Bill Ackman Invests In The American Dream, Which In Turn Pays For His Dreams (Deal Breaker)
Bill Ackman may not know who Chris Paul is (he’s more of a John McEnroe guy, if he’s honest, although the reverse can certainly not be said). Luckily for an affordable-housing impact investment firm, it didn’t need an NBA All-Star as brand ambassador and strange bedfellow to lure the hottest man on Wall Street, for it could appeal to his other interests and expertise, specifically: real estate and making money on apparently philanthropic endeavors.
Aggressive Turn Leads to Road to Recovery (Green Street)
A makeover of 1060 Capital’s investment strategy is reversing the firm’s fortunes. Responding to a performance downturn, founder and portfolio manager Brian Gustavson started loosening risk constraints for the consumer-stock shop’s 1060 Capital Opportunity Fund in late 2018. The result was a more concentrated portfolio based on macroeconomic themes. Now, the shift is aiding growth both in 1060’s performance and its assets. The 1060 Capital Opportunity Fund was up 64.2% from Jan. 1 to Nov. 30 with a net exposure of just 38%. And the firm’s assets, which had fallen to $50 million from a late-2017 peak of $500 million to $600 million, have rebounded to almost $100 million.
BlueCrest to Pay $170 Million Over Hedge Fund Conflicts (Bloomberg)
BlueCrest Capital Management Ltd., the investment firm led by billionaire trader Michael Platt, will return $170 million to its former investors. The settlement comes after the SEC says BlueCrest prioritized an internal hedge fund over its client’s money. Bloomberg’s Dani Burger reports on “Bloomberg Daybreak: Europe.” (Source: Bloomberg).
A Director at SITE Centers (NYSE: SITC) is Selling Shares (Analyst Ratings)
On December 7, a Director at SITE Centers (SITC), Alexander Otto, sold shares of SITC for $5.53M. This is Otto’s first Sell trade following 33 Buy transactions. This is Otto’s first transaction since reporting a Sell transaction on PGRE back in December 2019.
Wednesday 12/9 Insider Buying Report: BKI, SBTX (Nasdaq.com)
On Monday, Black Knight’s Director, Joseph M. Otting, made a $299,951 purchase of BKI, buying 3,383 shares at a cost of $88.66 a piece. Bargain hunters have the opportunity to snag BKI even cheaper than Otting did, with the stock changing hands as low as $87.81 at last check today which is 1.0% under Otting’s purchase price. Black Knight Inc is trading down about 0.3% on the day Wednesday. Before this latest buy, Otting made one other purchase in the past year, buying $199,980 shares at a cost of $90.00 each.
Ringcentral Inc (RNG) CEO & Chairman Vladimir Shmunis Sold $24.7 million of Shares (Guru Focus)
CEO & Chairman of Ringcentral Inc, Vladimir Shmunis, sold 73,249 shares of RNG on 12/07/2020 at an average price of $336.93 a share. The total sale was $24.7 million. RingCentral Inc provides software-as-a-service, or SaaS, solutions for business communications. Its solutions can be used in multiple devices including Smartphones, Tablets, PC’s and Desk Phones which allows for communication across multiple channels.
