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Hedge Fund and Insider Trading News: Bill Ackman, Jim Simons, Tom Steyer, Aurelius Capital Management, Six Flags Entertainment Corp (SIX), Cinemark Holdings, Inc. (CNK), and More

Aurelius Renews Feud Over Sycamore’s $1 Billion Nine West Payday (Bloomberg)
Disgruntled investors, including hedge fund Aurelius Capital Management, have ignited a fresh legal battle over Nine West Holdings Inc. — a year after the retailer exited bankruptcy with different owners, a new name and less debt. The lawsuit is the creditors’ second case involving the footwear chain after their investments suffered losses of more than 80%. They sued Sycamore Partners last year, a case that was settled after Sycamore paid them $120 million to drop claims that its 2014 buyout rendered Nine West insolvent while enriching shareholders by over $1 billion.

Jim Simons Backing Coronavirus Vaccine In Between Bouts Of Smoker’s Cough (Deal Breaker)
You’d think that if Jim Simons was going to put his family’s money up to end a deadly disease, it would be lung cancer. But no: Jim Simons already knows how to stop adenocarcinoma, and it’s by quitting smoking, something that he has not done at the age of 81. So instead, the Simons billions are going toward ensuring that if we do, contrary to Larry Kudlow’s assurances, face a coronavirus pandemic, it will be for the first and only time. Simons, through his family office, started investing in the company, called Codagenix, at least four years ago and now owns a little more than a 25% stake. “It still takes a while to get a vaccination program underway,” Simons, 81, said Tuesday on the sidelines of the MoMath Masters Tournament in New York.

Steyer Courts Voters that Biden Needs for Decisive SC Win (Business Insider)
GEORGETOWN, S.C. (AP) – Joe Biden’s political future depends on convincing South Carolina’s black voters to rally behind his flagging campaign. But Tom Steyer has spent millions trying to win those same voters and visited a historic black church in this coastal town on Wednesday to make a final pitch that they should consider him instead. “South Carolina gets to reset this election,” the billionaire activist said. Half a mile away, Biden was receiving a warm welcome from about 200 voters. State Rep. Carl Anderson, who is black, sought to dismiss the threat from Biden’s wealthier rivals.

Countries with the Smallest Government Per Capita in the World

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Ackman Still Likes Chipotle, Says Sold Shares to Manage Portfolio (Reuters)
NEW YORK, Feb 27 (Reuters) – Billionaire investor William Ackman, whose hedge fund earned double-digit returns last year with the help of strong gains in Chipotle Mexican Grill shares, said on Thursday he remained a “delighted long-term shareholder” even after selling some stock. “What started out as a large position recently became a massive one, in excess of 20% of capital,” Ackman told Reuters, adding “We sold stock earlier this week only for portfolio management reasons.” Ackman spoke one day after his Pershing Square Capital Management said in a regulatory filing the firm had cut its stake in the fast food restaurant chain to 4.2% from 5.4%. Pershing Square oversees $7 billion in assets.

The Billion-Dollar Fund Managers that Beat Ray Dalio in 2019 (CMCMarkets.com)
Ray Dalio’s Bridgewater Associates – the world’s largest hedge fund with more than $160bn in assets under management – struggled to beat market returns in 2019 on a number of funds while the industry recorded its best annual performance in a decade, according to the Financial Times. Although Bridgewater Associates’ All Weather strategy gained 17%, according to Institutional Investor,its flagship, the Pure Alpha fund, barely gained last year. As of 23 August had it reportedly lost 6%, data from Bloomberg indicated. In 2018 the fund posted gains of 14.6%. The publication also highlighted that in 2019 the Pure Alpha II suffered its first annual loss since 2000.

Value Investor Bill Miller Talks About Amazon And Bitcoin At Forbes/SHOOK Top Advisor Summit (Forbes)
Legendary former portfolio manager of Legg Mason Value Trust, Bill Miller was in Las Vegas yesterday at the Forbes/SHOOK Top Advisor Summit at the Wynn talking about his favorite holdings including Amazon and Bitcoin. Miller, who famously beat the S&P 500 every year from 1991 to 2005 is now the chairman of Miller Value Partners, which has some $3 billion under management, and is run similarly to a family office, but does accept outside investors in its two mutual funds and a hedge fund.

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