Eddie Lampert is Seeking to Sell Sears Assets to his Hedge Fund – This will be Bad for Sears (Verdict.co.uk)
In wanting to sell Sears’ assets to his investment vehicle ESL, chief executive Eddie Lampert is tacitly admitting his tenure has been a failure. Sears Holding Corporation has been in decline for a long time. So far, Sears CEO Eddie Lampert has resisted all calls to step down, or to transform his approach to running the company. The decision to sell the most lucrative assets, including appliance brand Kenmore to ESL Investments, a hedge fund controlled by Lampert, to raise capital is a tacit admission of failure. The much criticized hedge fund billionaire is seeking to sell the assets from his own company to his own hedge fund.
Paul Singer’s Elliott Management Wins Bitter Battle for Control of Telecom Italia (CNBC)
Telecom Italia’s shareholders have voted to form a new board, ending a bitter battle for control between activist investor Elliott Management and French conglomerate Vivendi. Elliott Management, an activist fund run by its billionaire founder Paul Singer, won the vote securing two-thirds of seats on Telecom Italia’s board. Elliott had accused Vivendi of failing shareholder interest in Italy’s biggest phone company and subsequently forced Friday’s vote over the company’s stewardship. Telecom Italia shares rose sharply on the news on Friday afternoon.
Warren Buffett’s Investing Success Boils Down to 3 Key Characteristics that May be Genetically Determined (Business Insider)
Warren Buffett is one of the most successful investors ever, using an approach known as value investing. Value investing is essentially the opposite of speculative investments, such as bitcoin. There are three essential characteristics needed to succeed as a value investor: patience, discipline, and risk aversion. Warren Buffett loves a good deal. In fact, his propensity for value spills over into many areas of his life, from his phone to his investment portfolio. And it’s done more than just save him a few dollars here and there – it’s helped him amass billions.
Four Found Guilty in Insider Trading Case Linked to U.S. Health Agency (Reuters)
NEW YORK (Reuters) – Two partners at the hedge fund Deerfield Management and two others were found guilty on Thursday of charges stemming from what prosecutors have described as an insider trading scheme based on leaks from within a federal healthcare agency. Rob Olan and Ted Huber, partners at Deerfield Management who are on leave, were convicted of counts including wire fraud, securities fraud and conversion of government property, as was David Blaszczak, founder of political consulting firm Precipio Health Strategies. Christopher Worrall, who worked for the U.S. Centers for Medicare and Medicaid Services (CMS), was also convicted of wire fraud and conversion of government property, but acquitted of securities fraud.