John Paulson Looks to Sell into Puerto Rico’s Hotel Boom (The Wall Street Journal)
Some of Puerto Rico’s most prominent hotels are going on the market as owners look to cash in on the island’s strong tourism and real-estate market boosted by the pandemic. Hedge-fund manager and real estate owner John Paulson, who has invested heavily in Puerto Rico in recent years, is testing the market for the Condado Vanderbilt Hotel and La Concha Renaissance San Juan Resort through real-estate firm JLL, according to people familiar with the matter.
Two London Hedge Funds Agree to Rare Combination (Bloomberg)
Eisler Capital, a $4.5 billion hedge fund firm, has struck a deal to acquire Neil Phillips’s Glen Point Capital in a rare consolidation in the industry. The deal will bolster Eisler’s assets by $1.5 billion, bring in a new trading team and add three funds to aid the firm’s transformation into a multi-strategy investment platform. Financial details of the deal, which is expected to close by the end of March, were not disclosed.
Hedge-Fund Pioneer Michael Steinhardt Surrenders 180 Stolen Antiquities Valued at $70 Million, Manhattan DA Vance Says (CNBC)
Hedge-fund pioneer and philanthropist Michael Steinhardt has surrendered 180 stolen antiquities currently valued at $70 million and has been banned for life from acquiring antiquities, Manhattan District Attorney Cyrus Vance Jr. said Monday. The surrender of the items comes after a probe that began in 2017 into Steinhardt’s “criminal conduct,” the DA’s office said in a statement announcing an agreement with the billionaire to give up the artwork.
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Ray Dalio Caught Some Heat for Recent Comments on Chinese Human Rights. Here’s What He Said About the Matter in His New Book. (MSN Money)
Ray Dalio — the billionaire founder of Bridgewater Associates, the world’s largest hedge fund — came under fire last week over comments he made about Chinese human rights. In an appearance on CNBC, when asked about China’s practice of taking certain citizens out of the public eye, Dalio likened those actions to those of a “strict parent.” He’s since clarified those comments in a LinkedIn post. It’s a subject that Dalio has written about previously, most recently in his new book, “Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail,” which was released on Nov. 30. In the book, he said it’s important to recognize China and the US have different values and therefore will make different choices, and their ability to impose things on the other will depend on their relative power.
Geneva-Based Manager Stouff Capital to Launch Global Macro Hedge Fund (Opalesque.com)
The Swiss quantamental asset manager says it has doubled its AuM in the last 12 months, hired two managers, and it is preparing the launch of a new absolute return global macro fund in the first quarter of 2022. Julien Bittel recently joined Stouff as senior portfolio manager from Pictet A.M, where he managed the Pictet Quattro and Pictet LPP Multi Asset Flexible funds. He will manage the new global macro fund and focus on global stock and bond markets, as well as global credit, currencies and cryptocurrencies. Stouff Capital‘s existing fund, the Urizen fund, launched in October 2018, follows a quantamental strategy that combines quantitative analysis with a human-led fundamental approach.
Activist Elliott Pushes for SSE Board Changes, New Strategy (Bloomberg)
Want the lowdown on European markets? In your inbox before the open, every day. Sign up here. Activist investor Elliott Investment Management is calling on SSE Plc to add two directors with renewable energy experience to its board and to begin a strategic review of its business following the U.K. utility’s recent decision not to split off its green energy unit into a separate entity.
November Was a Tough Month for Hedge Funds — Just Ask Tech Investing Giants Tiger Global, Viking, Whale Rock, and Melvin Capital (Business Insider)
Billionaire Chase Coleman‘s Tiger Global is making gobs of money in the private markets, but the tech investor’s flagship hedge fund and long-only fund had a tough November. A source tells Insider the firm’s flagship hedge fund was down roughly 8% last month, dragging the annual performance down to about 3%. Tiger Global is far from the only mega-fund to run into trouble last month as tech stocks plummeted on fears of a resurgence in coronavirus cases, however.
Bridgewater’s November Nightmare (Institutional Investor)
Here’s how the world’s largest hedge fund stacks up against other high-profile macro funds heading into the final month of the year. Ray Dalio’s Bridgewater Associates posted sharp losses in its main Pure Alpha macro funds in November, leaving it barely in the black for the year with just under a month to go.Other high-profile macro funds posted either much smaller losses or slight gains for the month.
Hong Kong Hedge Fund Manager: Based on Previous Bubbles, Stocks Could Fall 50-70%, Have A Ways To Go (Moguldom.com)
Hong Kong-based hedge fund manager, Puru Saxena, believes U.S. stocks could fall as much as 70 percent based on analysis of previous bubbles. Saxena, an investment portfolio manager and popular investment commentator, that stock prices are about to “unwind”, which could result in a 50-70 percent decline. “If prior bubbles are any guide, we are now likely to witness a waterfall decline in $ARKK which will unwind the parabola + form a perfect Bell Curve,” Saxena said on Dec. 2 in a now-deleted tweet. “Typically, broken bubbles have resulted in anywhere between 50-70% declines from the ATHs so we still have some ways to go.”
Tuesday 12/7 Insider Buying Report: BNED, UFI (Nasdaq.com)
At Barnes & Noble Education, a filing with the SEC revealed that on Friday, Director Zachary Levenick bought 85,000 shares of BNED, at a cost of $6.90 each, for a total investment of $586,422. Levenick was up about 8.6% on the buy at the high point of today’s trading session, with BNED trading as high as $7.49 at last check today. Barnes & Noble Education is trading off about 0.3% on the day Tuesday. Before this latest buy, Levenick bought BNED on 7 other occasions during the past twelve months, for a total investment of $1.13M at an average of $8.14 per share. And at Unifi, there was insider buying on Monday, by Kenneth G. Langone who bought 25,000 shares for a cost of $21.00 each, for a total investment of $524,920. Unifi is trading up about 4.4% on the day Tuesday. Langone was up about 7.0% on the buy at the high point of today’s trading session, with UFI trading as high as $22.47 at last check today.
A Director at Digital Realty (NYSE: DLR) is Selling Shares (Analyst Ratings)
Yesterday, a Director at Digital Realty (DLR), William Laperch, sold shares of DLR for $332.8K. Following William Laperch’s last DLR Sell transaction on August 09, 2017, the stock climbed by 66.1%. In addition to William Laperch, one other DLR executive reported Sell trades in the last month. Based on Digital Realty’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $1.13 billion and quarterly net profit of $134 million.
Church & Dwight Co Inc (CHD) President and CEO Matthew Farrell Sold $9.4 million of Shares (Guru Focus)
President and CEO of Church & Dwight Co Inc, Matthew Farrell, sold 100,000 shares of CHD on 12/06/2021 at an average price of $94.02 a share. The total sale was $9.4 million.
SEC Charges Two in Fraudulent Microcap Scheme (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission charged two individuals for their participation in alleged fraudulent schemes involving unlawful microcap stock sales at the expense of unsuspecting retail investors. The SEC’s complaint alleges that, from 2016 through at least October 2020, Canadian residents Vincenzo Carnovale and Amar Bahadoorsingh secretly gained control of thinly traded microcap companies, hired stock promoters to create demand for their stock, and generated substantial illicit profits by selling the stock to unsuspecting investors. Carnovale and Bahadoorsingh allegedly hid the fact that they controlled the securities of publicly traded companies.
