of $11.05 per share, for a total transaction of $110,500.00. Following the completion of the transaction, the director now directly owns 71,681 shares in the company, valued at approximately $792,075.05. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
