Through Foul and Fair – the All-Weather Investment Plan (InvestorsChronicle.co.uk)
You know there is a bear market prowling because Ray Dalio has been gathering a lot of attention lately. Dalio, one of the richest and most successful investors on the planet, is worth listening to at any time but especially when markets are running scared. That’s chiefly because his firm, Bridgewater Associates, which runs $140bn (£115bn) or so, is best known for putting the ‘hedge’ into hedge funds.
Hedge Fund Cannell Capital Acquires 13% Stake in Nueronetics (Hedge Week)
Activist hedge fund Cannell Capital has acquired close to a 13% stake in medical device company Neuronetics, according to a report by the Philadelphia Business Journal, and is now seeking a seat on the company’s board. The report cites documents filed by Euroentics with the US Securities and Exchange Commission (SEC) as revealing that the Wyoming-based hedge fund has acquired in excess of 3.46 million shares of the business for $29.1 million which represents a 12,94% stake.
Griffin Blows Nearly $418 per Vote for Irvin’s Doomed Campaign for Governor — Worst Political Investment in Illinois History (Audacy)
CHICAGO — As a billionaire hedge fund titan, Ken Griffin has certainly taken some losses while amassing Illinois’ largest fortune, but he’s probably not used to the massive hit he took on election night. Griffin poured $50 million into Aurora Mayor Richard Irvin’s campaign, only to see his pick for the Republican nomination for governor finish a distant third Tuesday at a cost of more than $400 per vote — the worst political investment in Illinois history, according to a Sun-Times analysis.
Singapore Central Bank Reprimands Crypto Hedge Fund Three Arrows, Saying It Flouted Rules (The Wall Street Journal)
Singapore’s top financial regulator reprimanded the cryptocurrency hedge fund Three Arrows Capital, saying it supplied false information to officials and managed more assets than allowed. The firm, which was recently ordered to liquidate by a court in the British Virgin lslands, previously gave false or misleading information to regulators when it transferred management of its fund in September 2021 to an entity located in the offshore tax haven, the Monetary Authority of Singapore said Thursday. In doing so, Three Arrows didn’t disclose that one of its founders was a common shareholder in both entities.
Explainer: Nuts and Bolts of the LME’s Cancelled Nickel Trades Legal Case (Reuters)
LONDON, June 30 (Reuters) – Hedge fund Elliott Associates and Jane Street Global Trading are suing the London Metal Exchange for up to $500 million after the LME cancelled nickel trades on March 8 when prices soared to record highs above $100,000 a tonne in chaotic trade. The nickel trading debacle is the biggest crisis to hit the world’s oldest metals forum in decades. Suspension of trading on March 8 left consumers and producers without key benchmark prices and damaged the 145-year-old LME’s reputation.