Mike Novogratz Explains Why He’s Still All-In on Crypto (Bloomberg)
No one on Wall Street embraced cryptocurrencies with as much gusto as legendary trader Mike Novogratz. After Jamie Dimon called Bitcoin a “fraud” in September 2017, Novo, as he’s known, predicted, correctly, it would hit $10,000 and keep climbing. The former hedge fund manager and Goldman Sachs Group Inc. partner became an unlikely hero of the crypto movement and a billionaire on paper. Emboldened, Novogratz announced he was starting a cryptocurrency merchant bank, Galaxy Digital Holdings Ltd. But as he was raising money for the firm in January, Bitcoin began its historic plunge. Galaxy has since reported $136 million in trading losses. Novogratz is undeterred.
$9 Billion Hedge Fund Manager David Abrams Says That In 20 Years, Google Won’t Be The Tech Powerhouse It Is Now (Business Insider)
Even the most successful companies can’t rest on their laurels. So says David Abrams, the managing partner of the $8.7 billion hedge fund Abrams Capital. Even Google will not be the “powerhouse” it is now in 20 years, Abrams said recently. “I don’t think you can assume anything is unconquerable,” he said while speaking at a conference in New York last week at Fordham University’s Manhattan campus. “They’re trying to hold off that fate (of declining), but it befalls most people.”
Struggling Hedge Funds Cling to Dollar, U.S. Yield Curve Bets: McGeever (Reuters)
LONDON (Reuters) – Hedge funds have struggled badly in 2018, but would be faring far worse were they not on the right side of two of the most reliable trades of the year: a flattening U.S. yield curve and a stronger dollar. Both trends remain in place, and as the latest data show, speculators look like holding onto them for the rest of the year. Funds increased their net long dollar position against a range of developed and emerging-market currencies by nearly $2 billion to $32.09 billion in the week to Dec. 4, according to Commodity Futures Trading Commission figures. That’s the biggest cumulative bet on a rising dollar in three years.