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.”
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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.
The Chairman & President of Zillow Group Class C (NASDAQ: Z) is Selling Shares (Analyst Ratings)
Yesterday, the Chairman & President of Zillow Group (Z), Lloyd Frink, sold shares of Z for $43.04M. In addition to Lloyd Frink, 6 other Z executives reported Sell trades in the last month.
Meraki Global Advisors Hires Ex-Millennium Trader (Hedge Week)
Meraki Global Advisors has appointed David C Laub Jr as a senior trader in the New York office. Meraki’s client base has expanded among the tri-state multi-asset hedge fund community since the establishment of its New York outpost in April 2020, led by the firm’s Head of Business Development, Michael Ashby. Laub’s expertise across asset classes will further enhance the services Meraki provides to its sophisticated client base.
Facebook Inc (FB) COB and CEO Mark Zuckerberg Sold $17.3 million of Shares (Guru Focus)
COB and CEO of Facebook Inc, Mark Zuckerberg, sold 62,250 shares of FB on 11/12/2020 at an average price of $277.26 a share. The total sale was $17.3 million. Facebook Inc is the world’s largest online social network. Its products are Facebook, Instagram, Messenger, WhatsApp, and Oculus. Its products enable people to connect and share through mobile devices and personal computers.
David Tepper Trims His Major Tech Holdings and Bets Big on PG&E — Here are the Details (CNBC)
Billionaire David Tepper trimmed his positions in high flying tech stocks and made a big bet on a utility stock during the third quarter, according to a securities filing released Monday. Appaloosa Management, Tepper’s hedge fund, still had large positions in some of the biggest tech and telecom stocks at the end of September, according to the filing. However, Appaloosa’s biggest stake was in California utility company PG&E.
Cohen Taking Over Mets Further Ups the Ante for the Nats (NBC Sports)
Steve Cohen is so sure of his new Mets stewardship he has already done something most would advise against: he ramped up his Twitter account. Monday night he was engaging with fans on the dreadful platform. Questions ranged from the chances of George Springer ending up in Flushing to if someone who had 14 steak tacos in the last three days has a problem (presumably other than gout). Cohen blessed him with a pass for his egregious consumption.
Tuesday 11/17 Insider Buying Report: MS, TISI (Nasdaq.com)
On Thursday, Morgan Stanley’s Director, Hutham S. Olayan, made a $1.39M buy of MS, purchasing 25,000 shares at a cost of $55.40 a piece. So far Olayan is in the green, up about 4.7% on their buy based on today’s trading high of $58.02. Morgan Stanley is trading off about 0.6% on the day Tuesday. This buy marks the first one filed by Olayan in the past twelve months. And at TISI, there was insider buying on Sunday, by Director Louis A. Waters who purchased 50,000 shares at a cost of $8.10 each, for a trade totaling $405,000. TISI is trading up about 2.9% on the day Tuesday. Waters was up about 42.7% on the purchase at the high point of today’s trading session, with TISI trading as high as $11.56 at last check today.
Progyny Inc (PGNY) President and COO Peter Anevski Sold $1 million of Shares (Guru Focus)
President and COO of Progyny Inc, Peter Anevski, sold 33,043 shares of PGNY on 11/13/2020 at an average price of $30.38 a share. The total sale was $1 million. Progyny Inc has a market cap of $2.65 billion; its shares were traded at around $30.54 with and P/S ratio of 9.14.
