Billionaire Paulson Who Shorted Subprime Calls Crypto ‘Worthless’ Bubble (Bloomberg)
Ever since John Paulson bet against the U.S. housing market more than a decade ago, people keep asking him about his next big trade. The billionaire hasn’t found anything to rival his massive short, but it’s hard to top the $20 billion that Paulson made for himself and investors when subprime mortgage bonds collapsed and ignited the worst financial crisis since the Great Depression.
Should Investors Worry a Large Novavax Shareholder Cut Position in Q2? (Investorplace)
RA Capital Management is a Bost0n-based hedge fund that invests in healthcare and life sciences companies. It is also Novavax’s (NASDAQ:NVAX) third-largest shareholder. As of April 19, 2021, RA Capital owned 5.1% of NVAX stock. The hedge fund manager’s June 2021 quarterly 13F holdings report with the Securities and Exchange Commission shows that it sold 442,169 shares of Novavax between April and June, reducing its stake by 14%. It now owns 3.4% of Novavax, a position accounting for 8.2% of its overall portfolio.
How Tiger Global is Beating Other VCs, According to 6 Startup Founders Who Took Its Deals (Business Insider)
Earlier this summer, Maria Rioumine sat at her computer screen, brimming with excitement. Less than two weeks before, she didn’t even have a pitch deck for her construction-tech startup, Agora, let alone plans to raise additional money for it. But that didn’t keep investors from calling her anyway. Now she had several term sheets in hand, all from investors she highly respected. One firm stood out from the crowd, she told Insider: Tiger Global Management. “They immediately understood the model and were ready to back us,” she said.
Norron Alpha Shuts Down (Hedge Nordic)
Stockholm (HedgeNordic) – Norron Asset Management has decided to close down one of its hedge funds, market-neutral equity fund Norron Alpha, exactly five years after launch. Norron Alpha, originating from Norron’s long-only Swedish equity fund Norron Active, is closing down due to weaker-than-expected performance and low investor demand. “Norron has decided to wind up Norron Alpha as we believe conditions do not exist for continuing to manage the fund,” Norron Asset Management writes in a press release. “The background is that Norron Alpha has not developed as desired and due to low demand.” The unitholders of Norron Alpha can swap their Norron Alpha investment to multi-strategy hedge fund Norron Target or can sell their units.
The Slumping Mets Are Booing Their Own Fans…for Booing Them (The Wall Street Journal)
Stars like Javier Báez and Francisco Lindor on Sunday responded to boos at Citi Field by giving their critics a thumbs-down. Those critics have included Mets owner Steve Cohen. New York Mets fans have every reason to be upset about how their team is performing. And, this being New York, they’re not shy about expressing it. The problem is that the fans’ being mad at the players has only made the players mad at the fans, who are now doubly mad. For a franchise long trapped in self-parody, this makes perfect sense.
SEC Issues Whistleblower Awards Totaling $2.6 Million (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has announced awards of approximately $2.6 million to five whistleblowers who provided information and assistance in three separate enforcement proceedings. In the first order, the SEC awarded approximately $1.2 million to a whistleblower who provided valuable independent analysis based upon a complex algorithm the whistleblower developed and applied to publicly available data. The whistleblower’s information saved Commission staff time and resources and assisted the staff during settlement negotiations of an enforcement action.
TrueRisk Capital to Launch Debut Fund (Opalesque)
A newly established systematic CTA is nearing its launch date. Los Angeles-based TrueRisk Capital started as a separately managed account in May and will be available as a fund later this year. TrueRisk Capital is led by Kaushik Saha and Rito Bhattacharyya. Saha is a veteran institutional quant specialist who created the automated trading model for mortgage securities and then served as portfolio manager for securitized credit at Barclays Global Investors. Bhattacharyya is part of the faculty at WorldQuant University, the educational program set up by former Millennium Management statistical arbitrage portfolio manager Igor Tulchinsky.
Monday 8/30 Insider Buying Report: AUID, EPD (Nasdaq.com)
On Thursday, Ipsidy’s Chief Executive Officer, Thomas L. Thimot, made a $499,982 purchase of AUID, buying 71,426 shares at a cost of $7.00 a piece. Thimot was up about 41.4% on the buy at the high point of today’s trading session, with AUID trading as high as $9.90 in trading on Monday. Ipsidy is trading up about 3.8% on the day Monday. And also on Thursday, Director John R. Rutherford purchased $221,940 worth of Enterprise Products Partners, purchasing 10,000 shares at a cost of $22.19 a piece. Before this latest buy, Rutherford bought EPD on 2 other occasions during the past twelve months, for a total cost of $213,255 at an average of $21.33 per share. Enterprise Products Partners is trading trading flat on the day Monday. So far Rutherford is in the green, up about 1.8% on their purchase based on today’s trading high of $22.59.
The Past Week’s Notable Insider Buys: Callon Petroleum, Cricut, Krispy Kreme And More (Benzinga)
An Oscar Health Inc (OSCR) cofounder indirectly purchased more than 1.65 million shares of this health insurance provider last week. At $12.69 to $14.26 apiece, the cost for those shares totaled over $21.56 million. Note that, with a stake of over 1.72 million shares, this cofounder is also a 10% owner. The purchase of almost 1.15 million Krispy Kreme Inc (DNUT) shares by a 10% owner at prices ranging from $15.11 to $17.50 apiece totaled more than $19.33 million. Note that this owner and two other insiders purchased over $8.79 million worth of shares altogether in the previous week as well.
The EVP & COO of Eastman Chemical (NYSE: EMN) is Selling Shares (Analyst Ratings)
Today, the EVP & COO of Eastman Chemical (EMN), Brad Lich, sold shares of EMN for $3.39M. Following Brad Lich’s last EMN Sell transaction on February 09, 2021, the stock climbed by 10.4%. In addition to Brad Lich, one other EMN executive reported Sell trades in the last month. Based on Eastman Chemical’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $2.65 billion and GAAP net loss of -$146,000,000. In comparison, last year the company earned revenue of $1.92 billion and had a net profit of $27 million. The company has a one-year high of $130.47 and a one-year low of $72.02. EMN’s market cap is $15.65 billion and the company has a P/E ratio of 49.50.
Insider Trading: August 30, 2021 (BIV)
Insider Neil S. Subin, officer. Company: Scully Royalty Ltd. (NYSE:SRL). Shares owned: 421,186. Trade date: August 12. Trade total: US$62,278. Trade: Sale of 5,021 shares at prices from US$12.08 to US$13.01 per share. Insider Roger Richer, officer. Company: B2Gold Corp. (TSX:BTO). Shares owned: 403,741. Trade date: August 12, 13. Trade total: $407,921. Trade: Sale of 83,749 shares at price from $4.82 to $4.90 per share.
