Wall Street’s Bears Are Coming Out to Play (Bloomberg)
The S&P 500 swung higher for the second straight week, and the US unemployment rate has hit a 53-year low. But some of the most prominent hedge fund managers are sounding the alarm: More than a decade of easy money could lead to an unruly unwind. “Anybody who’s basically under the age of 40 hasn’t really been investing professionally in a bear market,” Jim Chanos, the short seller and founder of Kynikos Associates, told me this week on the sidelines of the iConnections Global Alts 2023 conference in Miami.
ExodusPoint’s 2022 Struggles is a Lesson for all of Wall Street: Play the Hits (Business Insider)
As Insider’s Alex Morrell recently reported, 2022 was not kind to ExodusPoint. The hedge fund, which still holds the industry’s largest launch in history, ended the year with fewer assets, employees, and PMs than it started with. So what went wrong? In short, the firm made a big bet on building out an equities business that simply fell flat.
Cathie Wood Says ARKK Is ‘the New Nasdaq’ (Bloomberg)
Cathie Wood’s funds had a scorching start to the year and she wants investors to know it. The founder and chief executive officer of ARK Investment Management said Thursday that her flagship fund now gives investors better exposure to long-term innovation than most of the market’s most popular growth stock benchmarks. While the ARK Innovation ETF (ARKK), has jumped nearly 40% this year — more than twice as much as the Nasdaq 100 — the fund is still down more than 70% from its peak two years ago, underperforming the index by about tenfold.
Friday 2/3 Insider Buying Report: CURO, OPBK (Nasdaq.com)
At Curo Group Holdings, a filing with the SEC revealed that on Wednesday, Chief Executive Officer Douglas D. Clark bought 40,000 shares of CURO, for a cost of $3.82 each, for a total investment of $152,950. Clark was up about 20.6% on the buy at the high point of today’s trading session, with CURO trading as high as $4.61 at last check today. Curo Group Holdings is trading up about 6.2% on the day Friday. This buy marks the first one filed by Clark in the past twelve months. And at OP Bancorp, there was insider buying on Wednesday, by Director Brian Choi who bought 10,000 shares for a cost of $11.35 each, for a total investment of $113,452.
Over $5M Bet On Uber Technologies? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Uber Technologies: The Trade: Uber Technologies, Inc. (UBER) Director Yasir Al-Rumayyan acquired a total of 250,000 shares an average price of $20.58. To acquire these shares, it cost around $5.14 million. Beacon Roofing Supply: The Trade: Beacon Roofing Supply, Inc. (BECN) 10% owner CD&R Boulder Holdings, L.P. bought a total of 107,185 shares at an average price of $55.98. To acquire these shares, it cost around $6 million.
