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.
Photo by Austin Distel on Unsplash
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.
Millennium Global Launches Systematic Long/Short Currency Hedge Fund (Hedge Week)
Currency-focused investment manager Millennium Global Investments has launched a new systematic long/short currency hedge fund strategy to tap into burgeoning demand for non-correlated returns in what it calls a “favourable” investment environment. The Millennium Systematic Currency Alpha Strategy takes long and short positions in nine developed market currencies versus the US dollar, using a proprietary systematic investment model.
Crypto Prime Brokerage SFOX Rolls Out New Hedge Fund Product (The Street)
Crypto prime brokerage SFOX has rolled out a new product designed specifically for hedge funds that trade cryptocurrencies. The idea is to enable hedge fund clients of SFOX to start trading in just one day, cutting down on cumbersome set up times that are often required when setting up trading infrastructure between different crypto exchanges and trade OTCoperators, said SFOX co-founder and CEO Akbar Thobhani.
Crypto Crash: Here’s Why Billionaire John Paulson’s ‘Worthless’ Call Might Be Right (Toronto Sun)
It feels as though cryptocurrency has been deemed a worthless fad since Bitcoin first emerged from the guts of an anonymous engineer’s computer rig back in 2009. While some of that criticism has come from the general public, who may not have a clear grasp on what cryptocurrencies are, how they work or why they possess any value, some very clued-in financial minds have also questioned crypto’s rising prominence. One such critic is billionaire investor John Paulson, who, in recent comments, called digital currencies a bubble that will “eventually prove to be worthless.”
Notable Quantumscape Insider Trades $11.50 Million In Company Stock (Benzinga)
Justin Mirro, Director at Quantumscape (NYSE:QS), made a large buy and sell of company shares on September 10, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission reports that on September 10, Justin Mirro bought 500,000 Quantumscape shares at a price of $11.50 per share, for a total of $5,750,000. They then sold their shares on the same day in the open market at a price of $21.80 to raise a total of $5,750,012 from the sale.
Wednesday 9/15 Insider Buying Report: BTRS, AMG (Nasdaq.com)
On Monday, BTRS Holdings’ Chief Information Officer, Joe Eng, made a $506,225 purchase of BTRS, buying 47,938 shares at a cost of $10.56 each. Eng was up about 4.1% on the purchase at the high point of today’s trading session, with BTRS trading as high as $10.99 in trading on Wednesday. BTRS Holdings Inc is trading up about 8.7% on the day Wednesday. This buy marks the first one filed by Eng in the past year. And on Tuesday, CEO Jay C. Horgen purchased $316,020 worth of Affiliated Managers Group, purchasing 2,000 shares at a cost of $158.01 a piece. Before this latest buy, Horgen made one other buy in the past twelve months, purchasing $544,920 shares for a cost of $136.23 a piece. Affiliated Managers Group is trading up about 0.8% on the day Wednesday.
A Director at Acadia Realty (NYSE: AKR) is Selling Shares (Analyst Ratings)
Today, a Director at Acadia Realty (AKR), Lorrence Kellar, sold shares of AKR for $51.8K. Based on Acadia Realty’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $74.66 million and quarterly net profit of $3.92 million. In comparison, last year the company earned revenue of $63.77 million and had a net profit of $19.41 million. The company has a one-year high of $22.97 and a one-year low of $9.10. Currently, Acadia Realty has an average volume of 315.88K.
