Ackman Gears Up for Unicorn Hunt With $4 Billion Blank-Check IPO (Bloomberg)
Large, venture-backed businesses that haven’t gone public yet be advised: by the end of Tuesday billionaire investor Bill Ackman could have as much as $4 billion in his back pocket ready to put toward a bumper acquisition. Ackman’s blank-check company — the latest in a slew of special purpose acquisition companies that have hit the market in recent months — is offering 200 million units at $20 apiece, after earlier filing to sell 150 million units. Pershing Square Tontine Holdings Ltd., backed by Ackman’s Pershing Square Capital Management, will stop taking investor orders on Tuesday and begin trading Wednesday on the New York Stock Exchange.
Secretive Hedge Fund Boss Chris Rokos Calls Staff Back to Work in the Office (Financial News)
The majority of Chris Rokos’ staff have returned to the hedge fund manager’s Mayfair offices following the lifting of UK coronavirus restrictions, Financial News can reveal. An email memo, sent to Rokos Capital Management’s nearly-200 employees and seen by FN, stated: “All [employees] are invited back, however only if the individual feels comfortable.”
Bitcoin Ready to Make Explosive Move Together with Gold and Silver: Hedge Fund Manager Kyle Bass (U-Today)
Hayman Capital Management founder Kyle Bass is convinced that Bitcoin, along with silver and gold, is redying for an explosive move, according to his recent tweet. The prominent hedge fund manager believes that a wave of money printing across the globe is going to be the main catalyst for this growth.
The 5 Slides That the Public was Never Supposed to See. Here’s the Tekmerion Pitchdeck at the Center of a Years-Long Trade Secrets Battle with Ray Dalio’s Bridgewater. (Business Insider)
Bridgewater‘s inner workings are an object of fascination from within the finance industry as well as in other fields thanks to the billionaire founder Ray Dalio‘s “radical transparency” concepts of being directly honest in the workplace and with co-workers. But the world’s biggest hedge fund is also known for strict confidentiality contracts with ex-employees, and recently unsealed documents from a years-long legal battle with small macro fund Tekmerion Capital Management show how aggressive the firm can be.
One Hedge Fund Manager’s Lesson On When To Take Profits (The Street)
Authored by Eric Peters, CIO of One River Asset Management, who has written the following anecdote about learning to take a profit, a lesson learned in 1992. “Let’s step into my office,” he said. So I did. He was my boss. “The firm’s most important client needs help,” he said. I listened, uninterested, unconcerned about clients, their problems. Barely cared about my boss. I had a game to play, solo sport, and loved it to the exclusion of all else. “They need to do a very large trade,” he explained. A twenty-six-year-old proprietary trader’s mind is rather primitive. Which is good and bad. Being young and dumb allows you to see things elders can’t. And take risks one rarely should. In 1992, I’d done both.
Wall Street’s Hedge Fund Obsession Gets Vindicated in Research (Bloomberg)
Wall Street’s obsession with where the money is flowing has some fresh academic vindication. Hedge funds exert far more power on equity prices than most other classes of investors, according to a recent paper, while the passive cohort are among the least influential. Ralph Koijen at the University of Chicago, Robert Richmond at New York University and Motohiro Yogo at Princeton University used a decade of data across the U.S., U.K., euro area and Japan.
Hedge Fund Assets Surge (Hedge Nordic)
Stockholm (HedgeNordic) – Total capital invested in hedge funds rose by a record $220 billion in the second quarter to $3.18 trillion, according to HFR. The record quarterly increase reflects substantial performance-based asset gains as the hedge fund industry posted its strongest quarterly performance since the second quarter of 2009, as measured by the HFRI Fund Weighted Composite Index. Investor outflows slowed down significantly following the coronavirus pandemic-induced withdrawals in the first quarter. Investors withdrew an estimated $47.8 billion from the industry in the second quarter, while a combined $35.6 billion flowed into all funds experiencing inflows. Therefore, the hedge fund industry’s net asset outflows for the second quarter amounted to $12.2 billion, or 0.3 percent of total industry capital, down from the net outflows of $33.3 billion recorded for the first quarter.