Ray Dalio Says if Bitcoin is Really Successful, Regulators will ‘Kill It’ (CNBC)
Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, believes regulators would ultimately take control of bitcoin if the cryptocurrency gains mainstream success. “I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it,” Dalio told Andrew Ross Sorkin Wednesday on CNBC’s “Squawk Box” at the SALT conference in New York.
How Billionaire Steve Cohen Learned to Love Cryptocurrencies (Bloomberg)
Hedge fund billionaire Steve Cohen was until recently a bit of a skeptic when it came to cryptocurrencies. Then his son — a “cryptomaniac” — helped change his mind. “He really convinced me this was something I needed to do,” Cohen, the founder of Point72 Asset Management and owner of the New York Mets, said Tuesday at the SALT conference, according to a person with knowledge of his remarks. That was part of a journey that included meeting with as many people over the past six months as he could to educate himself about the possibilities.
Uranium Heats Up, and Hedge Funds Score (The Wall Street Journal)
Uranium prices are rising, enriching a handful of hedge funds that have been betting a market laid low by a nuclear disaster a decade ago would rebound. The price of uranium hit an eight-year high of $44 a pound this week, according to the price tracker UxC LLC. The surge follows the recent launch of an exchange-traded trust by Sprott Asset Management LP, which has bought large stockpiles of uranium after raising money from shareholders and emerged as a favored trading vehicle in its own right, traders said.
Flagship Wall St Conference Sees Record Attendance, Run on Steak (Reuters)
NEW YORK (Reuters) – A flagship Wall Street conference returned this week, attracting so many fund managers and investors who were hungry for in-person interactions that organizers ran out of a steak and lobster entree and seats at its first lunch on Monday. The three-day SALT event, long one of the hedge fund industry’s biggest conferences, took a break during the pandemic last year but its host, Anthony Scaramucci, was determined to bring it back this year with strict safety protocols, a different kind of agenda and much closer to home for many.
Activist Investor Elliott Management Calls for Break-Up of Energy Giant SSE (The Times)
One of the world’s most aggressive activist hedge funds is targeting a break-up of SSE, the British energy group. Elliott Management, the American fund, has built a stake in the London-listed power provider and has called on the company to split off its renewables business.