Hedge Fund and Insider Trading News: Ken Griffin, Jim Simons, Cliff Asness, ARK36, Three Arrows Capital, Plains All American Pipeline, L.P. (PAA), Tricida, Inc. (TCDA), and More

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Quant-Investing Pioneer Jim Simons Predicts Warren Buffett’s Old-School Approach will Stay Relevant – and Lays Out the 5 Key Principles He Lives By (Business Insider)
Jim Simons discussed why his hedge fund employs scientists instead of bankers, defended Warren Buffett‘s relevance in an age of supercomputers and algorithmic trading, and shared the five principles he lives by in a recent, rare interview during the 2022 Abel Prize Week. “We hired statisticians, physicists, astronomers, mathematicians — the important thing was that they were very smart,” the Renaissance Technologies founder said about his early recruitment strategy.

Cliff Asness’ Hedge Fund Is Short Selling AMC Stock – And They’re Daring ‘Apes’ To Take Them On (The Street)
Hedge fund manager Cliff Asness of AQR Capital Management has revealed a short position on AMC. He claims that “meme stock maniacs” won’t do anything significant in response. AMC Entertainment (AMC) – stockholders and short-selling hedge funds are on a collision course. Skeptical that retail investors can withstand bear market pressures, hedge funds have been betting against meme stocks in an attempt to capitalize on the fatigue of meme stock fanatics.

Griffin Pick Faces Trump’s Choice in Illinois GOP Governor Race (Bloomberg)
The Republican primary for Illinois governor on Tuesday is shaping up to be a battle of billionaires trying to determine the face of the party in a Democrat-controlled state. Leading the GOP polls are Darren Bailey, a Bible-quoting state senator backed by former President Donald Trump who has collected $9 million from billionaire Richard Uihlein; and Richard Irvin, the Black mayor of the state’s second-largest city who has received about $50 million from hedge fund billionaire Ken Griffin.

One of the Most Prominent Crypto Hedge Funds Just Defaulted on a $670 Million Loan (CNBC)
Prominent crypto hedge fund Three Arrows Capital has defaulted on a loan worth more than $670 million. Digital asset brokerage Voyager Digital issued a notice on Monday morning, stating that the fund failed to repay a loan of $350 million in the U.S. dollar-pegged stablecoin, USDC, and 15,250 bitcoin, worth about $323 million at today’s prices. 3AC’s solvency crunch comes after weeks of turmoil in the crypto market, which has erased hundreds of billions of dollars in value.

Cryptocurrency Hedge Fund ARK36 Establishes Fintech Advisory Board (Hedge Week)
ARK36, a CySec-regulated cryptocurrency hedge fund, has has established a fintech advisory board comprised of global fintech leaders, investment veterans and senior government advisors. The funds has also appointed its first fintech advisory board consultants Frank Thorwald, Dr Mark Moore, Wayne Christian and Lord James Cecil. The fintech advisory board will assist the ARK36 team in developing trading algorithms, conducting qualitative and quantitative analysis on specific tokens and provide advice on working with Sovereign and Institutional Funds and projects as well as expanding the fintech advisory board team through their vast networks of contacts.

Hedge Funds Go Bottom Fishing for Biopharma (Institutional Investor)
RA Capital, Perceptive, and Millennium are making big bets on beaten-down stocks. Biopharma stocks have been among the worst performers in the bear market. The SPDR S&P Biotech ETF lost more than half its value from early November to mid-June, while the NASDAQ Biotechnology Index dropped nearly 40 percent from August 2021 to mid-June.

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