Einhorn Is Having a Hedge-Fund Midlife Crisis (Bloomberg)
David Einhorn, the one-time hedge-fund wunderkind, likes to remind his headstrong young analysts that he has been around a lot longer than they have. During the dot-com craziness of the late 1990s, Einhorn tells them, newfangled measures like “eyeballs” and “stickiness” never did add up to profits. In 2008, when many hoped trouble would pass, he brazenly predicted Lehman Brothers would collapse.
Chicago Billionaire Adds to His Palm Beach Estate with $20 million Deal (PalmBeachDailyNews.com)
Chicago hedge-fund billionaire Ken Griffin has completed the purchase – to the tune of more than $20 million – of a house he has had under contract for months on Blossom Way. Or so preliminary information indicates for a deed recorded today by the Palm Beach County Clerk’s office. The off-market purchase brings Griffin’s contiguous land holdings east of South Ocean Boulevard to more than 15 acres with 871 feet of beachfront.
Hedge Fund Managers Shift Billions Over Carried Interest Concern (Bloomberg)
Late last year, some hedge fund managers raced to protect their personal fortunes from being carved up by the Republican tax law. David Tepper, who runs Appaloosa Management and may soon own the Carolina Panthers, and Ross Margolies, founder of Stelliam Investment Management, were among the managers who took action, according to regulatory filings and people familiar with their moves. They collectively shifted billions of dollars before Jan. 1, when a provision took effect requiring a longer holding period to qualify for the tax break on carried interest profits.
David Tepper Bought A Football Team With Apple Profits (DealBreaker)
A year ago, David Tepper and several of his ilk were of the opinion that Apple shares had gone about as far as they were gonna go, which is to say to $150, and sold some. Then he had a change of heart and starting buying again, and buying a lot, building up a tidy 4.6 million share position. And he’s sure glad he did, and that he was wrong about Apple not being a $150 stock, because during the first quarter, when he unloaded all of them, it was more like a $180 stock. Those profits sure did come in handy, because at the same time he was selling the shares, he was buying a $2.2 billion football team.
Foundations Of Hedge Fund Managers Gave Big To Controversial Donor-Advised Funds (Forbes)
Four of the top five foundations that gave the most to large donor-advised funds in recent years are linked to hedge fund managers, according to an analysis of electronic IRS filings published by The Chronicle of Philanthropy. Foundations established by billionaire hedge fund managers Stephen Mandel and Israel Englander, together with foundations set up by Renaissance Technologies CEO Peter Brown and former hedge fund manager Robert Karr, were among the top five foundations that gave the most to big DAFs between 2014 and 2016, The Chronicle of Philanthropy found.
Activist Fund Elliott Exits Cognizant with Big Gains (Economic Times)
BENGALURU: Elliott Management, the activist hedge fund that pushed Cognizant to shift its business and return billions of dollars to shareholders, has exited the IT services company, profiting from the nearly 50% gain in the stock price in the last 18 months. In November 2016, the US hedge fund disclosed it had 4% stake in Cognizant when its ADRs were trading at about $51 a share on Nasdaq. On Tuesday, the stock closed at $75.46 on Nasdaq. At their highest point in the last year, the shares traded at $85.10.
Insider Buying: Second Sight Medical (NASDAQ:EYES) Director Purchases 6,756,757 Shares of Stock (LedgerGazette.com)
Second Sight Medical Products Inc (NASDAQ:EYES) Director Gregg Williams purchased 6,756,757 shares of the company’s stock in a transaction dated Thursday, May 3rd. The stock was acquired at an average price of $1.48 per share, with a total value of $10,000,000.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Insider Selling: Charles Schwab Co. (SCHW) EVP Sells $2,128,183.30 in Stock (MaconDaily.com)
Charles Schwab Corporation (NYSE:SCHW) EVP David R. Garfield sold 37,330 shares of the business’s stock in a transaction that occurred on Monday, May 7th. The stock was sold at an average price of $57.01, for a total value of $2,128,183.30. Following the completion of the sale, the executive vice president now owns 33,084 shares of the company’s stock, valued at $1,886,118.84. The transaction was disclosed in a legal filing with the SEC.
Insider Selling: ConocoPhillips (COP) SVP Sells $3,475,500.00 in Stock (LedgerGazette.com)
ConocoPhillips (NYSE:COP) SVP Janet Langford Kelly sold 50,000 shares of the stock in a transaction on Thursday, May 10th. The shares were sold at an average price of $69.51, for a total transaction of $3,475,500.00. Following the completion of the sale, the senior vice president now directly owns 105,395 shares in the company, valued at approximately $7,326,006.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Insider Buying: Tenneco (TEN) CEO Acquires $1,002,545.00 in Stock (RegistrarJournal.com)
Tenneco Inc (NYSE:TEN) CEO Brian J. Kesseler purchased 21,500 shares of the business’s stock in a transaction that occurred on Friday, May 11th. The stock was bought at an average cost of $46.63 per share, with a total value of $1,002,545.00. The purchase was disclosed in a filing with the SEC.
Insider Buying: Ladder Capital (LADR) Chairman Acquires 17,500 Shares of Stock (WeekHerald.com)
Ladder Capital Corp (NYSE:LADR) Chairman Alan H. Fishman purchased 17,500 shares of the company’s stock in a transaction on Monday, May 7th. The shares were bought at an average price of $14.32 per share, for a total transaction of $250,600.00. Following the completion of the transaction, the chairman now directly owns 100,710 shares in the company, valued at approximately $1,442,167.20. The purchase was disclosed in a filing with the Securities & Exchange Commission.