Hedge Fund Manager Who ‘Came Undone’ is Heading to Prison (PENews.com)
On a summer Friday afternoon last year, hedge-fund manager Dan Kamensky broke bankruptcy laws. That evening on a recorded line, he pleaded with a banker to say the whole thing was a misunderstanding. “Maybe I should go to jail,” Kamensky said on the call. Kamensky reports to federal prison on 18. His hedge fund is in the process of closing, and a career that included stints at law firm Simpson Thacher & Bartlett and storied hedge fund Paulson & Co. has been wrecked.
Bill Ackman Sent a Text to the CEO of Mastercard. What Happened Next Is a Parable for ESG. (Institutional Investor)
On a Saturday morning last December, Bill Ackman was scrolling through Twitter when an article in The New York Times caught his eye. “The Children of Pornhub,” by Nicholas Kristof, told how unauthorized sex — and rape and torture — videos were being spread across the internet on a website called Pornhub, one of the most popular in the world. Ackman, who has four daughters, was outraged when he read how one teenager ended up a Pornhub victim after sending a naked video of herself to a boy she had a crush on. Harassed and humiliated, the young girl attempted suicide.
Billionaire Hedge Fund Manager Paul Tudor Jones Says to ‘Go All in’ on Inflation Trades if the Fed Stays Nonchalant About Rising Prices. Here are 3 Trades from Top Investors, and 3 Hedging Strategies if the Fed Delivers a Surprise U-turn. (Business Insider)
All eyes are on the Fed’s meeting this week as one hotter-than-expected inflation reading after another keeps adding to the inflationary pressure weighing on the US economy and financial markets. The Producer Price Index, which measures prices that suppliers charge businesses, rose 0.8% from April and 6.6% year-over-year, making it the largest 12-month increase on record. The Consumer Price Index, which measures final prices paid for goods and services, surged 5% in May from a year ago, another 12-month record since August 2008.
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Billionaire Founder of Brevan Howard Hedge Fund Moving Into Crypto (The Street)
Alan Howard, the founder of and former CEO of the hedge fund Brevan Howard, is now making huge moves into the crypto space, according to a report from The Block. Since stepping down as CEO of Brevan Howard, Howard has started a new firm called Elwood, which focuses solely on cryptocurrency. Created in 2018, Elwood initially offered crypto asset management. Now, it has transitioned to a software business that provides institutions access to crypto markets and exchanges.
Hedge Fund Brummer Allocates $500 Million to U.K. Managers (Bloomberg)
Swedish hedge fund Brummer Multi-Strategy is partnering with two investment teams in the U.K. to explore opportunities in the industrial and financial sectors. The Stockholm-based fund, which has $4.3 billion in assets under management, is handing $250 million to Kersley Street Capital LLP and Pantechnicon Advisors LLP each, said Mikael Spangberg, who oversees Brummer & Partner’s flagship fund along with its founder Patrik Brummer.
Hedge Fund Manager Kyle Bass Estimates U.S. Inflation at 12% (Breitbart)
Appearing Tuesday on CNBC’s Squawk Box, hedge fund manager Kyle Bass estimated that the United States’ inflation rate is approximately 12 percent. “We have 34% more money in the US system than we did 14 months ago. Of course we’re going to have inflation and it’s going to be significant. Investors and savers and retirees need to think about how to maintain the purchasing power of their capital,” says @Jkylebass
Hedge Funds Remain an Option for Some Insurers, Says New Report (Hedge Week)
The life/annuity and property/casualty insurance segments increased their exposures to hedge funds in 2020, leading to an overall 6 per cent increase in insurance industry investments, according to the latest AM Best report. The new Best’s Special Report, “Hedge Funds Remain an Option for Some Insurers,” notes that during 2020 the hedge fund market did not fall as far as the public markets and recovered more quickly and efficiently.
Buyout Funds and Venture Capital Exits May Top 2020’s Record (Preqin)
Buyout and VC exits are on a tear this year with record IPOs. How long will it last and are valuations getting too hot? We spoke previously about the rapid run-up in venture capital (VC) deal-making going on this year in North America, but GPs are exiting companies as fast as they’re adding them to their portfolios. Buyout and VC funds have already exited more than $387bn in positions since the start of the year – more than half of 2020’s total, and ahead of any year from at least the past decade.
Kodak CEO, Top Lawyer to Testify in NY Insider Trading Probe (Crains New York Business)
Eastman Kodak Co.’s chief executive officer must testify publicly in an investigation of whether his sale of company shares last year constituted insider trading, a judge ordered. CEO James Continenza and General Counsel Roger Byrd must answer questions this fall and produce documents this month in the probe by New York Attorney General Letitia James, New York state judge Barbara Jaffe ordered on Tuesday. James asked the court this month to order Kodak and the executives to provide evidence, saying she had “determined to commence an action” against Kodak and Continenza.
Wednesday 6/16 Insider Buying Report: CORT, ATRA (Nasdaq.com)
At Corcept Therapeutics, a filing with the SEC revealed that on Friday, Director G. Leonard Baker Jr. bought 150,000 shares of CORT, for a cost of $21.53 each, for a total investment of $3.23M. So far Baker Jr. is in the green, up about 9.1% on their purchase based on today’s trading high of $23.48. Corcept Therapeutics is trading up about 6.2% on the day Wednesday. Before this latest buy, Baker Jr. purchased CORT on 8 other occasions during the past twelve months, for a total investment of $1.44M at an average of $15.44 per share. And at Atara Biotherapeutics, there was insider buying on Monday, by Chief Commercial Officer Kristin Yarema who bought 34,354 shares for a cost of $14.57 each, for a trade totaling $500,370. This purchase marks the first one filed by Yarema in the past year. Atara Biotherapeutics is trading up about 6.8% on the day Wednesday. So far Yarema is in the green, up about 2.7% on their purchase based on today’s trading high of $14.96.
The Chief Exec.Officer & Chairman of Vail Resorts (NYSE: MTN) is Selling Shares (Analyst Ratings)
Yesterday, the Chief Exec.Officer & Chairman of Vail Resorts (MTN), Robert A. Katz, sold shares of MTN for $29.49M. Following Robert A. Katz’s last MTN Sell transaction on October 06, 2017, the stock climbed by 120.7%.
Leslies Inc (LESL) CEO Michael R. Egeck Sold $12.8 million of Shares (Guru Focus)
CEO of Leslies Inc, Michael R. Egeck, sold 475,658 shares of LESL on 06/14/2021 at an average price of $26.81 a share. The total sale was $12.8 million.
