Justice Samuel Alito Took Luxury Fishing Vacation With GOP Billionaire Who Later Had Cases Before the Court (ProPublica.org)
In early July 2008, Samuel Alito stood on a riverbank in a remote corner of Alaska. The Supreme Court justice was on vacation at a luxury fishing lodge that charged more than $1,000 a day, and after catching a king salmon nearly the size of his leg, Alito posed for a picture. To his left, a man stood beaming: Paul Singer, a hedge fund billionaire who has repeatedly asked the Supreme Court to rule in his favor in high-stakes business disputes. Singer was more than a fellow angler. He flew Alito to Alaska on a private jet. If the justice chartered the plane himself, the cost could have exceeded $100,000 one way.
Ray Dalio Lunch Auction Focused on Meditation Draws $115,000 Bid (Bloomberg)
A winning bidder in a charity auction will pay $115,000 for a chance to lunch with Bridgewater Associates founder and billionaire investor Ray Dalio. Dalio will match the bid in a donation to the David Lynch Foundation. Its Meditate New York program seeks to provide meditation services to 10,000 front-line and health care workers in 40 hospitals across the state.
Bill Ackman Says Elon Musk Was “Not An Expert,” But Did This to Become a Billionaire Entrepreneur (The Motley Fool)
Could Elon Musk and Tesla keep on winning? Bill Ackman is known for plenty of his own business successes. As founder of hedge fund Pershing Square Capital Management, the billionaire investor has stood out for going against the crowd — and making billions as a result. For instance, Ackman bet on the failure of MBIA, a municipal bond insurer exposed to the subprime mortgage market — and won that bet during the financial crisis of 2007 and 2008. Ackman uses instruments such as credit default swaps and short positions to bet on potential outcomes in the financial world. And as an activist investor, he’s bought significant positions in big companies and weighed in on how those companies are run. In a recent post on Twitter, Ackman spoke about someone else who goes against the crowd: Tesla (TSLA -4.50%) chief executive officer Elon Musk.
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Brevan Howard co-founder Natsis moves to UAE in Middle East push (GulfNews.com)
Dubai: Brevan Howard Asset Management co-founder Trifon Natsis has relocated to Abu Dhabi as part of the company’s plans to expand in the UAE, which is fast becoming a major hub for hedge funds. The Jersey, Channel Islands-based investment firm, best known for macro trading and a recent push into digital assets, has also moved portfolio manager Mitesh Gupta to its new outpost in the UAE capital, according to people with knowledge of the matter.
Susanna Urdmark to Depart Rhenman & Partners (Hedge Nordic)
Stockholm (HedgeNordic) – Susanna Urdmark, co-head and senior portfolio manager of long-biased long/short equity fund Rhenman Healthcare Equity L/S, is leaving Rhenman & Partners after a six-year tenure with the firm. She will be stepping down from her role during the summer to pursue other opportunities. “Susanna Urdmark, Co-head and senior fund manager, has decided to leave the firm after six years to pursue other opportunities,” announces the team at Rhenman & Partners.
Hedge Fund Millennium Taps Goldman’s Choppara for Dubai Push (Bloomberg)
Choppara to relocate from London to work alongside Akash Patel. Dubai is emerging as a favored destination for hedge funds. Izzy Englander’s Millennium Management LLC hired Naveen Choppara from Goldman Sachs Group Inc. as the hedge fund expands its emerging markets operations in Dubai.
LME Tells Court It was Forced to Void Nickel Trades After “Abnormal” Spike (Reuters)
The London Metal Exchange had no choice but to cancel billions of dollars of nickel trades last year to avert a jolt that would have hit wider financial markets, its lawyers argued in a London court on Wednesday. Other alternatives put forward by two financial firms suing the LME for $472 million were not viable and would still have lead to ructions on global markets, they said. U.S.-based hedge fund Elliott Associates and market maker Jane Street Global Trading (JSGT) say the LME unlawfully cancelled trades made on March 8, 2022, after the nickel price doubled in a matter of hours.
Odey Funds Bleeding Assets Remain Open to Retail Investors (Bloomberg)
Funds run by Odey Asset Management and its affiliate have been facing an uncertain future after many partners started to shun the firm since new allegations of sexual assault surfaced against its founder. But they are still open for business on some retail platforms. From UK’s largest fund-selling platform Hargreaves Lansdown Plc to AJ Bell Plc and Bestinvest, mom-and-pop investors can buy the funds, even as the money manager bleeds assets and is exploring options to hive them and their employees off.
$3.8M Bet On This Energy Stock? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
ProFrac Holding: The Trade: ProFrac Holding Corp. (ACDC) 10% owner Dan Wilks acquired a total of 285,059 shares an average price of $13.40. To acquire these shares, it cost around $3.82 million. NextEra Energy: The Trade: NextEra Energy, Inc. (NEE) Chairman, President and CEO John Ketchum acquired a total of 13,600 shares at an average price of $74.26. To acquire these shares, it cost around $1.01 million. The company’s EVP, Nuclear Div & CNO also sold 4,000 shares.
Ex-Goldman Banker was ‘Framed,’ Attorney Says at Insider Trial’s Close (Reuters)
Former Goldman Sachs banker Brijesh Goel’s trial on insider trading charges drew to a close on Tuesday, with his attorney saying he was framed by his friend and a prosecutor saying Goel had lied to a New York jury. Goel, a former Goldman Sachs vice president, faces securities fraud, conspiracy and obstruction of justice charges for allegedly tipping his friend Akshay Niranjan to deals the bank was considering funding in 2017 and 2018.
