Hedge Funds Invest In Crypto (Forbes)
Many leading hedge funds are aggressively increasing exposure to blockchain technologies and cryptocurrency. This week Antigua-based crypto derivatives exchange FTX closed a record $900 million fundraise at an $18 billion valuation. Hedge fund leaders Paul Tudor Jones, Alan Howard, Third Point and Millennium were among those participating in the funding. FTX has quickly become one of the main challengers to Coinbase and Finance. FTX averages more than $10 billion in daily trading volume and has more than 1 million users, ranging from retail investors to sophisticated day traders, family offices and experienced institutional traders.
Inside Louis Bacon’s mysterious $500M private island in the Hamptons (New York Post)
You’ve probably never heard of Robins Island, a teardrop-shaped islet half the size of Central Park in the Great Peconic Bay on the East End of Long Island. But it may very well be the most valuable private estate in all of the Hamptons – and the most untouchable. Sandwiched midway between the North and South forks, Robins Island is roughly 435 acres with miles and miles of waterfront.
Archegos Blowup Spurs House Democrats’ Demands for Tougher Rules (Bloomberg)
A push by Democrats to tighten market rules in response to the implosion of Archegos Capital Management and this year’s meme-stock mania is gaining traction in the U.S. House. The Financial Services Committee, led by Representative Maxine Waters of California, may hold votes as soon as next week on legislation that could have broad consequences for hedge funds, online brokers and powerful trading firms, said people familiar with her plans.
Now Anyone Can Use Ray Dalio’s Instant-Feedback Tool on Zoom—if They Dare (Quartz)
Bridgewater founder Ray Dalio is known for his hedge fund’s unusual experiments in management. They include the famous “Dot Collector” system, in which all Bridgewater employees are tasked with giving one another real-time feedback on an iPad app during meetings and presentations. An outgrowth of Dalio’s commitment to building a culture of radical transparency, the dot system prompts employees to rate one another, on a scale of 1 to 10, on attributes like how well they listen or display “managerial courage.”
Billionaire Investor Leon Cooperman Rules Out an Imminent Market Crash, Trumpets ‘Big Tech’ Stocks, and Sounds the National-Debt Alarm in a New Interview. Here are the 10 Best Quotes (Business Insider)
Leon Cooperman ruled out an imminent market crash, warned that stimulus efforts are ballooning the national debt to dangerous levels, and emphasized the appeal of “big tech” stocks in a CNBC interview this week. The billionaire investor, who converted his Omega Advisors hedge fund into a family office in 2018, also dismissed government bonds as virtually worthless and some meme stocks as ridiculously overvalued.
Equities and Alternatives Drive AP1’s Returns (Hedge Nordic)
Stockholm (HedgeNordic) – The Swedish national pension fund Första AP-fonden (AP1), which had SEK 431.5 billion under management at the end of June, enjoyed a return of 10.9 percent after expenses during the first half of 2021, with equities, real estate and private equity generating most of the returns. AP1’s investments in private equity, Swedish public equities and hedge funds enjoyed the highest returns in percentage terms. “The Fund’s constructive view of risk-taking was well rewarded financially during the first six months of the year.