Billionaire Ray Dalio: Here are ‘the Most Valuable 3 Minutes of Thoughts that I could Possibly Share’ (CNBC)
Ray Dalio is the founder, co-chief investment officer and co-chairman of Bridgewater Associates, the largest hedge fund in the world with more than $160 billion in assets under management. He’s currently worth more than $17 billion, according to Forbes. And he says the best advice he could possibly give is to listen carefully to people who disagree with you. Thursday, Dalio tweeted the penultimate episode of “Principles for Success,” a video miniseries based on his book, “Principles.” Dalio says the episode includes the very best of his advice.
Paulson Urges Underperforming Gold Miner to Seek a Buyer (Bloomberg)
Billionaire hedge-fund manager John Paulson is among investors pushing for Canadian miner Detour Gold Corp. to put itself up for sale, citing stock losses amid managerial missteps. In a letter to the Toronto-based company’s board, Paulson & Co. said directors had “failed to recruit and oversee a management team capable of operating the Detour Lake mine in a manner that delivers returns to shareholders.” The letter, a copy of which was obtained by Bloomberg, was signed by John Paulson and Marcelo Kim, a partner at the firm.
MOVES-Hedge Fund Lansdowne Partners Chairman Leaves After 17 Years (Reuters)
LONDON, June 22 (Reuters) – The chairman and senior partner of Lansdowne Partners, Stuart Roden, is leaving the $21 billion hedge fund after 17 years, the fund said on Friday. Roden is leaving one of Britain’s oldest and largest hedge funds “to pursue other interests”, he said in a statement from Lansdowne. He will step down as chairman on Dec. 31, Lansdowne said. Peter Davies, head of the fund’s developed markets strategy, will remain as senior partner and chief operating officer Suzi Nutton will become CEO, Lansdowne added.
Trump’s Trade War has Hedge Funds Diving for Cover in China (BusinessTimes.com.sg)
[HONG KONG] Donald Trump’s threats of a trade war with China are sending jitters through the hedge-fund community. Pinpoint Asset Management and SPQ Asia Capital have recently cut a measure of risk called net exposure – the difference between bullish and bearish bets – for hedge funds that invest in China. FengHe Asia Fund, which focuses on China, Taiwan and Vietnam, has reduced its allocation to Chinese stocks to the lowest level since 2012. “The trade spat is the last straw,” said Matt Hu, co-founder of Singapore-based FengHe Fund Management who manages the US$240 million FengHe Asia Fund, who started paring Chinese financial and manufacturing stocks last year in favour of Vietnamese companies.