Paul Tudor Jones Says a Stock Market that’s 220% of GDP is Making Him Nervous (CNBC)
Billionaire investor Paul Tudor Jones said Monday that the high stock-market valuation makes him uneasy and warned the Federal Reserve could be adding to financial instability with its aggressive policy stance. The hedge fund veteran told CNBC’s Andrew Ross Sorkin on “Squawk Box” that the stock market appeared richly valued relative to the broader economy, comparing it to the top of previous market cycles before significant corrections in recent decades.
Crispin Odey Believes Inflation will Bring a ‘Golden Period’ for M&A. He Highlights Why His Bet on Distell could be a Big Winner. (Business Insider)
Inflation is on every investor’s mind, and for $2.5 billion one hedge fund manager, a rise in prices is welcomed. Crispin Odey, the British founder of the Odey Asset Management, wrote to investors in his $71 million Odey Special Situations fund that inflation is here to stay, despite “the stipulation by the US Federal Reserve… that the recent pick up in inflation is related to the post-covid reopening trajectory and therefore is likely to be temporary in nature.”
Marshall Wace and Citadel Among Funds Shorting £1bn of UK Stock in Bearish Bonanza (Financial News)
Marshall Wace topped a list of short-sellers targeting the London stock market in early June, leading the pack during a week of outsized activity for betting against UK equities. The London hedge fund took out the largest short position made in the City last week with a £141.6m bet against cruise operator Carnival, based on a Financial News analysis of documents filed with the Financial Conduct Authority.
Loeb’s Third Point Has Built Substantial Position in Vivendi (Bloomberg)
Dan Loeb’s Third Point has built a substantial position in Vivendi SE and is examining the French media company’s plan to sell a 10% stake in its Universal Music Group to fellow activist investor Bill Ackman, according to people familiar with the matter. The New York-based hedge fund has held the position in Vivendi for several months, and has yet to voice an opinion on whether it would support the UMG transaction, the people said, asking not to be identified because the matter is private. The exact size of Third Point’s stake or its rationale for buying it could not be determined.
Leaving Nordic Cross for Norron (Hedge Nordic)
Stockholm (HedgeNordic) – Sebastian Uddén, one of the partners and co-founders of Nordic Cross Asset Management, has joined Norron Asset Management as Head of Sales in Sweden. Uddén embarks on a new journey following five years since co-founding Stockholm-based Nordic Cross, which runs four hedge funds part of the Nordic Hedge Index. “Five years ago, almost to the day, I, together with some colleagues from Catella Fonder, decided to launch Nordic Cross Asset Management. It has been a fantastic, exciting, educational and challenging period with a nice result,” Uddén writes in a LinkedIn post. “Now is the time to develop and challenge myself further.