Why Dallas’ Kyle Bass is Buying Thousands of Acres of undeveloped Texas land (The Dallas Morning News)
Kyle Bass likes to bet big. So it’s fitting that the Dallas-based hedge fund manager, who shot to fame shorting mortgage debt in the lead up to the global financial crisis, is now fixated on the most abundant commodity in his home state: land. The market for Texas dirt, Bass said, “is big, and it’s real.” Bass, 53, is no stranger to bold macro wagers. In the past decade and a half, he’s taken on Europe’s sovereign-debt market, China’s economy and the Hong Kong dollar, typically using esoteric financial instruments to make his high-risk investments.
Legendary Investor Stanley Druckenmiller Warns There is a ‘High Probability’ the Stock Market will be ‘Flat’ for an Entire Decade (Fortune)
That same day, Stanley Druckenmiller, one of Wall Street’s most respected minds, argued that the pain won’t be temporary – and that stocks face an entire decade of sideways trading as the global economy goes through a tectonic shift. “There’s a high probability in my mind that the market, at best, is going to be kind of flat for 10 years, sort of like this ’66 to ’82 time period,” he said in an interview with Alex Karp, CEO of software and A.I. firm Palantir.
Hedge fund AQR in joint legal Action Against LME (Reuters)
LONDON, Sept 16 (Reuters) – Hedge fund AQR Capital Management and four other parties have filed a legal action against the London Metal Exchange (LME), court filings showed, after the exchange halted nickel trading and cancelled deals in March. The LME is already facing legal action from U.S. hedge fund Elliott Associates and Jane Street Global Trading, which are suing for $456 million and $15.3 million respectively for the cancelled nickel trades.
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Hedge Fund Millennium’s €126m Porsche Short Signals Bearish Bet on IPO (Financial News)
Ahead of Volkswagen’s IPO of Porsche AG in a few weeks, hedge fund Millennium International Management has built a large short position in Porsche SE. According to data from research firm Breakout Point, Millennium disclosed a position representing 0.6% of the company’s shares on 14 September. A rough estimate based on current market capitalisation would see the hedge fund’s short position at around €126m.
Whale Rock Extends Losses (Institutional Investor)
The once high-flying fund headed by Alex Sacerdote has been struggling to find the right stocks for its portfolio. Whale Rock Capital Management is poised to post the biggest loss in its 16-year history. The hedge fund firm headed by Alex Sacerdote is the latest TMT fund to surge and build a huge amount of assets during the FAANG boom, only to surrender a chunk of its gains in less…
