Paulson & Co to Ask Detour Gold for Special Meeting for Board Overhaul (Reuters)
(Reuters) – Activist investor John Paulson’s hedge fund on Thursday said it would urge Detour Gold Corp (DGC.TO) to call a special shareholder meeting to replace a majority of the company’s directors, as it pushes for change at the Canadian gold miner. Paulson & Co’s statement comes a day after the parties engaged in a heated public exchange over Detour’s failure in publicly disclosing a buyout offer. Detour did not disclose the buyout offer to Paulson because the company was aware that a third party had already informed him about it, the gold miner said in its latest statement.
Billionaire Ray Dalio: You Have to Embrace Some Pain to Maximize Success (CNBC)
Sometimes feeling pain can be a good thing. You just have to look at it the right way. So says the billionaire entrepreneur and financier Ray Dalio. “There is no avoiding pain, especially if you’re going after ambitious goals. Believe it or not, you are lucky to feel that kind of pain if you approach it correctly, because it is a signal that you need to ﬁnd solutions so you can progress,” Dalio says in a July Facebook post. The key, says Dalio, is to get into a routine of analyzing why you are experiencing pain.
Preqin: Hedge Funds Take a Dip in June (AI-CIO.com)
Hedge funds tripped again in June, recording the asset class’ third negative month, as gauged by the 2018 Preqin All-Strategies Hedge Fund benchmark. June saw a 0.5% loss for the benchmark, giving the standard its worst start to a year in more than a decade. That benchmark is barely positive, at 0.82% year-to-date. Emerging market, Asia Pacific hedge funds, and equity strategies were the worst-performing sectors for the month, returning -1.92%, -1.91%, and -1.01%, respectively. The first two strategies are down nearly 2% apiece for the year-to-date, at -1.71% and -1.90%.
Hedge Fund Investors Pull Money for First Time Since 2017 (Bloomberg)
Investors pulled about $3 billion from hedge funds in the second quarter, the first quarterly outflow since early 2017. Macro hedge funds led net outflows in the period, with $2.8 billion leaving the strategy, according to a report Thursday from Hedge Fund Research Inc. The outflows were offset by equity hedge funds, which saw inflows of $2.4 billion.