This Billionaire Warns that America’s Massive Wealth Gap could Lead to Conflict (CNN Business)
New York (CNN Business) Ray Dalio, the billionaire founder of the world’s largest hedge fund, is deeply worried about a divided and profoundly unequal America as President-elect Joe Biden prepares to take power. Dalio is warning that leaders must urgently address the toxic brew of worsening inequality, political polarization and mounting debt. “There will have to be a resolution of the system working for the majority of the people in which there’s productivity,” Dalio told CNN’s Poppy Harlow in an interview airing Tuesday. “And that could be obtained either in a smart, bipartisan way — or it will come by greater conflict.”
SEC Filing Shows Anthony Scaramucci Plans to Start a Bitcoin Investment Fund (BTC Manager)
According to an official filing with the U.S. Securities and Exchange Commission (SEC), investor and former Trump White House aide Anthony Scaramucci is poised to start a bitcoin-related investment fund. Another Bitcoin Fund on the Horizon? The amount of mainstream attention and adoption bitcoin (BTC) has witnessed throughout 2020 has been unprecedented. Several companies like MicroStrategy, Square, and Guggenheim Investments, among others are actively buying the premier cryptocurrency as a hedge against the greenback.
Marc Lasry Sees More Restructurings, Lower Recoveries Ahead (Bloomberg)
Marc Lasry, chairman and chief executive officer of Avenue Capital Group, says he’s “pretty optimistic” about capital markets in 2021 and discusses the impact of Federal Reserve monetary policy on hedge funds. He speaks with Bloomberg’s Tom Keene and Lisa Abramowicz on “Bloomberg Surveillance.” (Source: Bloomberg)
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Billionaire Investor Bill Ackman Discussed His Pandemic Hedge, Praised Trump, and Explained His Berkshire Hathaway Exit in a Recent Interview. Here are the 19 Best Quotes. (Business Insider)
The billionaire investor Bill Ackman discussed hedging the pandemic, investing in Warren Buffett‘s Berkshire Hathaway then exiting less than 18 months later, and the goal of his “blank-check” company during a virtual appearance at the Sohn Hearts & Minds conference in November. The Pershing Square chief also spoke in the wide-ranging interview about shareholder activism, short-selling, the market outlook, and a potential presidential run for Ivanka Trump.
Izzy Englander’s Hedge Fund Poised for Biggest Gain Since 2000 (Bloomberg)
(Bloomberg) — Izzy Englander’s Millennium Management is headed for its best performance in 20 years and is scooping up more talent than ever, according to people familiar with the firm. The multi-strategy hedge fund gained 3.4% this month through Dec. 17. That brought performance for this year to 23.3%, the people said. The S&P 500 Index jumped about 15% over that span. Hedge funds, in general, returned 5.8% through November, according to Bloomberg indexes.
Diversification is in the DNA (Hedge Nordic)
Stockholm (HedgeNordic) – Achieving true diversification along with better risk-adjusted returns requires a strong pursuit of uncorrelation. Yet truly uncorrelated investments are hard to find. The entire investment team at Nordic Cross Asset Management contribute their individual thoughts and expertise in the fulfilment of the team’s objective to offer a truly uncorrelated multi-strategy hedge fund, which makes up the DNA of Nordic Cross Stable Return.
Hedge Funds Reverse Course in October with USD5.2bn in Inflows (Hedge Week)
The hedge fund industry returned to positive monthly inflows in October, bringing in USD5.2 billion in new assets for the month, having seen USD2.8 billion in redemptions in September. October’s inflows represented 0.2 per cent of industry assets, according to the Barclay Fund Flow Indicator published by BarclayHedge, a division of Backstop Solutions. Coupled with an USD11.9 billion monthly trading loss, total industry assets stood at nearly USD3.41 trillion as October ended, up from USD3.38 trillion at the end of September.
Tuesday 12/22 Insider Buying Report: ARVN, GWRE (Nasdaq.com)
At Arvinas, a filing with the SEC revealed that on Friday, Director Liam Ratcliffe bought 142,857 shares of ARVN, for a cost of $70.00 each, for a total investment of $10M. Ratcliffe was up about 11.8% on the buy at the high point of today’s trading session, with ARVN trading as high as $78.24 in trading on Tuesday. Arvinas is trading up about 5% on the day Tuesday. This purchase marks the first one filed by Ratcliffe in the past year. And at Guidewire Software, there was insider buying on Friday, by Director Andrew William Fraser Brown who bought 6,000 shares at a cost of $124.49 each, for a total investment of $746,930. Guidewire Software is trading up about 1.2% on the day Tuesday. So far Brown is in the green, up about 2.7% on their buy based on today’s trading high of $127.90.
What Did This CEO Just Do with Personal Shares of Chemours Company (NYSE: CC)? (Analyst Ratings)
Today, the President & CEO of Chemours Company (CC), Mark Vergnano, sold shares of CC for $4.18M. Following Mark Vergnano’s last CC Sell transaction on June 10, 2019, the stock climbed by 6.1%. The company has a one-year high of $27.87 and a one-year low of $7.02. CC’s market cap is $4.44 billion and the company has a P/E ratio of -39.70.
Tradeweb Markets Inc (TW) CEO Lee Olesky Sold $11.3 million of Shares (Guru Focus)
CEO of Tradeweb Markets Inc, Lee Olesky, sold 165,799 shares of TW on 12/18/2020 at an average price of $68.19 a share. The total sale was $11.3 million. Tradeweb Markets Inc has a market cap of $15.07 billion; its shares were traded at around $66.170000 with a P/E ratio of 77.86 and P/S ratio of 14.02. The dividend yield of Tradeweb Markets Inc stocks is 0.47%.
Citigroup Cooperation With Regulator Detailed in Trading Case (Bloomberg)
(Bloomberg) — Among the 10,000 emails and other pieces of information that Citigroup Inc. provided to U.K. prosecutors was an item that a pair of convicted insider traders apparently thought was crucial: Two investment bankers co-owned an apartment in the Swiss Alps in Verbier. The link between the two bankers was to form the crux of an ultimately unsuccessful attempt by a former compliance officer at UBS Group AG and a day trader to overturn their high-profile convictions. The appeal cast some light on “some of the murkier aspects” of insider trading, the judges said.
