Billionaire Investor David Einhorn Says Inflation isn’t Going Away – and Expects Rising Prices to Boost His Stock Portfolio (Business Insider)
Billionaire investor David Einhorn predicted inflation is here to stay, and explained why rising prices will benefit his stock portfolio, in his second-quarter letter to investors this week. “There are too many dollars chasing too few goods and services,” the Greenlight Capital founder and president said in the letter, published by ValueWalk. “We have reached a structural change in inflation.”
FirstGroup Chief to Step Down After Pressure from Shareholder (The Guardian)
Matthew Gregory to leave in September amid criticism from US hedge fund Coast Capital. FirstGroup, one of the UK’s largest bus and train operators, has announced its chief executive is to step down, just a day after the firm’s biggest shareholder called for his resignation. Matthew Gregory, who has been chief executive since 2018, will step down after the company’s annual shareholder meeting on 13 September.
JPMorgan’s Head of Electronic Trading Analytics Left for a Hedge Fund (eFinancialCareers.com)
Pascal Tomecek, a JPMorgan managing director who was responsible for electronic trading and data analytics for spread markets in the corporate and investment bank, has left for a hedge fund. Tomecek is joining the New York office of Cubist Systematic Strategies, where he’ll be head of research technology according to his LinkedIn profile. At JPMorgan he worked across credit securitized products and public finance, incorporating algorithmic market making, machine learning, fixed income analytics and automated trade idea generation.
Hedge Fund Performance Monitor: June 2021 (Preqin)
The Preqin All-Strategies Hedge Fund benchmark gained 0.73% in June, meaning single-manager hedge funds have generated positive returns in every month of H1 2021. June’s gains pushed the YTD return to +11.96% and the 12-month return to +31.70%. Read our Performance Monitor for a look at how equity, credit, macro, and niche strategies performed in June. The Monitor presents hedge fund performance benchmarks, plus the YTD and 12-month return figures for all top-level strategies, structures, denominations, and size classifications.
Alderwood Capital Appoints Two Independent Chairs (Hedge Week)
Alderwood Capital (Alderwood), a London-based fund manager, has appointed two Independent Chairs. Olive Darragh will chair the Partnership Committee of Alderwood Partners, the investment management side of the business, while Neil Cochrane will serve as Chairman of the Board of the Alderwood Fund as well as Chairman of the Valuations Committee. The Partnership Committee is also comprised of external member representatives, including Victory Capital, and members of Alderwood’s Management team. It oversees and directs both the strategic direction and the management of the business.
Ex-Hedge Fund Manager And Ex-Mrs. Griffin Now Only One Of Those Two Former Things (Deal Breaker)
During their amicable and not-at-all-contentious divorce, Citadel chief Ken Griffin made clear that he would not be on the hook for keeping his soon-to-be-former wife and namesake fed, clothed and vacationed. No: He may be the richest man in Illinois and lord of a $1 billion-plus-and-growing global manor, but the mother of his children would have to work for a living, thank you very much.