Crispin Odey’s Mega Bond Wagers Erased at Flagship Hedge Fund (Bloomberg)
Freddie Neave has removed the leveraged bond bets put on by his former boss Crispin Odey at the flagship hedge fund he now runs for Odey Asset Management as he cuts risk ahead of moving out of the investment firm. Government bond exposure in the Odey European Inc. fund has been taken to zero, while equity exposure has been cut down to single digits, according to a letter seen by Bloomberg that the London-based money manager sent to investors.
Billionaire David Tepper Boosts His Stake in Nvidia by 580%. Is Buying the High-Flying AI Stock a Smart Move? (The Motley Fool)
The hedge fund manager is betting $450 million that Nvidia’s momentum will continue. David Tepper isn’t as widely known as Warren Buffett. But like Buffett, he ranks as one of the top investors on the planet today. Tepper runs the global hedge fund Appaloosa Management. He also owns the Carolina Panthers NFL franchise and Major League Soccer’s Charlotte Football Club. His net worth stands at $18.5 billion, according to Forbes. Many retail investors closely follow the stocks that Buffett buys. It could be helpful to pay attention to what Tepper does, too. The billionaire hedge fund manager recently boosted his stake in Nvidia (NVDA -0.70%) by a whopping 580%. Is buying this high-flying AI stock a smart move?
Mets Owner Steve Cohen Balks at $10M Tax Bill, IRS ‘Campaign’ Against Hedge Funds (New York Post)
New York Mets owner and hedge fund titan Steve Cohen is fighting an Internal Revenue Service bid to force him and other money managers to pay additional self-employment taxes on income from years ago. Cohen, the 67-year-old billionaire owner of the Stamford, Conn.-based firm Point72 Asset Management, is disputing an IRS interpretation of a 70-year-old law that governs whether limited partnerships are exempt from paying self employment tax on business profits.
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Outback Steakhouse Owner Draws Activist Investor (The Wall Street Journal)
Starboard Value has built a stake of 9.9% in Bloomin’ Brands. Starboard Value, whose victory in a proxy fight with Darden Restaurants nearly a decade ago is the stuff of Wall Street legend, has another restaurant chain in its sights: Outback Steakhouse owner Bloomin’ Brands.
Man GLG PM Quits to Launch Millennium-Backed Hedge Fund (Hedge Week)
Cristian Cibrario, a portfolio manager at Man GLG, Man Group’s discretionary investment business, has left the firm to launch a new hedge fund, according to a report by With Intelligence. The new fund will reportedly be backed by $58bn multi-strategy major Millennium Management, which at the end of last year, was said to be supporting the debut of Delta Global Management, a stock hedge fund launched by former DE Shaw MD Andrew Komery and ex-Point72 Analyst Alex Chacon.
