Hedge Fund and Insider Trading News: Ray Dalio, David Tepper, Fortress Investment Group, Starboard Value, Pictet Asset Management, Franklin Street Properties Corp. (FSP), Facebook Inc (FB), and More

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How Billionaire Hedge Fund Manager David Tepper Got The Coldest Revenge Ever On His Former Boss (CelebrityNetworth.com)
If you live outside of Pittsburgh or North Carolina, you probably don’t know the name David Tepper. For Pittsburghers, Tepper is the hometown boy done good. A hard working kid from humble beginnings who worked his way up to the top-top-top of the finance industry, made a fortune then gave large chunks of that fortune to local charities and institutions which now bear his name. For North Carolinians, Tepper is the guy who in 2018 paid a then-record $2.275 billion for the Carolina Panthers NFL team. But even outside of Pittsburgh and North Carolina, Tepper is a fascinating and inspirational guy. Especially for anyone who dreams of getting sweet revenge on a former terrible boss.

Exclusive: Starboard Eyes Cloud Software Firm Box Board Challenge – Sources (Reuters)
(Reuters) – Hedge fund Starboard Value LP is preparing to launch a board challenge against Box Inc unless the U.S. cloud services provider takes steps to boost value for shareholders, according to people familiar with the matter. Box has become an activist investor target after it failed to capitalize on the work-from-home trend during the COVID-19 pandemic as many of its cloud computing peers have done. Its shares have barely risen since the company’s initial public offering six years ago, and are up just 9% in the last 12 months, underperforming the 33% rise in the S&P 500 Application Software index over the same period.

How Fortress Is Getting Busy in the SPAC Market (Institutional Investor)
The credit specialist is the most active hedge fund firm in the booming blank check company market. Fortress Investment Group continues to distinguish itself as the most active hedge fund firm in the blank check world.The credit specialist disclosed plans at the end of last week for its sixth special purpose acquisition company while on Monday an earlier SPAC backed by the firm announced a merger partner.

Countries with the Smallest Government Per Capita in the World


Ray Dalio’s Bubble Indicator Finds US Stocks aren’t Dangerously High – But 50 of the 1,000 Biggest Companies are in ‘Extreme Bubbles’ (Business Insider)
Ray Dalio‘s bubble indicator suggests US stocks aren’t trading at unsustainable prices and could climb higher. The billionaire co-chief of the world’s largest hedge fund, Bridgewater Associates, said in a research note this month that his market gauge is at the 77th percentile for the overall US stock market. Its readings for the bubbles in the 1920s and 1990s are in the 100th percentile.

High-Profile Hedge Funds Still Circling Tullow Oil, as Debt-Laden Explorer Mounts Fightback (Hedge Week)
A number of well-known hedge fund short sellers continue to target London-listed oil and gas company Tullow Oil, as the beleaguered exploration firm looks to overhaul its business model and improve its balance sheet position. Pictet Asset Management, the investment management and hedge fund arm of wealth management giant Pictet Group, grew its short position in the FTSE250 name from 1.47 per cent to 1.55 per cent this week. Värde Partners Europe meanwhile has a 2.53 per cent net short position in the multinational oil and gas explorer, according to regulatory disclosures.

Hedge Funds that Hunkered Down After GameStop are Now Missing Out on Market Gains (CNBC)
Hedge funds are still licking their wounds after a retail trading frenzy forced the industry to slash its overall exposure to stocks, leading to an underperformance in 2021. Last month, an army of retail investors who coordinated on social media managed to push GameStop shares up 400% in just one week, creating massive squeezes in a slew of heavily shorted names. Hedge funds getting burned on their short positions scrambled to take down overall risk and sell winners to raise cash.

Basalt Infrastructure Partners Raises $2.75bn for the Third Fund (Opalesque.com)
The mid-market infrastructure investment firm Basalt Infrastructure Partners has raised $ 2.75 billion for its third fund, more than doubling the $ 1.3 billion raised for its second fund in 2018. The fund will focus on opportunities in the utilities, power, transport, and digital communications sectors across North America and Europe. Rob Gregor, Managing Partner of Basalt Infrastructure Partners LLP, an exclusive investment adviser to the Basalt funds, said: “Completing an oversubscribed fundraise for Basalt III through this pandemic is a testament to the disciplined focus on our mid-market strategy and the resilient and strong risk-adjusted returns of Basalt funds. We are incredibly grateful for the significant investor support shown for our strategy and our growing franchise. Market conditions remain positive for the Basalt strategy with Basalt III off to a strong start with commitments to the first three investments, Habitat Solar and Xpress Natural Gas in the US, and Full Fibre in the UK.”

The Activist Investor Reportedly is Pushing Principal to Focus More on its Wealth Management Operations and Less on the Life Insurance Business. (Investment News)
The New York-based hedge fund has been pushing the company to explore selling or spinning off its more capital-intensive life insurance business to focus on its more profitable wealth management operations, according to people familiar with the matter, who asked to not be identified because the matter isn’t public. The company said in a statement Monday as part of the deal with Elliott it had struck a committee to initiate a strategic review of its business mix, capital management, and capital deployment options.

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