Cathie Wood’s Views Draw Flak on Twitter (TipRanks)
In the latest episode of In The Know, renowned hedge fund manager Cathie Wood discussed her reasons for believing that the economy is already in a recession. The CEO and CIO of ARK Invest funds invest in disruptive technology stocks as a means to fight inflation. Cathie shared the video on Twitter (TWTR) and also reiterated her stance that deflation would be a bigger problem for the American economy than inflation.
Federal Authorities Investigate Firm Linked to Roman Abramovich (The New York Times)
Federal authorities are investigating Concord Management, a small investment advisory firm that oversaw billions of dollars in hedge fund investments for the Russian oligarch Roman Abramovich, according to people close to the firm. The investigations, by the Securities and Exchange Commission and the Federal Bureau of Investigation, are focused at least in part on how associates of Mr. Abramovich used a series of offshore shell companies to invest up to $8 billion in dozens of U.S. hedge funds and private equity firms over the past two decades, the people said.
Icahn’s Investment Portfolio Posts Second-Quarter Loss (Institutional Investor)
But the private hedge fund-like portfolio is still in the black for the year. Carl Icahn’s private hedge fund suffered a 4.8 percent loss in the second quarter. Nevertheless, it remained in the black for the first half of the year, gaining 4.3 percent, according to a regulatory filing.
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‘Inexplicable’: Capricorn Energy Investor Calls on Board to Exit Tullow Oil Merger (UpStreamOnline.com)
Another major investor has hit out at Capricorn Energy’s board for approving a merger with fellow London-listed player Tullow Oil, describing the decision as “inexplicable,” while depicting Tullow as the “one of the worst performing” oil and gas companies. Palliser Capital, a UK-based hedge fund holding 5% of Capricorn shares, wants the board to exit the merger, saying the deal is unlikely to be approved given growing shareholder opposition to the proposal.
Hedge Funds Face SEC Demand to Share More About Their Strategies (Bloomberg)
Following a challenging second quarter, the hedge fund industry came back fighting in July, advancing 2.89% for the month, according to the Barclay Hedge Fund Index, with much of the uplift coming on the back of a seemingly improbable surge in global equity markets. The MSCI ACWI Index (a measure of global equity performance) was up 6.98%, while in the US the S&P 500 Total Return Index and NASDAQ Composite jumped 9.22% and 12.39% respectively.
Global Hedge Funds Industry had Net Outflows of $27.5bn in Q2 (Opalesque)
ETFGI reported that the global Hedge Funds industry suffered net outflows of US$27.5 billion (source HFR) while the Global ETFs industry gathered net inflows of US$157.7 billion in Q2 2022. Assets invested in the global ETFs industry are US$5.04 trillion larger than the assets invested in the global hedge fund industry at the end of Q2 2022. During the second quarter of 2022, ETFs/ETPs listed globally gathered $157.7 billion in net inflows, according to ETFGI’s Global ETF and ETP industry insights report. In contrast, HFR reported that hedge suffered net outflows of $27.5 billion in Q2 2022.
Robinhood, Procter & Gamble And 3 Other Big Stocks Insiders Are Selling (Benzinga)
S&P Global: The Trade: S&P Global Inc. (SPGI) Executive Advisor John Berisford sold a total of 13,450 shares at an average price of $370.59. The insider received around $4.98 million from selling those shares. What’s Happening: S&P Global recently reported second-quarter FY22 revenue growth of 42% year-on-year to $2.99 billion, missing the consensus of $3.01 billion. Procter & Gamble Company: The Trade: The Procter & Gamble Company (PG) CEO – Baby, Fem & Family Care Ma. Fatima Francisco sold a total of 4,000 shares at an average price of $146.00. The insider received around $584 thousand as a result of the transaction.
Wednesday 8/10 Insider Buying Report: BSM, RKT (Nasdaq.com)
On Friday, Black Stone Minerals’ CEO and Chairman, Thomas L. Carter Jr., made a $744,172 buy of BSM, purchasing 50,000 shares at a cost of $14.88 a piece. Investors have the opportunity to pick up BSM even cheaper than Carter Jr. did, with the stock changing hands as low as $14.52 at last check today which is 2.4% below Carter Jr.’s purchase price. Black Stone Minerals LP is trading down about 0.4% on the day Wednesday. This purchase marks the first one filed by Carter Jr. in the past year. And at Rocket Companies, there was insider buying on Monday, by Chief Executive Officer Jay Farner who purchased 60,700 shares at a cost of $9.85 each, for a total investment of $598,005.
Insider Selling This Technology Stock (Business Insider)
TTM Technologies: The Trade: TTM Technologies, Inc. (NASDAQ:TTMI) EVP, General Counsel Daniel J Weber sold a total of 10,000 shares at an average price of $16.36. The insider received around $163.59 thousand from selling those shares. What’s Happening: TTM Technologies recently reported better-than-expected Q2 EPS and sales results. What TTM Technologies Does: TTM Technologies Inc manufactures printed circuit boards. The company is based in the United States and derives roughly half of its revenue domestically.
Why the World’s Smartest Investors Are Selling This Crypto Stock (The Motley Fool)
After a brutal year, Coinbase just can’t catch a break. As cryptocurrencies rise in popularity, the Securities and Exchange Commission (SEC) faces a new battle to determine its reach and jurisdiction over the new asset class. In its latest confrontation with the crypto market, the SEC will be evaluating whether Coinbase (COIN) listed cryptocurrencies that technically met the criteria of being a security. If so, it would mean Coinbase could face fines and possibly even a hit to its business model.
