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Hedge Fund and Insider Trading News: Michael Novogratz, Bill Ackman, Algebris Investments, salesforce.com, inc. (CRM), Gold Fields (GFIOF), and More

‘Get on the Train’: Famed Investor Michael Novogratz Says Bitcoin will Soon Break the $10,000 Threshold as US Turmoil Spreads (BTCUSD) (Business Insider)
Longtime bitcoin bull Michael Novogratz of Galaxy Digital tweeted on Monday that bitcoin will soon take out the $10,000 resistance level and traders should get on board. “$BTC is coiling. It will take out 10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way and it’s the opposite of balanced. When 10k goes it will move fast. Get on the train,” Novogratz tweeted. A few hours after the tweet, bitcoin did in fact break above $10,000.

Bill Ackman poised to enter FTSE 100 After Pershing Square’s 26% Crisis Gain (Citywire.co.uk)
Pershing Square Holdings (PSH), the investment company investing in Bill Ackman’s long-only hedge fund, is poised to join the FTSE 100 after powering ahead this year on the back of a single trade that saw it book a $2.1bn profit in March’s market turmoil. Analysts at broker JPMorgan Cazenove identified PSH as one of a number of investment companies that could move up and down the ranks in the FTSE’s quarterly reshuffle, which will be announced tomorrow on the basis of prices at the close of trading today and come into effect when the market opens on 22 June.

A Hedge-Fund Manager Finally Unloaded his Hamptons Mansion — for Half of Its Asking Price. Take a Look Inside the Beachfront Home. (Business Insider)
Hedge-fund manager Barry Rosenstein just sold his Hamptons beach house at half the price it was listed for. The 13,000-plus square-foot home went on the market in 2018 for $70 million, The New York Post reported, and finally sold for $35.75 million two years later. But he still made a profit from it: Rosenstein first purchased the home for $19.2 million in 2005, according to The Wall Street Journal.

Insider Trading Wall Street Trader Panic

Luis Louro / shutterstock.com

Algebris Credit Hedge Fund Targets Stressed Debt Opportunities, as Winners and Losers Emerge from Covid-19 Lockdown (Hedge Week)
Algebris Investments, a London-based multi-strategy credit and equities-focused hedge fund manager, is staking out alpha opportunities across a range of stressed credits which stand to gain from a resumption in activity post-lockdown. While government support has sent indices and investment grade assets soaring, high yield and off-benchmark assets remain dislocated, underpricing the potential for a recovery, said portfolio manager Alberto Gallo, Algebris’ head of macro strategies.

Pfizer to Start $500M Biotech Hedge Fund (BeckersHospitalReview.com)
Pfizer is launching a hedge fund that will funnel $500 million into biotech companies, according to a June 2 news release from the pharma giant. The hedge fund, named the Pfizer Breakthrough Growth Initiative, seeks to pursue new partnerships by funding biotech companies’ research, manufacturing and growth. Pfizer’s chief business officer, John Young, noted the need to invest in new therapies amid the pandemic. “There has never been a more important moment to pursue new collaborations in our industry,” he said in the press release.