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.
Photo by Marga Santoso on Unsplash
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.
Next Edge Capital Corp. Launches the Veritas Next Edge Premium Yield Fund (NewsWire.ca)
TORONTO, June 27, 2022 /CNW/ – Next Edge Capital Corp. (“Next Edge Capital”) is pleased to announce the launch of the Veritas Next Edge Premium Yield Fund (the “Fund”) in conjunction with Veritas Investment Research Corporation and Veritas Asset Management Inc. The Fund, via Veritas Asset Management Inc., leverages the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of predominately Canadian equities with a bias towards yield, and capital preservation. The Fund also utilizes a covered option overlay to generate additional yield and further mitigate downside exposure and adverse price movements.
More Hedge Funds Are Betting Against Tether as Crypto Melts Down (The Wall Street Journal)
Short sellers have been ramping up their bets against tether, the world’s largest stablecoin, amid a broad market selloff that has called into doubt the financial health of some crypto companies. In the past month, more traditional hedge funds have executed trades to short tether through Genesis Global Trading Inc., one of the largest crypto brokerages for professional investors. These trades are worth “hundreds of millions” of dollars in notional value, said Leon Marshall, Genesis’s head of institutional sales. He declined to be more specific.
BlueCrest Hires Ex-Citadel Trader Wheeler for Dubai Expansion (Bloomberg)
Billionaire Michael Platt’s private investment firm is expanding operations to Dubai, with former Citadel money manager Chris Wheeler among those hired.
Who is Alan Howard? Lady Gaga Paid Over $1 MILLION to Perform at Hedge Fund Tycoon’s Wedding (Meaww.com)
Lady Gaga performed in high spirits at the lavish wedding celebration of British billionaire Alan Howard and Caroline Byron, who is a chef by profession. The celebration took place over the weekend at Villa Olmo in Como, Italy, and was witnessed by famous names like Pixie Lott and her husband Oliver Cheshir, Swedish model and actress Victoria Silvstedt among others.
Monday 6/27 Insider Buying Report: PAA, OPK (Nasdaq.com)
At Plains All American Pipeline, a filing with the SEC revealed that on Thursday, Director Kevin S. McCarthy bought 200,000 shares of PAA, for a cost of $9.81 each, for a total investment of $1.96M. McCarthy was up about 3.6% on the buy at the high point of today’s trading session, with PAA trading as high as $10.16 in trading on Monday. Plains All American Pipeline is trading up about 1.3% on the day Monday. This buy marks the first one filed by McCarthy in the past year. And on Wednesday, Chief Innovation Officer Gary J. Nabel purchased $597,393 worth of OPKO Health, purchasing 240,000 shares at a cost of $2.49 each. This buy marks the first one filed by Nabel in the past twelve months. OPKO Health is trading up about 0.9% on the day Monday. Nabel was up about 7.3% on the buy at the high point of today’s trading session, with OPK trading as high as $2.67 at last check today.
$7.6 Million Bet On GMS? 3 Stocks Insiders are Buying (Benzinga)
Tricida: The Trade: Tricida, Inc. (TCDA) 10% owner Nimish Shah acquired a total of 492,020 shares at an average price of $10.37. To acquire these shares, it cost around $5.1 million. GMS: The Trade: GMS Inc. (GMS) 10% owner Christopher Shackelton acquired a total of 193,897 shares at an average price of $39.29. To acquire these shares, it cost around $7.62 million.
