Billionaire Investor Bill Ackman Says SVB was Not a Bailout: ‘The People Who Screwed Up will Bear the Consequences’ (Business Insider)
Billionaire investor Bill Ackman said the US government’s move to guarantee deposits in the aftermath of Silicon Valley Bank and Signature Bank’s failure is not a “not a bailout in any form”. In a long tweet on Sunday, the founder and CEO of hedge fund Pershing Square Capital Management said that the government injected money in the form of preferred stock into banks during the Global Financial Crisis from 2007 to 2009, protecting bondholders and shareholders — but it’s not the same this time.
The Top 4 Best Warren Buffet Books You Must Read (DataDrivenInvestor)
Warren Buffett is one of the most successful investors of all time, and his investment philosophy and strategies have been analyzed and adopted by investors worldwide. Buffett is a name you should know if you’re seeking to improve your investment skills and learn from the best. One of the best ways to learn from Buffett is to read the books written about him and his investment approach. This article will provide a comprehensive list of the best Warren Buffett books, each offering valuable insights and lessons for investors aiming to enhance their investment skills and knowledge.
‘Big Short’ Investor Michael Burry Blames SVB Crisis on ‘Hubris and Greed’ (New York Post)
Famed investor Michael Burry shredded the executives formerly in charge of Silicon Valley Bank on Sunday as the tech lender’s sudden collapse prompted fears of a systemic meltdown. Burry, the hedge fund boss made famous in the 2015 film “The Big Short,” likened the current banking sector crisis to conditions the market experienced when the dotcom bubble burst in 2000 and the US housing market imploded in 2008.
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Hedge Funds Offer to Acquire SVB Deposits at Steep Discounts (Hedge Week)
Oaktree is one of a number of hedge funds and banks offering to acquire deposits held by startups at the failed Silicon Valley Bank, but only at steep discounts, according to reports. A report by Semafor cites unnamed sources as revealing that bids ranging from 60 cents to 80 cents on the dollar, have been made reflecting a range of expectations on how much of the uninsured deposits will ultimately be recovered once the bank’s assets are sold or wound down.
Teresa Isele Starts CEO Journey at Rhenman & Partners (Hedge Nordic)
Teresa Isele has embarked on her role as CEO of Rhenman & Partners Asset Management as of this week. Healthcare-focused asset manager Rhenman & Partners announced the appointment of Isele in late 2022 as a replacement for co-founder and now-former CEO Göran Nordström, who retired at the age of 69. “We are thrilled to welcome Teresa Isele as our new CEO on her first day,” the team at Rhenman & Partners announces on LinkedIn. “Teresa will focus on the company’s development both in Sweden and internationally, working closely with the board and all employees in Rhenman & Partners’ Stockholm office.”
Hedge Funds Stand to Lap Up Bearish Profits from Bank Stock Rout (Reuters)
Hedge funds ended last week positioned to scoop up winning profits from bearish positions on bank stock falls, according to a note by Goldman Sachs sent to clients late on Sunday. They sold financially themed shares and banks for nine straight weeks but rather than only exiting long positions, funds added bearish bets, according to the note seen by Reuters.
Hedge Funds and C-Suites: Illumina Pops on Icahn News | Pro Recap (Investing.com)
Carl Icahn prepares for proxy fight at Illumina: Illumina (NASDAQ:ILMN) shares rose sharply on word Carl Icahn is preparing to launch a proxy fight there, seeking three board seats, according to the Wall Street Journal. According to Icahn, the biotech company’s acquisition of Grail costed shareholders $50 billion and is now costing the company $800 million annually. The activist investor nominated Vincent Intrieri, Jesse Lynn, and Andrew Teno to Illumina’s board and claims that three shareholder representatives are needed to put an end to what he called “reckless decision-making.”
Opalesque Roundup: HFR Launched New Investable Hedge Fund Indices: Hedge Fund News, Week 09 (Opalesque.com)
In the week ending March 10th 2023, HFR launched the HFRI 400 (US) Indices, a first of its kind Index comprised of private hedge funds open to U.S. taxable investors, making the HFRI 400 a suitable benchmark for U.S.-based, taxable, high net worth and ultra-high net worth investors. The HFRI 400 (US) Fund Weighted Composite Index posted a narrow decline of -0.3 percent (estimated) in February, this following the gain of +2.3 percent in January and paring the YTD return to +2.0 percent. Exhibiting strong outperformance of equity market declines for the month, HFRI 400 strategy performance was led by Event Driven and Macro strategies.
Monday 3/13 Insider Buying Report: RVMD, WTRG (Nasdaq.com)
On Friday, Revolution Medicines’ Director, Thilo Schroeder, made a $14.15M purchase of RVMD, buying 650,000 shares at a cost of $21.76 a piece. Revolution Medicines is trading up about 6.1% on the day Monday. Before this latest buy, Schroeder purchased RVMD on 4 other occasions during the past year, for a total investment of $14.98M at an average of $21.61 per share. And at Essential Utilities, there was insider buying on Wednesday, by Chief Executive Officer Chris Franklin who bought 37,245 shares for a cost of $40.70 each, for a trade totaling $1.52M. Essential Utilities is trading up about 2.4% on the day Monday. So far Franklin is in the green, up about 4.8% on their purchase based on today’s trading high of $42.67.
$5M Bet On FIGS? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Grocery Outlet: The Trade: Grocery Outlet Holding Corp. (GO) Director Erik Ragatz acquired a total of 111,375 shares an average price of $27.27. To acquire these shares, it cost around $3.04 million. FIGS: The Trade: FIGS, Inc. (FIGS) CEO Catherine E. Spear acquired a total of 790,000 shares at an average price of $6.30. To acquire these shares, it cost around $4.98 million.
