3 Biotech Stocks a Pro Is Buying Now (Barron’s)
The last time we checked in with Joseph Edelman, the founder, chief executive and portfolio manager of Perceptive Advisors and its hedge fund, Perceptive Life Sciences, he was buying stocks ahead of the new year. Perceptive is a fund to watch. Edelman famously oversaw a 4% gain in 2016 as the biotech sector tumbled 20%. Perceptive soared over 43% in 2017, more than doubling the 20% gain in the Standard & Poor’s 500 Index and the 21% gain in the Nasdaq Biotechnology Index. What stocks are Edelman, and his chief investment officer, Adam Stone, buying now? Earlier this month, Perceptive unveiled larger stakes in Agile Therapeutics (AGRX), La Jolla Pharmaceutical (LJPC) and Amicus Therapeutics (FOLD).
Tesla’s ‘Day of Reckoning’ is Near as its Plunging Stock Increases Financing Risk (CNBC)
One hedge fund manager believes Tesla’s business model is permanently broken. “Tesla represents a financially non-viable business. It has an upside-down balance sheet. The multi-billion cash burn is massive with no end in sight,” Accipiter Capital‘s Gabe Hoffman wrote in an email Wednesday. “The financial need for Tesla to issue massive amounts of new equity has been glaringly obvious for quite some time.”
All Eddie Lampert Needs To Save Sears Is Another Couple Hundred Long Articles Depicting Him As An Awkward Weirdo Selling The Company For Parts (DealBreaker)
Here are some excerpts from Vanity Fair’s long profile of Eddie Lampert and the less-than-bang-up job he’s done with Sears. “He’s so obsessed with moving in the direction he wants to move that sometimes people get burned, trampled on, bumped into,” Rainwater said of Lampert. “I think he has gone about alienating himself from almost everyone who he’s come into contact with.”
Michael Hintze: Every Crisis Is a Trading Opportunity (Barron’s)
There are many reasons to heed Sir Michael Hintze; the fact that he’s a billionaire is only one. At 64, Hintze has lived several lives. He was an officer in the Australian Army and an electrical engineer, and now manages CQS Cayman LP, a $15.3 billion London-based hedge-fund firm that he founded in 1999. The firm has performed admirably through multiple market dust-ups, and famously weathered the 2008 market wipe-out with a 72.8% return in its asset-backed securities fund…