Athenahealth May Drop to $110 Without Elliott Bid Says RBC (TheStreet)
On Monday, Sept. 18, The New York Post reported that Elliott Management, Paul Singer‘s hedge fund, is backing away from its $160-per-share bid for Athenahealth (ATHN). RBC analyst George Hill wrote, “absent the bid, we suspect Athenahealth shares could fall back to the $110-$120 range where they traded prior to the activist bid.” On Tuesday, Athenahealth was down 5% to around $135 a share in morning trading. The bid for a total sum of $6.9 billion was first made in May. The Post reported that Elliott while backing away from the initial bid, may be interested in lowering the price.
Is Billionaire Ray Dalio Right About The U.S. Economy? (Forbes)
When Ray Dalio talks, people listen. The billionaire founder of Bridgewater Associates, the world’s largest hedge fund, recently grabbed headlines when he told CNBC he thinks the U.S. economy is in the seventh inning. Dalio warned that he sees risks increasing “as time progresses” and that investors should be “more defensive” in the stock market. If he’s correct, and the current economic cycle is in its latter innings, that will obviously have significant consequences for future market returns.
Crispin Odey Denies Plan To Become Royal Lord High Commissioner For Landfowl (DealBreaker)
Odey, an outspoken right-winger who backed Brexit and has previously donated to the Tory Party, UKIP and the Vote Leave campaign, told Financial News he is so unimpressed with the performance of the current political class, he feels compelled to play a bigger part in public office. “You suddenly realise you’ve got to become politically involved again,” Odey said. “I’ve wasted my time making money for the last 30 years and watching the body politic getting worse and worse.”
Investing Lessons From the Top of a $7.3 Billion Quant Fund (Bloomberg)
Igor Tulchinsky laid the groundwork for WorldQuant LLC, a $7.3 billion quantitative hedge fund with more than 700 employees, while working for Izzy Englander’s Millennium Management LLC. The 52-year-old native of Belarus now provides a rare look at how he built WorldQuant in his book, The UnRules: Man, Machines and the Quest to Master Markets (Wiley, Sept. 24, 2018).
Hedge Fund Pushes Forward with Caesars Plan (SeekingAlpha.com)
Caesars Entertainment (CZR -0.5%) and HG Vora Special Opportunities Fund are in receipt of HSR early termination notices from the FTC. Hedge fund HG Vora Capital Management has accumulated a 4.9% stake in Caesars through the fund, and wants the casino operator to explore options that could include divestitures or an outright sale.