Short-Seller Jim Chanos Blasts Meme-Stock traders as Greedy and Entitled – and Says they Cry and Point Fingers When They Lose Money (Business Insider)
Jim Chanos blasted meme-stock traders as immature and petulant in a tweet this week. The veteran short-seller also accused them of only caring about money, dismissing their grand claims of taking on Wall Street and democratizing finance as false narratives. “$GME is up 780% and $AMC is up 1,470% this year. $AMC has tripled in the past three months,” the Kynikos Associates boss tweeted from his WallStCynic account, using the stock tickers for GameStop and AMC Entertainment – two of the most popular meme stocks.
Gamestop – Hedge Fund Odey Lines Up Bets Against ‘Meme Stock’ Favourite AMC (Fintech Zoom)
Odey Asset Management, the London hedge fund firm set up by trader Crispin Odey, has put on a bet against the shares of pandemic-hit cinema chain AMC Entertainment, one of the most popular “meme stocks” this year. The firm, which manages about $4.1bn, recently took the short position — a bet on a falling price – in portfolios run by James Hanbury, according to investor letters seen by the Financial Times. Hanbury manages about $1.5bn in assets across his funds, including the LF Brook Absolute Return fund.
Robinhood’s Sole Hedge Fund Manage (Institutional Investor)
The Tiger Grandcub was hurt earlier this year by retail investors trading primarily on the popular app – but now it’s getting the last laugh. Dan Sundheim’s D1 Capital Partners is the only hedge fund firm that held a private investment in Robinhood Markets before it went public last week, according to a regulatory filing made public Wednesday detailing the trading app’s investors. D1 Master Holdco I owned roughly 17.5 million shares before the initial public…
Anthony Scaramucci’s Bitcoin Fund Dropped 36.5% As Bitcoin Whipsawed in May (The Street)
It’s been a rocky few months for Anthony Scaramucci‘s flagship Bitcoin fund. The fund, First Trust SkyBridge Bitcoin Fund, plummeted by 36.5% in the month of May, according to marketing documents obtained by Crypto Investor. A spokesperson for the firm declined to comment.
The Hedge Fund Comeback Looks Like the Real Deal (Bloomberg)
Hedge funds are rediscovering the secret of alpha generation that made them masters of the financial universe in years past. The renaissance of the swashbuckling gang adds welcome color to an asset management industry that’s been threatening to fade to gray as passive index trackers charging little to no fees take over the investing world.