Dan Loeb’s Hated SPAC Deal Survives a Shareholder Vote (Institutional Investor)
After first opposing a merger with Global Blue, the hedge fund manager backed down. Dan Loeb’s troubled Far Point Acquisition Corp. averted becoming the biggest SPAC disaster of 2020 when shareholders voted Monday in favor of its deal to buy Global Blue, a Swiss payments company owned by Silver Lake Partners. But Loeb, whose Third Point hedge fund agreed to vote its shares for the…
Navy SEAL Trader at Jefferies Helped Expose Hedge Fund Scandal (Bloomberg)
He was a Navy SEAL, before becoming a trader. Then someone messed with him. Joe Femenia, the head of distressed-debt trading at Jefferies Financial Group Inc., set in motion one of the most astonishing falls-from-grace to captivate the world of hedge funds. The 43-year-old is the unidentified executive outlined in court filings last week, whose taped conversation led to the swift downfall of Dan Kamensky’s Marble Ridge Capital, according to people with knowledge of the matter.
Tangen Sells Hedge Fund Stake to Take CEO Role at Norwegian SWF (CityWireSelector.com)
Nicolai Tangen will divest of his holdings in hedge fund firm AKO Capital to clear himself for the chief executive officer role at the Norwegian sovereign wealth fund. This follows close scrutiny over Tangen’s appointment to the position, which has also seen concerns raised in the Storting, which is the Norwegian parliament.
Luis Louro / shutterstock.com
How to Invest at Record Highs – 7-Part Stock-Picking Model – Interview with Joel Greenblatt (Business Insider)
Dear Readers, The stock market is sitting at record highs. So why does it feel like the party’s already dispersing? It could be the recent measured skepticism from firms like Morgan Stanley. While chief US equity strategist Mike Wilson isn’t ready to predict another bear market, he did recently say that three conditions in particular could combine to spur a near-term correction.
Alcur Expands Team (Hedge Nordic)
Stockholm (HedgeNordic) – Swedish asset manager Alcur Fonder, which runs the best-performing Nordic hedge fund of the past 24 months – Alcur Select, has expanded its investment team with the hiring of Erik Eikeland. Eikeland joins Alcur Fonder from Investor AB, where he managed a long/short equity mandate with a colleague in the trading department. Eikeland “will strengthen the investment team even further,” writes Alcur Fonder in a press release. “We are very proud and happy that Erik has chosen to come to us.” Before joining Investor AB in February 2017, Eikeland worked as an equity research analyst at the Second Swedish National Pension Fund (AP2) for about three years. He also worked as an equity research analyst at UBS with a focus on the engineering sector.
Hedge Funds See Inflows After Four Consecutive Months of Redemptions (Hedge Week)
Investors allocated an additional USD9.33 billion to hedge funds around the world in July, ending four consecutive months of redemptions that saw investors pulling some -USD72 billion from the industry between March and June, according to the just-released eVestment July 2020 Hedge Fund Asset Flows report. With new money coming into the industry in only three of the first seven months of the year, the industry is still in the red for asset flows year to date (YTD) by -USD46.42 billion and industry AUM stands at USD3.15 trillion.
Synopsys Inc (SNPS) Co-CEO & President Chi-foon Chan Sold $42.1 million of Shares (Guru Focus)
Co-CEO & President of Synopsys Inc, Chi-foon Chan, sold 198,961 shares of SNPS on 08/21/2020 at an average price of $211.79 a share. The total sale was $42.1 million. Synopsys Inc is a software development company. It supplies electronic design automation software used by engineers to design and test integrated circuits. It provides software and hardware used to develop the electronic systems that incorporate chips.
Buying Report: HRMY, CBFV (Nasdaq.com)
At Harmony Biosciences Holdings, a filing with the SEC revealed that on Monday, Director Jack Nielsen bought 37,957 shares of HRMY, at a cost of $27.58 each, for a total investment of $1.05M. So far Nielsen is in the green, up about 23.3% on their purchase based on today’s trading high of $34.00. Harmony Biosciences Holdings is trading off about 0.4% on the day Tuesday. And on Friday, Director John J. Lacarte bought $428,874 worth of CB Financial Services, buying 23,500 shares at a cost of $18.25 each. Before this latest buy, Lacarte bought CBFV on 7 other occasions during the past twelve months, for a total investment of $107,532 at an average of $24.37 per share. CB Financial Services is trading up about 2.2% on the day Tuesday. So far Lacarte is in the green, up about 3.3% on their buy based on today’s trading high of $18.85.
What Did This CEO Just Do with Personal Shares of Pacific Biosciences (NASDAQ: PACB)? (Analyst Ratings)
Yesterday, the CEO & President of Pacific Biosciences (PACB), Michael Hunkapiller, sold shares of PACB for $2.9M. Following Michael Hunkapiller’s last PACB Sell transaction on February 20, 2020, the stock climbed by 2.2%.
Only Fifteen Dow Components With Recent Insider Buying, Pfizer Is One Of Them (Forbes)
The officers and directors of a company tend to have a unique inside view into the business, so when these insiders make purchases, investors are wise to take notice. Presumably the only reason for a company insider to choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money – maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. Within the 30 components of the Dow Jones Industrial Average, only fifteen companies have experienced such buying over the trailing six month period, one of which was Pfizer, where an investment totaling $501.1K was made by Director Ronald E. Blaylock.
Cloudflare Inc (NET) CEO & Chair of the Board Matthew Prince Sold $6.2 million of Shares (Guru Focus)
CEO & Chair of the Board of Cloudflare Inc, Matthew Prince, sold 157,155 shares of NET on 08/24/2020 at an average price of $39.16 a share. The total sale was $6.2 million. Cloudflare Inc has a market cap of $11.65 billion; its shares were traded at around $38.09 with and P/S ratio of 24.64. GuruFocus has detected 1 severe warning sign with Cloudflare Inc.
