Hedge Fund Legend Ray ‘Cash is Trash’ Dalio Ditches Bonds for Bitcoin as Losses Hit $12bn (CityA.M.)
“I have some Bitcoin, and I have a very particular set of skills”. Ok, US billionaire Ray Dalio didn’t say the second bit, but it would have been good if he did. “The guy hates cash; we know this, but now he hates bonds too,” commented Neil Wilson, chief market analyst at Markets, this morning. “For the founder of Bridgewater Associates, even the most volatile asset out there is better than picking up dimes from in front of the inflation steamroller,” he added.
Activist Fund Elliott Picks Up Stake in Takeover Target UDG Healthcare (Reuters)
(Reuters) – Activist investor Elliott Investment Management disclosed a stake of about 3.1% in UDG Healthcare, weeks after the pharmaceutical services company agreed to be taken over for 2.6 billion pounds ($3.69 billion). Private equity firm Clayton, Dubilier & Rice (CD&R) earlier this month offered to buy UDG for 1,023 pence in cash per share, in a deal that is still pending regulatory and shareholder approval. A date for the shareholder meeting to vote on the offer will be announced later.
Snapdocs is Proptech’s Newest Unicorn After Raising $150 Million in a Round Led by Tiger Global (Business Insider)
Snapdocs, a digital residential-real-estate closing company, announced today that the company has raised a $150 million Series D funding that values the company at over $1.5 billion. The round, which brings the company’s total funding up to $260 million, was led by hedge fund-turned-venture-capital-investment firm Tiger Global Management, and included funding from returning investors startup incubator Y Combinator, legendary venture firm Sequoia, and Fidelity’s venture arm F-Prime Capital.
Two Sigma Ventures Built an AI Tool called Georges to Help Them Find Startups that Human VCs Overlook (Business Insider)
Every Tuesday, the father of venture capital, Georges Doriot, greets Two Sigma Ventures with a friendly “bonjour” and a list of potential companies to invest in. “Georges is a teammate,” Dan Abelon, a partner at Two Sigma, said. “Constantly growing and getting smarter.”
True Beacon Launches GIFT City’s First Operational Hedge Fund for Strategic Global Investors in India (Hedge Week)
Nikhil Kamath and Richard Pattle, Co-founders of True Beacon, an Indian asset management company, have launched the first operational Alternative Investment Fund (AIF) in Gujarat International Finance Tec-City (GIFT City). True Beacon Global, a Fund for international strategic investors, will provide access to Indian capital markets with high levels of transparency, coupled with zero management fees and a globally competitive tax regime. True Beacon serves over 250 ultra high net worth and high net worth individuals in India, and is headquartered in Bangalore. The company’s flagship Fund, True Beacon One, delivered a 32 per cent outperformance of the Indian equity index, NIFTY50, in 2020. True Beacon Global will mirror the flagship Fund’s strategy for global institutional and individual investors.