Ken Griffin Joins Dan Loeb, John Paulson in Donating to Success Academy (Bloomberg)
Ken Griffin is chipping in $10 million to open new middle schools in Brooklyn and Queens. The gift from Citadel’s founder and chief executive officer is the latest influx of hedge-fund money into Success Academy Charter Schools. Dan Loeb, Julian Robertson, John Paulson and Boaz Weinstein have all previously given to the network as founder and CEO Eva Moskowitz pushes for expansion to 100 schools by 2030. This year it operates 47 schools serving kindergarten to 12th grade students.
Billionaire Ray Dalio: Why Saving in Cash is ‘the Worst Thing You Could Do’ (CNBC)
Amid headlines of turmoil in the stock market, heightened global trade tensions and political tumult, it may seem like the safest place to store your money is in a savings account. But actually, just holding your money in cash is a bad idea, according to billionaire hedge fund magnate Ray Dalio. “That’s the worst thing you could do because it is the surest tax on your money,” Dalio tells CNBC Make It. “You will bleed slowly to death, because the after-tax returns are lower than inflation by a little per year.”
Hedge Fund Elliott Says Hyundai Motor Group Has Too Much Capital (Reuters)
(Reuters) – U.S. hedge fund Elliott Management said on Tuesday Hyundai Motor Group was holding excess capital and that shareholder returns from the Korean automotive group were lagging industry standards. In a letter to the directors of the group, the fund called for return of excess capital to shareholders, a review of any and all non-core assets and addition of new independent directors to its respective boards.
Dan Loeb Is Sure His Shorts Will Work This Time (DealBreaker)
In the wake of a difficult first quarter, Dan Loeb expressed confidence: There were just so many terrible companies run by so many stupid executives in an environment perfectly suited to bringing them down he could hardly lose. Except that he did, and he is, losing. So in the wake of a difficult beginning to the fourth quarter, Loeb is assuring his investors: There were just so many terrible companies run by so many stupid executives in an environment perfectly suited to bringing them down he can hardly lose.