Odey’s Hedge Fund Soars 145% on Bets Against UK Bonds – Sources (Reuters)
LONDON, Sept 22 (Reuters) – Crispin Odey, one of Britain’s best-known hedge fund managers, has made a killing this year by wagering against British government bonds, with his firm’s main fund up 145% in 2022 after shorting long-dated UK debt, sources said on Thursday. Betting against the price of, or shorting, government bonds has been one of the trades of the year as soaring inflation forces central banks to hike interest rates more aggressively than was predicted even a few months ago, and investors dump bonds.
Activist Elliott Management Is Going After PayPal, Pinterest, and Other Stocks. Investors Should Be Wary (Barron’s)
For much of this year, PayPal Holdings stock couldn’t find a floor. Not only did the payments company lose its pandemic luster, but it also lost credibility on Wall Street after cutting ambitious growth targets in February. Amid the selloff, PayPal’s chief financial officer took a job at Walmart. Investors took off, too, sending the stock down 60% through mid-July. But one investor, in particular, saw value and came equipped to orchestrate a turnaround in the stock: Elliott Management.
Ray Dalio Says His Hedge Fund Bridgewater Associates is Up Around 25% this Year. He Shares 2 Ways Investors Should Approach a Market He Says is Due to Drop Another 20% — and an Area He’s Bullish on Long-Term (Business Insider)
Ray Dalio says the pain that stocks have faced this year likely isn’t over yet. As the Federal Reserve continues to raise interest rates — they raised rates by 75 basis points for their third meeting in a row on Wednesday — investors can continue to expect increased competition for stocks in the form of higher yields, and damage to corporate earnings, the Bridgewater Associates founder said on Wednesday morning.
Saudi Wealth Fund Head Likens Dalio Market Views to Movie Critic (Bloomberg)
Yasir Al-Rumayyan, the governor of Saudi Arabia’s sovereign wealth fund, said he’s figured out why billionaire investor Ray Dalio was bearish on financial markets years ago while he and others remained optimistic. Dalio “is like a movie critic, a theater critic,” Al-Rumayyan, who runs the Riyadh-based Public Investment Fund, said at the FII Institute’s Priority summit in New York on Thursday. “Before going there, he knows it’s going to be a bad story, bad production, bad cast. And he knows before he sits there, but he has to sit there to give his critique.”
RAM Launches Long-Only Vehicle (Hedge Nordic)
Stockholm (HedgeNordic) – A new trend evident in the hedge fund industry is that of established hedge fund managers offering new “best ideas” or long-only funds. After close to 20 years of long/short equity investing, Swedish asset manager RAM Rational Asset Management is launching a long-only equity fund called RAM Long Active Value. The new launch will complement the asset manager’s existing fund offering consisting of RAM ONE, its flagship long/short equity fund, and RAM ONE’s more recently launched UCITS version, RAM Equity Long/Short.