Hedge Fund and Insider Trading News: Michael Novogratz, Michael Hintze, Bill Ackman, Steven Cohen, Chris James, FreightCar America, Inc. (RAIL), Tiffany & Co. (TIF), Twitter Inc (TWTR), and More

Here’s How Early Crypto Investor Mike Novogratz Sees the Bitcoin Trade Unfolding Next Year (CNBC)
Galaxy Digital founder Michael Novogratz, who in February correctly predicted bitcoin would set new highs in 2020, on Tuesday broke down how he sees the cryptocurrency trade playing out next year. In an interview on CNBC’s “Squawk Box,” Novogratz said he believes bitcoin will eventually begin to trade with more stability as additional institutional investors adopt the digital coin as part of their portfolios.

Billionaire Hedge Fund Hintze’s Deal With Spinoff Team Falls Apart (Bloomberg)
A deal between Michael Hintze’s CQS and its equity hedge-fund spinoff has collapsed as the billionaire renews focus on his core credit investing roots in a turbulent year marred by record losses. CQS was to take an equity stake in the business — Landseer Asset Management — and allocate some capital to it. But Hintze’s firm and Landseer, led by former CQS head of equities Paul Graham, have now abandoned the plan, according to people with knowledge of the matter.

Breakingviews – Corona Capital: Sports Cards, Bankers, Bonds (Reuters)
TOPPS OF THE HEAP. Steven Cohen here, the hedge fund billionaire and newly minted New York Mets owner, is now buying into the business of authenticating sports and other memorabilia and collectibles. Alongside entrepreneur Nat Turner and D1 Capital Partners, he is using his private capital to take Collectors Universe private for roughly $700 million. It’s no steal. The financial heavy hitters said here on Monday they’re paying a 30% premium to the company’s 60-day average valuation, and its stock has more than tripled this year.

Image: Depositphotos

Just Call Him Blue-Chip Bill (Deal Breaker)
In three weeks, pretty much every American with any exposure to equities will own a little piece of Elon Musk’s foibles and failure to deliver anything like what he promises, as Tesla at last makes its entrance into the S&P 500 (and all at once, at that). And in two-and-a-half, British investors may become passive participants in the Ackmanaissance, like it or not. Fund manager Bill Ackman’s Pershing Square Holdings is on the brink of being included in the UK’s blue chip FTSE 100 index, after delivering an impressive run of performance during the coronavirus pandemic.

Rhenman to Shutter Global Opportunities Equity Long/Short Hedge Fund (Hedge Week)
Rhenman & Partners Asset Management says it is closing its Rhenman Global Opportunities L/S strategy and intends to return capital back to investors. The fund – a global equity-based strategy which trades long and short across all industries and sectors, with a focus on value-oriented companies – has struggled with performance throughout 2020. The strategy, which has an annual return target of 7-8 per cent – is down more than 23 per cent over the 10-month period since the start of this year.

Hedge Fund Veteran Chris James to Start Impact-Investing Firm (Bloomberg)
Chris James, who co-founded one of the biggest technology hedge funds in the early 2000s, is starting a firm to invest in companies that can have a positive impact on society and the environment. Engine No. 1 will press for change in the public and private companies it invests in, according to a statement Tuesday. A company’s ability to create long-term shareholder value depends on the investments it makes in workers, communities and the environment, the San Francisco-based firm said.