Hedge Fund Boss Who Made 40% Return Shorting Moderna Says Markets’ ‘Euphoria’ will Burst (Financial News)
Barry Norris, chief executive of Argonaut Capital, has been unabashedly vocal about his pessimism about a potential Covid-19 vaccine. He shorted pharma companies including Moderna – which is developing an inoculation against the virus – back in August. Other market participants haven’t shared his bearish views. Pfizer and BioNTech were first out of the gate with positive vaccine news – saying in early November that their coronavirus jab showed 90% efficacy and could be rolled out this year. It prompted a massive stock market rally, with pubs, restaurants, travel companies and finance firms among those to post sharp share price increases.
Hedge Fund Citadel Doubles Down, and More, on Shale Gas in Q3 (S&P Global Market Intelligence)
Legendary hedge fund CEO and investment manager Kenneth Griffin doubled down on shale gas stocks in the third quarter, banking on higher share prices across the sector as investors anticipate a sharp increase in winter commodity gas prices. Griffin’s Citadel Advisors LLC more than doubled its stakes in pure-play shale gas exploration and production companies CNX Resources Corp., Antero Resources Corp., Comstock Resources Inc., and National Fuel Gas Co. in the third quarter, according to institutional investor filings with the SEC. All four saw their share prices rise since the third quarter began, led by Antero, which was up 66% through Nov. 23.
Unacademy Raises Fresh Round from Tiger Global & Dragoneer at $2 bn Valuation (EnTrackr)
The ongoing rush of fundraising in edtech startups continues unabated with Unacademy raising an undisclosed amount in a fresh investment round from Tiger Global and Dragoneer Investment Group. In a statement, the company has claimed that the Uncademy group has been valued at $2 billion in this transaction. This is the third tranche of funding in Unacademy this year. It had raised a $110 million round led by General Atlantic followed by another $150 million round led by Softbank in September this year.
Brad Gerstner’s Hedge Fund is Betting on Economy Reopening with Stocks Like Uber, Adds Snowflake IPO (CNBC)
Tech investor Brad Gerstner‘s hedge fund Altimeter Capital piled into a few red-hot software IPOs, while sticking with some apparent bets on an economic reopening as well.
Rio Tinto attacked by hedge fund Odey over Oyu Tolgoi financing (Proactive Investors)
Rio Tinto PLC (LON:RIO) has been urged to come clean over financing plans for the huge Oyu Tolgoi mine in Mongolia run by 50.8% owned subsidiary Turquoise Hill Hedge fund manager Odey today published a letter written to the mining giant’s board expressing its concerns about the fairness of the financing package surrounding Oyu Tolgoi and the sustainability of the agreements with Mongolia’s government.
No Need for Radical Change to Hedge Fund Rules, Says EU Official (Reuters)
LONDON (Reuters) – The European Union is not planning to radically overhaul its hedge fund rules given they are already a “success story”, an EU official said on Tuesday. The bloc is reviewing its “AIFMD” regulations for hedge funds and other alternative investment funds.