John Paulson, Winner in 2008 Crisis, Latest to Quit Hedge Funds (Bloomberg)
Just over a decade after John Paulson shot to fame and fortune, he’s become the latest big-name money manager to quit the hedge-fund business, saying this week he’s converting his firm into a family office. Paulson never managed to sustain the success and notoriety he found by betting against the housing market in the run up to the last financial crisis. Now, in the midst of an another period of economic turmoil, he’s returning outside investors’ money to focus on his own fortune, which the Bloomberg Billionaires Index puts at $4.4 billion.
GLG Co-founder Noam Gottesman is Seeking to Raise at Least $500 Million for His Latest SPAC. (Institutional Investor)
A onetime hedge fund luminary is raising money for a special purpose acquisition company that seeks to invest in travel-related businesses hurt by the pandemic. Noam Gottesman, a co-founder of GLG Partners, aims to bring in at least $500 million for GO Acquisition Corp., which would be one of the larger…
Warren Buffett’s Berkshire Hathaway Owns the Wrong Stocks for the Pandemic, Jim Cramer says (Business Insider)
Warren Buffett‘s Berkshire Hathaway owns the wrong stocks for the coronavirus pandemic, “Mad Money” host Jim Cramer said on Tuesday. “I feel bad that America’s best have been crummy,” Cramer replied to a question about the famed investor’s conglomerate underperforming the market this year. Berkshire’s stock price flatlined in the second quarter, whereas the S&P 500 soared about 20%, its biggest percentage gain since 1998.
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Soros Family Office, Texas Pensioners Lead Rush Into Hedge Funds (Bloomberg)
After years of losing both clients and clout in financial markets, signs are emerging that hedge funds are back in favor in the U.S. In the past few months, investors such as George Soros’s family office and the Texas pension fund have been plowing cash into hedge funds in an effort to diversify their assets after stock markets rebounded much more sharply from the coronavirus-stoked sell-off than anticipated.
Hedge Fund Manager Would Like Argentina To Pretend Its Debt Has The Same, More Favorable Terms As Other Debt (Deal Breaker)
Hedge fund managers like to think of themselves as pretty sophisticated guys. It’s that professed sophistication that allows people like Autonomy Capital’s Robert Gibbins to charge his investors so much in fees. But Gibbins’ and his peers’ dealings with Argentina betray something quite different from sophistication. “We have several issues here which show a flagrant abuse of the overall international financial architecture for Argentina’s specific purpose,” said Mr Gibbins. “If they want a sustainable offer, [the government] should have no problem with agreeing . . . to go back to documents which are less easily abused by bad faith manipulation.”
Tribune Publishing in Talks to Give Hedge Fund Alden Global Another Board Seat (The Wall Street Journal)
Tribune Publishing Co. is in talks to add the co-founder of Alden Global Capital LLC to its board as part of an agreement that would prevent the hedge fund from making a hostile bid to buy the rest of the newspaper company in the near future, according to people familiar with the matter. Randall Smith, who runs Alden alongside Heath Freeman, is in talks to join the board, the people said. The deal would also extend a standstill agreement between Tribune and Alden that expires Tuesday. The length of the extension being discussed…
Goldman Goes Digital for Cap-Intro Service (HFAlert.com)
Goldman Sachs’ prime-brokerage unit is developing an electronic capital-introduction service that could become a model for the bank’s rivals. The project, called Marquee Connect, was conceived of before the coronavirus pandemic but accelerated as the outbreak halted travel and in-person meetings over the past four months. A beta version currently is in testing with a small number of investors, with a formal rollout expected in the next month or so. Marquee Connect aims to allow investors that work with Goldman to discover the full range of hedge funds that use the bank’s prime-brokerage service and begin interacting with them. Users can search the vehicles by strategy, geography, fees and performance.
Virgin Atlantic Favours US Hedge Fund for Rescue Cash (IOL.co.za)
INTERNATIONAL – Virgin Atlantic Airways is edging toward a 500 million-pound ($620 million) emergency financing package led by Davidson Kempner Capital Management as the UK airline firms up survival plans, people familiar with the matter said. The US hedge fund has emerged as the favored funding provider, ahead of an alliance of Elliott Management and U.K. investment firm Greybull Capital, according to the people, who asked not to be named as talks are private.
Tradeweb Markets Inc (TW) CEO Lee Olesky Sold $2.7 million of Shares (Guru Focus)
CEO of Tradeweb Markets Inc., Lee Olesky, sold 43,958 shares of TW on 06/26/2020 at an average price of $60.72 a share. The total sale was $2.7 million. Tradeweb Markets Inc has a market cap of $13.13 billion; its shares were traded at around $58.14 with a P/E ratio of 73.60 and P/S ratio of 11.44. The dividend yield of Tradeweb Markets Inc stocks is 0.54%.
A Director at Ampco-Pittsburgh (NYSE: AP) is Buying Shares (Analyst Ratings)
Today, a Director at Ampco-Pittsburgh (AP), Carl Pforzheimer, bought shares of AP for $56.9K. Following this transaction Carl Pforzheimer’s holding in the company was increased by 78.86% to a total of $148.1K. This is Pforzheimer’s first Buy trade following 4 Sell transactions.
Salesforce.com Inc (CRM) Chair of the Board & CEO Marc Benioff Sold $2.8 million of Shares (Guru Focus)
Chair of the Board & CEO of Salesforce.com Inc., Marc Benioff, sold 15,000 shares of CRM on 06/26/2020 at an average price of $184.62 a share. The total sale was $2.8 million. Salesforce.com Inc is a software-as-a-service company that provides enterprise cloud computing solutions, offering social and mobile cloud apps and platform services, as well as professional services to facilitate the adoption of its solutions.
A Director at Gold Resource (NYSE MKT: GORO) is Selling Shares (Analyst Ratings)
Yesterday, a Director at Gold Resource (GORO), Bill Conrad, sold shares of GORO for $34.85K. Based on Gold Resource’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $28.01 million and GAAP net loss of -$3,121,000. In comparison, last year the company earned revenue of $26.58 million and had a net profit of $882K. GORO’s market cap is $276 million and the company has a P/E ratio of 125.30. The company has a one-year high of $6.24 and a one-year low of $2.02.
