Watch the Full Interview with Paul Tudor Jones on the Election, Biden’s Tax Plan and Bitcoin (CNBC)
Legendary hedge fund manager Paul Tudor Jones said Thursday that he expects a Democratic sweep in November and that will send markets for a wild ride over the next 12 months. The founder and and chief investment officer of Tudor Investment Corporation joined CNBC’s “Squawk Box” to discuss the election’s impact on markets and his views on Bitcoin, which invested in earlier this year.
Saba Capital’s Boaz Weinstein Predicts Credit Chaos Around U.S. Election (Bloomberg)
Never in his 22-year career has Boaz Weinstein seen such a disconnect between the complacency of credit investors and the anxiety of equity investors, and he predicts it could unravel in an “incredible move” around the Nov. 3 U.S. election. While the stock market is pricing in turmoil with the CBOE Volatility Index close to 30, corporate bond spreads have almost recovered to pre-pandemic levels. To Weinstein, the founder of Saba Capital Management and one of the biggest winners in the pandemic selloff in March, something has to give.
Led by Macro and Relative Value Arbitrage Strategies, Hedge Funds Register $13bn Inflows in Third Quarter (Opalesque.com)
Investors allocated new capital to the hedge fund industry in the third quarter, the first quarterly net inflow since 1Q18, driven by strong performance through the coronavirus pandemic volatility and positioning for continued uncertainty around both the virus and t he upcoming US elections. Led by Macro and Relative Value Arbitrage strategies, hedge funds received an estimated net inflow of $13.0 billion in 3Q 2020, increasing total industry capital to $3.31 trillion, as reported today by HFR, the established global leader in the indexation, analysis and research of the global hedge fund industry.
Sacramento County Moves $15 million to Venture Capital (Pensions&Investment)
Sacramento County (Calif.) Employees’ Retirement System committed $15 million to a venture capital fund and redeemed $150 million from a passive large-cap strategy, said an investment activity report posted on the $10.6 billion pension plan’s website. The retirement system committed $15 million to OrbiMed Private Investments VIII, a venture capital fund managed by OrbiMed Advisors.
Danes Launch Crypto Hedge Fund (Hedge Nordic)
Stockholm (HedgeNordic) – An all-Danish team is launching the first actively-managed regulated cryptocurrency-focused hedge fund in Cyprus, a country enjoying a growing cryptocurrency economy and a forward-looking regulatory regime. The Danish founders Ulrik Lykke and Mikkel Mөrch, supported by Jacob Skaaning and Marck Bertelsen, are launching a hedge fund called ARK36 to deliver risk-adjusted exposure to crypto-assets for professional investors. “The launch of ARK36 as an EU-regulated cryptocurrency hedge fund represents the culmination of two years of planning, market research and compliance work,” says ARK36’s Co-Founder, Ulrik Lykke. “We are excited to offer our digital asset investment services to professional investors looking to bridge the gap between traditional investment and this growing market, in a secure and risk-mitigated manner.”
Breakingviews – Could Bill Ackman’s SPAC Buy Bloomberg or Airbnb? (Reuters)
NEW YORK (Reuters Breakingviews) – The naming of names for Bill Ackman’s special purpose acquisition company just got more interesting. On Tuesday, the New York Post reported that the hedge fund manager’s blank-check vehicle wanted to take a stake in the former New York mayor Mike Bloomberg’s eponymous media empire, something Bloomberg LP dismisses. It’s true that Ackman’s $5 billion war chest can hook a big fish by taking a small stake in a company. But large, well-known private firms don’t need a SPAC to go public.
Paul Singer’s Elliott Management to Open offices in Florida and Connecticut (Reuters)
Oct 21 (Reuters) – Elliott Management Corp., one the world’s busiest activist investors, plans to open two new offices – one in Florida and one in Connecticut – to give staff more flexibility when the threat of COVID-19 ebbs and employees return to the office, a source said on Wednesday. Paul Singer’s $41 billion hedge fund will keep its office in midtown Manhattan and add two new locations in West Palm Beach, Florida and Greenwich, Connecticut at some point next year, the person who was not authorized to speak about the private firm’s plans said.