David Einhorn Adds Twitter and Intel Shares, Keeps Big Bets on Inflation (CNBC)
David Einhorn’s Greenlight Capital made some adjustments to his hedge fund’s portfolio in the third quarter but stayed true to his inflation bets revealed earlier this year. Greenlight released its positions from the end of the third quarter, showing a fund with more than $1 billion in equity position…
Ex-Fir Tree Partner Said to Target $500 Million Montreal Fund (Bloomberg)
A former executive at Fir Tree Capital Management is starting a new hedge fund based in Montreal, seeking to raise $500 million to put into event-driven investments, including restructuring and activist situations, according to people familiar with the matter. Converium Capital is being launched by Aaron Stern, a former partner and managing director at Fir Tree, the people said, asking not to be identified because the details of the fund are still private.
Billionaire Boss Of World’s Largest Hedge Fund Warns Bitcoin Will Be ‘Outlawed’ (Forbes)
Bitcoin has somewhat broken out of its niche this year, finding support from some of the world’s biggest banks and big-name investors. The bitcoin price has soared as its reputation as a potential hedge against inflation has grown, with the price climbing to within touching distance of its late 2017 highs of around $20,000 – though data suggests bitcoin’s latest rally is very different from three years ago. Now, Ray Dalio, the billionaire founder and co-chairman of the world’s biggest hedge fund, Bridgewater Associates, has warned that governments will “outlaw” bitcoin if it continues to grow and starts to become “material.”
From Hedge Fund To Homeless: The Richard Perry Story (Deal Breaker)
Former hedge fund manager Richard Perry likes the finer things in life, and so the collapse of Barneys under his watch was painful – and apparently not just emotionally. While still listed as a billionaire, Perry may be so hard up for money that he’ll shortly be crashing on his uncle’s fragrant couch, wishing that he had his former CIO’s real-estate problem. Richard Perry… has listed his Manhattan penthouse for $45 million. The apartment at 1 Sutton Place South features five bedrooms, six and a half bathrooms and a wraparound terrace spanning 6,000 square feet… The Perrys, who recently sold a property in Palm Beach, could not be reached for comment.
Billionaire Chris Rokos Sues Two Firms for $72 Million Over Tax Advice (Bloomberg)
Billionaire Chris Rokos, who runs the hedge fund that bears his name, sued Deloitte and a U.S. law firm after 39.4 million pounds ($52 million) in tax relief was thrown out by U.K. authorities. Rokos sued his advisers over a decade-old investment in a commercial development that was supposed to yield a significant tax break. But in 2016, authorities rejected the claim and demanded payment of the full amount Rokos “had claimed as capital allowances,” his lawyers said in a London court filing earlier this month.
Activist Investor Jeffrey Smith Had a New Top Holding in the Third Quarter (CNBC)
Activist investor Jeffrey Smith revealed the size of one of the recent bets for his Starboard Value hedge fund in a securities filing, which also showed the fund building its stake in an engineering stock. Starboard managed $5.5 billion in assets as of 2019. Here’s a look at the fund’s biggest holdings at the end of September, including a new top holding.
Elliott Exits AT&T After Waging a Fight in 2019; Starboard Exits eBay (Reuters)
BOSTON (Reuters) – Elliott Management, which last year took a $3.2 billion stake in AT&T T.N and pushed the company to sell some assets, has itself exited the telecommunications and media company, according to a regulatory filing on Monday. The New York-based hedge fund liquidated its investment when it sold 5 million shares during the quarter that ended Sept. 30. It had first bought into the stock during the third quarter 2019, according to another filing.