Hedge Fund’s Decade-Long Wait for China Yuan Crash Nears Payday (Bloomberg)
For the better part of a decade, a US hedge-fund manager who has never even set foot in China has been patiently betting that the yuan will stage a massive collapse, one so deep that its value could be cut in half. Since 2014, Crescat Capital’s Kevin Smith has been plowing as much as 10% of his $136 million macro fund into options betting against the currency. Sometimes it lost money. Sometimes it paid off, even though the major devaluation he was looking for never happened.
The Billionaire Hedge Fund Manager Disrupting NFL Analytics (The Wall Street Journal)
Billionaire hedge-fund manager Paul Tudor Jones and his son Jack, a data scientist, first had a notion that there might be a smarter and more modern way to build a football roster when their fantasy team fell short year after year. Yet even fixing a fantasy team proved difficult. The more they looked into the technology available to help them improve, the more they felt it was inadequate or didn’t exist. And if they couldn’t fix their fantasy team, they wondered, could real NFL teams have the same problem?
Bridgewater’s Jensen Says Markets Not Fully Pricing the Crisis (Reuters)
NEW YORK, Sept 12 (Reuters) – Greg Jensen, co-chief investment officer of Bridgewater Associates, said on Monday that prices in financial markets have not been fully priced to a recession and that the hedge fund can create returns to investors by shorting assets. “I think the biggest mistake right now is the belief we’re going to return to essentially prices similar to the pre-COVID,” Jensen said at a hedge fund conference in New York.
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Anthony Scaramucci Says Bear Markets ‘Suck,’ and Skybridge took Sam-Bankman Fried’s Deal Because of Its ‘Mediocre’ Performance: Report (Business Insider)
Hedge fund manager Anthony Scaramucci lamented bear markets, saying they “suck” because of how much they’ve hurt his business. Scaramucci told the Financial Timeshis company, SkyBridge Capital has suffered significantly during the crypto winter, pushing him to ink a deal with billionaire Sam Bankman-Fried, who acquired a 30% stake in the fund through his venture-capital firm FTX Ventures. “Bear markets suck,” Scaramucci said, the FT reported Monday. “If I was doing super-well right now our performance is mediocre, lackluster who knows if we would be doing the transaction.”
Protean Rejects Swedish Match Offer as Too Low (Hedge Nordic)
Stockholm (HedgeNordic) – Protean Select, a newly-launched Swedish hedge fund founded and managed by Pontus Dackmo and Carl Gustafsson, does not plan on accepting Philip Morris International’s current offer of SEK 106 a share to buy Swedish smokeless tobacco maker Swedish Match. “One of the foremost Swedish quality companies, founded in 1915, risks leaving the stock exchange far too cheaply,” writes Dackmo in a letter to investors.
