Sorrell Wins Support From Hedge Fund Owner Odey in Comeback Plan (Bloomberg)
Martin Sorrell has won financial backing from Crispin Odey, an influential London investor, for his new venture after leaving the world’s largest advertising company. “People have made a lot of money with Martin and he doesn’t look like a man who wants to rest,” Odey, founder of hedge fund firm Odey Asset Management, said in a phone interview. “With Martin, you have someone who knows the whole market very well.”
New Salvo from Activist Investor Turns Up Heat on Nestle (Reuters)
LONDON (Reuters) – Nestle (NESN.S) faces greater pressure to speed up change after activist investor Third Point stepped up its criticism of the world’s largest food company. The New York-based hedge fund sent a letter to Nestle’s board and published a presentation online on Sunday calling for more urgent action and recommending steps it says could result in Nestle doubling its earnings per share by 2022. The letter and presentation, published on a new Third Point website, come a year after the firm, run by billionaire investor Daniel Loeb, took a roughly $3 billion stake in the maker of KitKat bars and Perrier water.
As Dalio Steps Back, Two More Bridgewater Billionaires Rise (Bloomberg)
Ray Dalio is the first to admit that Bridgewater Associates is a tough place to work. But for those able to navigate the unorthodox culture — defined by Dalio’s mantra of radical transparency — the rewards are worth it. His long-time lieutenants, Greg Jensen, 43, and Bob Prince, 59, have amassed fortunes of at least $1 billion, according to an analysis by the Bloomberg Billionaires Index, largely thanks to the rising value of the world’s largest hedge fund firm, which topped $16 billion at the end of 2017.
Things Could Probably Get Worse For David Einhorn, We’re Just Not Sure How Right Now (DealBreaker)
You know, at this point, I almost feel like it’s distasteful to tacitly rub salt in the gaping wound that is David Einhorn by continuing to document the trials and tribulations of an investment strategy that, quite simply, isn’t working anymore. When last we checked in on David, he was waxing nostalgic (“Bubbles do pop, you know, or at least they used to“) for a time when hedge fund titans could still make an honest fortune by betting on the demise of the global financial system. The cruel irony – for David, at least – is that his ongoing underperformance is in no small part attributable to the dynamics engendered by the policy response to the bursting of the housing bubble.