Legendary Investor Bill Ackman Warns America’s Regional Banks are at Risk: ‘At This Rate, No Regional Bank can Survive Bad News’ (Fortune)
Billionaire hedge fund founder Bill Ackman called for a “systemwide deposit guarantee regime” in the U.S., as regional banking stocks were pummeled in the wake of this weekend’s sale of First Republic to JPMorgan. “The regional banking system is at risk,” the founder and CEO of Pershing Square Capital Management tweeted on Wednesday evening. “The [Federal Deposit Insurance Corporation’s] failure to update and expand its insurance regime has hammered more nails in the coffin.”
Pine River Adds Two to New York Team (Hedge Week)
Pine River Capital Management (Pine River), an alternative asset manager with approximately $7 billion under management across hedge funds, managed accounts and listed investment vehicles, has appointed Fernando Gardner and Jason Yeung as managing director in Marketing and Investor Relations and MBS trader and assistant portfolio manager, respectively. Gardner will focus on fundraising, developing marketing strategy, and client service, while Yeung will focus on the firm’s Agency RMBS strategy. Both are based in Pine River’s New York office.
Point72 and Citadel Outpaced Rival Hedge Funds in April. Here’s How Millennium, D.E. Shaw, and Other Multi-Strats are Faring This Year. (Business Insider)
Citadel keeps climbing, Point72 is close behind, and their top competitors are all in the black a third of the way through the year. Point72 had the best month among multi-strategy hedge funds, up 1.58% in April and 4.63% for the year. Citadel continues its hot streak with a 1.11% return in April and leads among peers year-to-date, up 5.37%. Returns are still rolling out, but none of the other major multi-strategy players saw significant gains or major dips. Representatives for the firms declined to comment.
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Hindenburg’s Short Report on Block ‘a Sideshow’, Says QVG’s Josh Clark (AFR.com)
The hedge fund manager remains bullish on Afterpay’s parent and shares his thoughts on company earnings in general. Josh Clark is portfolio manager of QVG Capital’s long-short fund. How are you feeling about company earnings? Are you cautious because of the lagged impact on companies from higher inflation and borrowing costs? In general, the market hasn’t done a great job of forecasting the impacts of inflation and higher borrowing costs; however, we’ve already got a good taste of this thanks to February’s reporting season.
Billionaire Stanley Druckenmiller Says a Hard-Landing Recession Is in the Cards, but Stays Heavily Invested in These 2 Stocks (Yahoo Finance/TipRanks)
Many financial experts are talking up the prospect of a recession hitting this year and one legendary investor agrees with that line of thought. “We’re gonna have a hard landing and a bad recession in the U.S,” Stanley Druckenmiller has said, “probably sometime later this year.“ Druckenmiller now manages his investing affairs through his Duquesne Family Office, yet he had outsized success as a hedge fund manager for 30 years and is worth ~$6.4 billion.
