John Paulson Is Planning to Move His Hedge Fund Into Steinway Offices (Bloomberg)
Call John Paulson the Piano Man. The billionaire plans to move his hedge fund company’s New York headquarters later this year to the offices of Steinway Musical Instruments, the piano maker he purchased in 2013, according to people with knowledge of the matter. Paulson & Co., which has seen headcount fall and assets dwindle, will leave the space it’s occupied for a decade at 1251 Avenue of the Americas after its lease expires in the summer, said the people, who asked not to be identified because the matter is private.
U.S. Activist Investor Says Booker Should Get Better Offer from Tesco (Reuters)
LONDON (Reuters) – A U.S. hedge fund which owns a stake in Booker Group (BOK.L) said on Thursday it plans to oppose Tesco’s (TSCO.L) 3.7 billion pound takeover bid unless the wholesaler secures a better deal. Sandell Asset Management said in a statement that it holds the equivalent of 1.75 percent of Booker and had expressed its concerns about the Tesco takeover in a letter to Booker’s board. Sandell believes that fair value for Booker shares is between 255 pence per share and 265 pence.
Paul Singer Seems Serious About Getting What He Wants Before Rupert Murdoch Gets What He Wants (DealBreaker)
Elliott Management chief Paul Singer can be a patient man. He can be methodical and philosophical in getting what he wants, even if it takes 13 years. He can wait seven for vindication over VW. And he gave Hess a whole four years to clean up its act before going back to war. However, patience cannot be counseled in all circumstances. For instance, the sale of the 61% of Britain’s SkyTV that Rupert Murdoch doesn’t already own to the same, in advance of him selling it to Disney.
Head of the World’s Largest Hedge Fund Said at Davos that You’d ‘Feel Pretty Stupid’ Holding Cash — How’s He Feeling Now? (MarketWatch)
Bridgewater Associates founder Ray Dalio offered some guidance to investors a few short weeks ago, on the sidelines of the World Economic Forum in Davos, Switzerland. It was simple and clear as MarketWatch reported: “If you’re holding cash, you’re going to feel pretty stupid,” the hedge-fund maestro said. The comments came just days before the Dow Jones Industrial Average DJIA, +0.14% and the S&P 500 index SPX, +0.38% touched fresh all-time highs on Jan. 26.
Fund Crashes after Wrong-Way Volatility Trade (CNBC)
The e-mail arrived in clients’ inboxes shortly after the market opened on Tuesday: “LJM strategies have suffered significant losses.” LJM Partners, a Chicago-based hedge fund with about half a billion dollars in assets, pinpointed the damage on spiking volatility, a trade that has claimed more than one scalp in the last few trading days. Their mutual fund, known as the LJM Preservation and Growth Fund, collapsed by 82 percent over the last week and was closed to new capital on Wednesday.