Tesla Short David Einhorn Says Last Quarter Was ‘As Good As It Gets’ (Bloomberg)
Prominent Tesla Inc. short seller David Einhorn thinks the third quarter was the high-water mark for the electric-car maker, because sales of pricier Model 3 sedans will wane going forward. “We believe this will be as good as it gets for the company,” Einhorn said on an earnings call for Greenlight Capital Re Ltd., the reinsurer tied to his hedge fund, Greenlight Capital. “We believe they’ve exhausted most of the demand from customers who can afford the highest-priced versions of the Model 3.”
Lampert Keeps His Cash on Sidelines as Sears Touts Auction Plan (Bloomberg)
(Bloomberg) — For once, Eddie Lampert is keeping his wallet in his pocket. Sears Holdings Corp. is closing in on a deal with new lenders to finance it through its bankruptcy, according to a person with knowledge of the situation. Lampert and his hedge fund, ESL Investments Inc., won’t be participating. Then there’s the retail chain’s plan, announced last week, to auction off the highest-performing stores starting in February at the latest.
Robert Mercer, Trump’s biggest donor, is at it again in 2018 (Quartz)
Hedge fund manager Robert Mercer may be the most influential political donor of the Trump era. Though fellow hedge fund manager Tom Steyer and casino mogul Sheldon Adelson have given far more money, their investments were not as well targeted. Mercer, who’s net worth is unknown, was Donald Trump’s biggest donor ahead of the 2016 election, according to the Center for Responsive Politics.
New Hedge Funds Strike Out in October (Bloomberg)
In a major test for the big three who started hedge funds this year — Dan Sundheim, Steve Cohen and Michael Gelband — none of them made money in October. Sundheim’s D1 Capital Partners fared the worst last month, losing 5.9 percent. Cohen’s Point72 Asset Management was down 1 percent while Gelband’s ExodusPoint Capital Management was flat, according to people familiar with the returns.