Tom Steyer Likely to Miss September Debate Stage After Failing to Hit 2% in New Polls (CNN)
(CNN) Tom Steyer‘s strategy did not appear to pay off. The billionaire hedge-fund founder plowed millions of dollars into television and social media ads to promote his bid for the Democratic presidential nomination, but he failed to register a minimum of 2 percentage points in two polls released Wednesday morning. Without those polls, he is likely to miss the debate stage in Houston next month. Steyer entered the race late — on July 9 — and scrambled to meet the Democratic National Committee’s polling and donor benchmarks. Candidates needed to register at least 2% in four DNC-approved polls and receive money from 130,000 individual contributors, including at least 400 donors in each of 20 or more states.
Hedge Funds Try to Break the Currency George Soros Couldn’t (Bloomberg)
Hedge Funds are ramping up their wagers against Hong Kong’s currency which fended off past moves by George Soros and Bill Ackman. Bloomberg’s Sonali Basak reports on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)
Mario Gabelli on Viacom-CBS and Other Positions (Guru Focus)
Mario Gabelli, head of GAMCO Investors and famous for the private market value metric, appeared on Bloomberg TV on Aug. 27. He spoke about a number of different topics and investment ideas. Here’s a summary: Geopolitical tension: Gabelli asked himself whether the tax rate is sustainable. What does global growth look like? What impact does this have on currencies and the U.S. dollar? Forty percent of S&P 500 earnings are coming from outside of the U.S.
Opinion: Before Following Ray Dalio into China, Ask Yourself These Questions (Market Watch)
If you want to follow billionaire Ray Dalio’s advice and take a gamble on China, you’d better be ready to hang on to your hat. Dalio, the founder of hedge fund behemoth Bridgewater Associates, has been a bull on China for a long time. He stepped into the current maelstrom to reiterate his case. “Would you have not wanted to invest with the Dutch in the Dutch empire?” he asked recently in an interview on YouTube GOOG, +0.25% GOOGL, +0.21%. “Would you have not wanted to invest in the industrial revolution and the British empire? Would you not want to invest in the United States and the United States empire?” China today, he said, is “comparable.”
David Einhorn’s General Motors Story Shows the Benefits of Buying With a Margin of Safety (Guru Focus)
David Einhorn‘s favorite stock for the past five years has been General Motors Co. (NYSE:GM). The value investor’s hedge fund, Greenlight Capital, has owned the stock since the first quarter of 2011 and, at one point, had as much as 32% of its portfolio invested in this one position. Steady buying: As noted above, Einhorn first acquired General Motors during the first quarter of 2011. He bought 3.4 million shares of the automaker at an average price of $31, devoting 2.2% of his portfolio to the company in the beginning.
Ex-Merrill Broker Bruce Lee Starts Hedge Fund with Koch Industries Backing (Advisor Hub)
Bruce Keebeck Lee, a top-ranked Merrill Lynch Private Wealth broker who founded a registered investment advisory firm after being forced out last year, has created an adjunct quantitative hedge fund with a big-name backer. Keebeck Alpha has raised $200 million since its launch earlier this month, with some seed money provided by Koch Industries, the controversial oil-services conglomerate that supports libertarian ventures and conservative causes. Several of the hedge fund’s nine investment professionals previously worked at Spring Creek Capital, a Wisconsin-based Koch affiliate that helps manage its cash reserves. Keebeck Alpha, which is located in Stamford, Connecticut, is led by chief investment officer Thong Nguyen, according to a press release.
Hedge Funds Got Schooled by China Education Stocks (Bloomberg)
(Bloomberg Opinion) — They were the best of stocks, they were the worst of stocks. They were investments of wisdom. They were investments of foolishness. If you’re a U.S. hedge fund manager, China’s education stocks have been a tale of two cities. A look at 180 U.S.-listed Chinese companies – from Alibaba Group Holding Inc. to BAT Group Inc. – shows that hedge funds have been gravitating toward this sector. Over the past six months, these companies were among the best and worst performers.
Vanda Hedge Fund Leaps by 278 percent (EnglishForums.com)
Vanda Global Fund Limited has emerged to be hedge fund of the year based on its outstanding performance. Expressly, as per July 2019, it had increased by two hundred and seventy-eight percent (278%). In 2016, Vanda Global Fund Ltd, a hedge fund, had decreased by at least fifty percent (50%) despite it being created with twenty-four million dollars ($24M). At this point, the founder Chong Chin Eai was considering closing shop after compensating the losses incurred by investors with personal savings. Nevertheless, he did not give in to fear as he decided to forge forward.