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Hedge Fund and Insider Trading News: Ray Dalio, Jana Partners, Eminence Capital, Elliott Management, Liberty Latin America Ltd (LILA), Total System Services, Inc. (TSS), and More

Billionaire Ray Dalio Showed Up at Burning Man in a Tie-dye Fur Coat and Said It was Like Woodstock, But with ‘Less Good Music’ (Business Insider)
Hedge-fund billionaire Ray Dalio seems to be enjoying semi-retirement – and living it up at the famous Burning Man festival, which recently wrapped up. While some billionaires don’t mind the occasional outlandish outfit – think Richard Branson cross-dressing or Jeff Bezos doing his best Dwayne Johnson impression- Ray Dalio usually sticks to a blue or gray suit, sometimes without a tie. But the Bridgewater Associates founder decided to go all out for his trip to Burning Man, the annual nine-day music and arts festival that takes place in Nevada’s Black Rock desert.

Hedge Fund Defies Brazil’s Stock Bulls as Global Economy Slows (Bloomberg)
One of Brazil’s largest independent hedge-fund managers is skeptical about the local euphoria surrounding the nation’s stock market. “While Brazil is in early cycle, we don’t consider it will be able to untangle from the global outlook and we keep a neutral view on the local equities,” according to a monthly note to clients from Adam Capital, which manages about 26.4 billion reais ($6.3 billion).

Insider Trading Back

Luis Louro / shutterstock.com

Jana Launches Activist Campaign Against Bloomin’ Brands – Again (Institutional Investor)
The investment firm is pushing for change at the restaurant chain operator for the second time in less than two years. He’s baaack! In a case of Groundhog Day, Barry Rosenstein’s Jana Partners disclosed an activist stake in Bloomin’ Brands, the casual dining company, on Friday afternoon. The hedge fund said it owns 9 percent of the company, which owns the Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime…

Trinity and Elliott Acquire Phoenix Resort (PEHub.com)
PHOENIX (September 3, 2019) – A joint venture among funds managed by Trinity Real Estate Investments LLC (“Trinity”) and funds managed by Elliott Management Corporation (“Elliott”) today announced the acquisition of the JW Marriott Desert Ridge Resort & Spa (the “Resort”), the largest resort in Phoenix. This transaction follows Trinity and Elliott’s joint purchase of the Grande Lakes Orlando Resort in December 2018, advancing the partnership’s strategy of acquiring market-leading large hotel properties with value-add opportunity.

US Hedge Fund Attempts to Block Just Eat £9bn Merger (Telegraph.co.uk)
Just Eat’s £9bn merger with Takeaway.com is under renewed threat after another of the UK delivery company’s biggest investors said it would vote against the deal. US hedge fund Eminence Capital, which holds a 4.4pc stake and is Just Eat’s ninth biggest shareholder, dismissed the valuation as “grossly inadequate”. “Despite a sound strategic rationale… the proposed merger grossly undervalues Just Eat’s strong portfolio of assets.” it said.

Hedge Fund CEO Arrested in Alleged $105 Million Fraud (AI-CIO.com)
Philadelphia-based investment manager Brenda Smith, who runs hedge fund Broad Reach Capital, has been arrested on charges that she ran a $105 million investment advisory fraud for the past three years. Smith, 59, is charged with four counts of wire fraud and one count of securities fraud in the state of New Jersey. Each count can bring a maximum sentence of 20 years in prison. According to court documents, Smith allegedly orchestrated a scheme using her fund Broad Reach Capital from February 2016 to August 2019. Also named as defendants were Broad Reach Capital, Broad Reach Partners, Bristol Advisors LLC, all of which Smith ran, and which the SEC said were “essentially her alter egos.”

Breakingviews – The Exchange: White House Hopeful Tom Steyer (Reuters)
SAN FRANCISCO (Reuters Breakingviews) – The hedge fund founder has already spent millions to impeach Donald Trump. He’s now trying to replace the U.S. president, joining a crowded Democratic field. The Exchange went to his campaign office to discuss why he is running and what he thinks of businessmen as politicians.

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