Billionaire Ray Dalio Says This is How to be ‘Truly Successful’ (CNBC)
Hedge fund billionaire Ray Dalio knows plenty about success: He founded Bridgewater Associates, the world’s largest hedge fund with roughly $160 billion in assets. But he says there’s one lesson it took him decades to learn about how to be “truly successful.” That lesson has to do with surrounding yourself with people who are even more talented than yourself. The self-made billionaire explained the idea on Thursday in a post on Facebook. He says that, as a good manager, you should “hire someone better than you,” and likens it to being an orchestra conductor.
AQR, Marshall Wace Lead Hedge Funds to Benefit from Europe Bank Slide (Reuters)
LONDON (Reuters) – AQR of the United States and Marshall Wace of Britain are among hedge funds to have taken sizeable positions over the past month to benefit from perceptions of European banks’ vulnerability to recession. Reuters analysis of short positions across European banking stocks in the EuroSTOXX Banks Index .SX7E as at Aug. 19 showed six institutions were the object of bets large enough to warrant disclosure. In a short trade, a fund pays to borrows shares from a long-term holder such as a pension fund and sells them into the market, hoping to buy them back after they have fallen in value and return them at a profit.
Happy Times at Bodenholm (Hedge Nordic)
Stockholm (HedgeNordic) – Whereas European stocks were down 4.5 percent month-to-date through the end of last week, Stockholm-based long/short equity fund Bodenholm was up 4.2 percent mid-month. Bodenholm is now up 14 percent year-to-date through August 15. Earlier this month, Bodenholm’s founder and Chief Investment Officer, Per Johansson, featured among the 50 rising fund managers in Tomorrow’s Titans report issued by the Hedge Fund Journal. The 50 managers in this report are rising stars who “are on the cusp of being, or have the potential to become, leading managers within their strategies” according to the opinion of the Hedge Fund Journal team.
Rosen: Climate Doomsdayer Tom Steyer Bites the Hand that Fed Him (The Complete Colorado)
Tom Steyer, the billionaire climate activist and doomsdayer, stopped in Denver recently to visit with like-minded local activists and strategize about their war on fossil fuels and the shift to renewable energy sources as the fix for our planet’s imminent destruction from global warming. Steyer is also a candidate for the Democratic presidential nomination, although he hasn’t made the cut to participate in the debates. Since the 1980s, he’s spent hundreds of millions financing political campaigns for Democrats and funding progressive causes. He founded NextGen Climate, an advocacy group and Political Action Committee that contributes to Democrats for public office; and NextGen America, an activist group that mobilizes young progressives to register young people to vote (presumably, for Democrats).
Klarman, Tepper Might Be Trapped in PG&E’s Latest Mess (Institutional Investor)
The California utility PG&E has become a virtual hedge fund hotel this year, after potential liabilities associated with a horrific wildfire last year led the company to seek bankruptcy protection. Hedge funds seizing on a distressed asset ramped up their bets on PG&E after California regulators said in January that the…
Balyasny’s Contract ‘Ideas Man’ is Moving on After Three Months (eFinancialCareers.com)
If you’re looking for a contracting role, you could always try a hedge fund. Balyasny Asset Management, the multi-strategy fund which cut 20% of its staff in 2018 and has subsequently gained 10% in 2019 through to July, is among those availing itself of contract staff. It just parted company with one contractor who had a curious job title. Insiders say Scott Miller, who was working in ‘Idea Liason’ at Balyasny in San Francisco, according to his LinkedIn profile, has left the fund. Balyasny declined to comment, but Miller’s three-month contract was understood to be at an end.
Hedge Fund Eisler Capital Turns to Goldman for Latest Big Bank Hire (FNLondon.com)
The London hedge fund set up by Goldman Sachs’s former co-head of securities, Edward Eisler, has turned to its founder’s previous employer for its latest senior hire. Eisler Capital, which manages $3.3bn, has hired Henry Howell, until recently Goldman’s global head of electronic futures, in a business development role. Howell’s LinkedIn profile shows he joined the hedge fund in July. He had spent his entire 16-year career in finance at the US banking giant until his departure.
Hedge Funds Still Seeing Outflows, but Performance Boosts AUM (HedgeWeek.com)
Investors withdrew another USD8.42 billion from the global hedge fund industry in July, according to the July 2019 eVestment Hedge Fund Asset Flows Report. But strong performance in the industry continues to boost overall industry assets under management (AUM), which stood at USD3.303 trillion last month. Hedge funds have generally been in the green this year, with overall industry performance standing at +7.37 per cent year-to-date, according to eVestment hedge fund performance data. But many investors still may be stinging from the overall industry performance of -5.08 per cent in 2018, causing the industry to suffer from asset outflows based on decisions made by investors months ago following that dismal year. So far this year, only 37 per cent of funds reporting to eVestment have seen net inflows.
Tiger Global Invests $15 million in Ibibo Founder’s New Startup INDwealth (LiveMint.com)
Wealth management platform INDwealth, founded by Ashish Kashyap, the former chief executive of travel portal Ibibo, said on Thursday that it has raised $15 million in funding from US-based investment fund Tiger Global Management, one of India’s most prolific technology startup investors.