Cineworld Tumbles Lower as Short-Seller Warns they will be Worth Zero (ProactiveInvestors.co.uk)
Hedge fund manager Barry Norris said the cinema chain had used “too much financial debt” to do its deals in what is “a sunset industry”. Cineworld Group PLC (LSE:CINE) shares have fallen almost 99% from over £2 to less than 3p since the start of the pandemic, but are likely to be worth even less, short seller Argonaut has warned. The transatlantic cinema chain confirmed on Monday that it is mulling whether to file for Chapter 11 bankruptcy in the US and in other jurisdictions to enable it to restructure.
How Hedge Fund Three Arrows Capital Was Crypto’s Long-Term Capital Management (Forbes)
Many crypto enthusiasts blame the collapse of Three Arrows Capital (3AC) for this year’s crypto winter, and not just because the crypto hedge fund has dragged other crypto-related firms down with it. When the hedge fund collapsed, forced selling swept the crypto markets as fear took hold. However, what happened to the crypto market in the wake of 3AC’s collapse might feel familiar to those who’ve been in the financial market for a couple of decades. One crypto hedge fund manager draws similarities between the fall of Three Arrows Capital and the collapse of Long-Term Capital Management in 1998.
Ray Dalio & David Einhorn Are Betting Nearly $4 Million on This EV Stock (InvestorPlace)
Last quarter, legendary hedge fund managers Ray Dalio and David Einhorn picked up nearly $4 million worth of RIVN. The company is widely considered one of the most technologically advanced and promising pure EV makers in the world today. Rivian is meeting its revised delivery and production targets, even in a bad market, and significant tailwinds are forming for the whole Electric Vehicle Revolution. We believe Rivian projects as one of the largest producers of EV cars by 2030, and that will render it one of the most valuable auto companies in the world by then.
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Julian Robertson, the Legendary Investor at the Center of a Quarter-Trillion-Dollar Web of Hedge Fund Spinoffs, has Died. Take a Look at his Legacy. (Business Insider)
Julian Robertson, the father of hedge funds and founder of Tiger Management, has died at 90 years old. Robertson died on Tuesday at his home in Manhattan due to cardiac complications, according to a statement from his representative Fraser Seitel. Since closing Tiger Management to outside investors two decades ago, his name is still closely linked to some of the biggest names in the hedge fund industry that he helped pioneer. He was the chairman and chief executive of Tiger Management, which he co-founded in May 1980 with reportedly $8.8 million. The fund grew to more than $21 billion in assets under management.
2 Dividend Stocks The Activist Investor Behind Disney Has Also Been Buying (Benzinga)
Activist investor Dan Loeb is the Chief Executive Officer and founder of hedge fund Third Point Management, which has recently opened a stake in The Walt Disney Company (DIS) of 1,000,000 shares. Besides acquiring growth stocks, Third Point Management is also diversified in defensive positions that provide everyday necessities and offer strong dividends. Here are two dividend stocks Third Point is holding in its portfolio.
Hedge Funds Suffer Big Outflows in Q2 – Data (Reuters)
LONDON, Aug 24 (Reuters) – Investors yanked a net $7.8 billion out of hedge funds in the second quarter, industry data published on Wednesday showed, as volatile markets sent many looking for safer places to keep their cash. Large investors like pension funds, asset managers and family offices pulled more money out of hedge funds than they added, ending an 18-month trend of them investing more, according to Citco, a firm that provides administrative services to the sector.
Allocations to Hedge Funds are Likely to Increase, Says Preqin (Opalesque.com)
Investors are experiencing growing interest in hedge funds as a way to take risk off the table, said a survey. A total of 76% of survey respondents said they plan to increase or maintain their allocations to hedge funds in the next 12 months, up from 63% in the survey a year ago. According to Preqin’s ‘H2 2022 Investor Outlook’ survey, while the percentage eager to maintain or increase allocations to hedge funds is greater than the 72% that responded with that answer in the 2020 survey, investors are less bullish than then. Only 26% of respondents plan more capital to hedge funds over the next 12 months, compared with 44% of respondents planning that in the 2020 survey.
Hedge Fund Doubles Position in Biotech Co. (InvestorIdeas.com)
A Canadian hedge fund doubled its stake in a tiny biotech that demonstrated promising results in a study that used a former Sanofi drug called Ifenprodil to treat idiopathic pulmonary fibrosis and chronic cough. Find out the name of the company and why one analyst has given it a 12-month CA$25 target price – a 560% increase from the unit price in its recent placement. Buoyed by the strength of a 150,000-share lead order from Toronto-based hedge fund AlphaNorth Asset Management, Algernon Pharmaceuticals Inc. (AGN:CSE; AGNPF:OTCQB; AGN0:XFRA), a clinical stage pharmaceutical development company, raised CA$1.4 million in an oversubscribed private placement.
The Palm Beach Hedge Fund Association Announces a Partnership With East Harbor Financial (TheWhig.com)
The Palm Beach Hedge Fund Association is pleased to announce a strategic partnership with an alternative investment and finance firm, East Harbor Financial. David Goodboy, Founder PBHFA, remarked, “We are very excited to introduce East Harbor Financial to our close circle of members and investor network. East Harbor fulfills a critical niche in both the alternative investment & finance worlds that provides crucial opportunities for our members.”
Goldman Says Hedge Funds Back Betting Big On Megacap Tech Stocks (FA-Mag.com)
Hedge funds ramped up bets on megacap U.S. tech stocks and whittled down overall holdings to focus on favored names last quarter, with conviction climbing back to levels seen at the start of the pandemic, according to Goldman Sachs Group Inc. The funds boosted tech and consumer discretionary holdings, while cutting energy and materials wagers, strategists including Ben Snider wrote in a note Tuesday. Separately, average weightings of top 10 holdings jumped to 70% in the three months ended June, the highest concentration since the first quarter of 2020.
Wednesday 8/24 Insider Buying Report: CASI (Nasdaq.com)
On Tuesday, Director James Huang bought $779,477 worth of CASI Pharmaceuticals (CASI), buying 234,221 shares at a cost of $3.33 a piece. This buy marks the first one filed by Huang in the past twelve months. CASI Pharmaceuticals is trading up about 11.8% on the day Wednesday. Huang was up about 19.9% on the buy at the high point of today’s trading session, with CASI trading as high as $3.99 at last check today.
Insiders Buying Ecolab, Kymera Therapeutics And This Consumer Cyclical Stock (Benzinga)
Ecolab: The Trade: Ecolab Inc. (ECL) 10% owner Cascade Investment LLC acquired a total of 58,667 shares at an average price of $171.37. To acquire these shares, it cost around $10.05 million. Kymera Therapeutics: The Trade: Kymera Therapeutics, Inc. (KYMR) Director Mark Lampert acquired a total 545,525 shares at an average price of $26.00. To acquire these shares, it cost around $14.18 million.
