Ray Dalio Says Cash is Not a Safe Place Right Now Despite Heightened Market Volatility (CNBC)
Bridgewater Associates’ Ray Dalio stood by his belief that cash is not the place to be despite the volatility in the markets triggered by the new Covid omicron variant. “Cash is not a safe investment, is not a safe place because it will be taxed by inflation,” the founder of the world’s biggest hedge fund said Tuesday on CNBC’s “Squawk Box.”
Europe’s “Top Trader” Escapes to a Hedge Fund (eFinancialCareers.com)
In a year when hedge funds like Balyasny are engaged in some enormous hiring, the temptation to move to a hedge fund is considerable. – Especially if you happen to be an equities index trader and you’ve just won an award. Sources say that Laimonas Staskus, a director in EMEA equity trading at BlackRock has succumbed. He’s understood to have resigned and is off to join a hedge fund. It’s poignant because Staskus was named “trader of the year” for long only funds by the Trade Magazine just three weeks ago, BlackRock didn’t respond to a request to comment on Staskus’ untimely exit, and he declined to elaborate. It’s not clear which fund Staskus is joining, but Balyasny would presumably be very pleased to hear from him.
Activist Bluebell Asks Glencore to Separate Its Coal Mines (Bloomberg)
Activist hedge fund Bluebell Capital Partners has asked Glencore Plc to separate its thermal coal business because it has become a barrier to investment. The hedge fund firm said that the commodities giant could realize more value for shareholders if it separates that business, simplifies its asset base, disposes of non-core asset Viterra, and tackles governance issues. Bluebell’s partners Giuseppe Bivona and Marco Taricco made the demands in a letter to the company, a copy of which was seen by Bloomberg.
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Bill Ackman Says the Omicron Virus Variant Could Actually Boost the US Markets If Its Symptoms End Up Being Mild (Business Insider)
The new Omicron coronavirus variant could end up boosting the US stock market, said the hedge fund manager Bill Ackman. “A thought,” Ackman wrote in a tweet Sunday evening. “While it is too early to have definitive data, early reported data suggest that the Omicron virus causes ‘mild to moderate’ symptoms (less severity) and is more transmissible. If this turns out to be true, this is bullish not bearish for markets.”
Marathon Asset Management: Best Liquid Alternative Fund – Credit Hedge (Hedge Week)
Firms across the asset management industry are beginning to reflect on lessons learned from the pandemic as we move into a new phase. Andrew Brady, Partner, Co-Head of Corporate Credit at Marathon Asset Management, comments: “This environment has provided reminders to prioritise firm-wide coordination to serve clients by investing with humility and a margin of safety, avoid leverage on investment exposures, and to prepare for the unexpected, especially when risk tolerance is high, and attractive investments are scarce.” Marathon has navigated the challenges through its belief that investment flexibility and objectivity, humility in forecasting, experience from past market dislocations, risk discipline, and integration across teams were critical to adapt to the changing landscape.
Hedge Fund Seeks Takeover of Atlantic City Newspaper (New Jersey Globe)
The newspaper chain that owns The Press of Atlantic City and more than 70 daily newspapers across the U.S. is fighting back a hostile takeover by a hedge fund with a history of making draconian costs cuts and layoffs. Alden Global Capital made a similar bid to purchase Gannett in 2019 but was unsuccessful. The Atlantic City newspaper, one of just two remaining New Jersey publications that still aggressively covers local news, is currently owned by Lee Enterprises. The hedge fund had offered $24 a share to but the newspaper chain.
Expert Networks Aren’t Just for Hedge Funds Anymore (Institutional Investor)
Demand from traditional asset managers pushed GLG and Third Bridge into the top-20 highest-paid investment research providers. For the first time, expert networks — which provide managers access to specialists in everything from pharmaceuticals and clinical trials to clean energy and other technologies — are among the highest-paid research firms. And while hedge funds were once the primary clients of experts networks, traditional, long-only asset managers are now helping drive the growth in the sector, which many consider to be primary research.
Tuesday 11/30 Insider Buying Report: EOG, EVRG (Nasdaq.com)
On Friday, EOG Resources’ Director, Michael T. Kerr, made a $4.3M buy of EOG, purchasing 50,000 shares at a cost of $86.00 a piece. So far Kerr is in the green, up about 2.7% on their purchase based on today’s trading high of $88.30. EOG Resources is trading off about 0.7% on the day Tuesday. And at Evergy, there was insider buying on Monday, by Director C. John Wilder who purchased 21,045 shares at a cost of $65.19 each, for a trade totaling $1.37M. Before this latest buy, Wilder purchased EVRG at 10 other times during the past twelve months, for a total cost of $130.4M at an average of $51.34 per share. Evergy is trading down about 0.7% on the day Tuesday.
The Executive Chair of HubSpot (NYSE: HUBS) is Selling Shares (Analyst Ratings)
Yesterday, the Executive Chair of HubSpot (HUBS), Brian Halligan, sold shares of HUBS for $1.05M. Following Brian Halligan’s last HUBS Sell transaction on January 19, 2021, the stock climbed by 463.4%. This is Halligan’s first Sell trade following 6 Buy transactions. Based on HubSpot’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $339 million and GAAP net loss of -$13,735,000. In comparison, last year the company earned revenue of $228 million and had a GAAP net loss of $22.5 million.
SEC Obtains Final Judgment Against Trader in International Insider Trading Scheme (HedgeCo.net)
(HedgeCo.Net) The United States District Court for the Southern District of New York has entered a final consent judgment against Israeli citizen Dov Malnik in connection with his participation in a prolific insider trading scheme. To settle the charges against him, Malnik agreed to pay a civil penalty of more than $2.8 million and consented to injunctive relief. According to the SEC’s complaint, filed in March 2020, Malnik generated millions of dollars in profits by trading in the securities of U.S. public companies in advance of news that these companies had been targeted for acquisition between 2013 and 2015. Malnik allegedly received the illicit tips through a network that included two London-based investment bankers, both of whom the SEC charged in October 2019. Malnik carried out the alleged scheme by trading in a variety of personal and corporate accounts including the accounts of hedge funds that he managed.
5 Stocks Insiders Are Selling (Benzinga)
Atlas Air Worldwide: The Trade: Atlas Air Worldwide Holdings, Inc. (AAWW) EVP and CMO Michael Steen disposed a total of 19954 shares at an average price of $93.70. The insider received $1,869,680.98 as a result of the transaction. Cisco: The Trade: Cisco Systems, Inc. (CSCO) Chair and CEO Charles Robbins sold a total of 162959 shares at an average price of $55.45. The insider received $9,036,500.24 from selling those shares. Dropbox: The Trade: Dropbox, Inc. (DBX) President Timothy Young sold a total of 9639 shares at an average price of $24.58. The insider received $236,898.67 as a result of the transaction.
