‘Careful What You Wish for’: Hedge Fund Manager Warns Biden’s Spending Plan could Pop Stock Market Bubble (CNBC)
Biden outlined the details of a $1.9 trillion rescue package on Thursday. The “American Rescue Plan” is designed to support households and businesses through the coronavirus pandemic. David Neuhauser, managing director of Livermore Partners, said Biden’s spending plan appeared to be an attempt to mimic the “roaring 20′s” by getting people back into the workforce quickly. Separately, James Sullivan, head of Asia ex-Japan equity research at JPMorgan, told CNBC that Biden’s plan was a “positive surprise” for the market.
Simons Taps Brown as Chair of Renaissance Board After Mixed 2020 (Reuters)
BOSTON (Reuters) – Billionaire investor James Simons is stepping down as chairman at Renaissance Technologies but will remain on the board of the $60 billion hedge fund he founded nearly 40 years ago. Simons told investors late in 2020 — a year of mixed returns for the firm — that he would be handing the reins as board chairman to Peter Brown, who has been running the company as sole CEO since 2017. The move signaled a shift after Simons named his son, Nathaniel, as co-chair of the board in January 2020. James and Nathaniel Simons will remain as board directors.
Exclusive: Tiger Global is Raising a New $3.75 billion Venture Fund, One Year After Closing its Last (Tech Crunch)
According to a recent letter sent to its investors, Tiger Global Management, the New York-based investing powerhouse, is raising a new $3.75 billion venture fund called Tiger Private Investment Partners XIV that it expects to close in March. The fund is Tiger Global’s thirteenth venture fund, despite its title — the partners might be superstitious — and it comes hot on the heels of the firm’s twelfth venture fund, closed exactly a year ago, also with $3.75 billion in capital commitments.
‘I Don’t Believe that We’ve Really Left the Recession Yet’: Bond King Jeff Gundlach Lays Out the 2 Risks that Investors should Watch Nearly a Year into the Pandemic — and Shares the 4 Components of a Balanced, Winning Portfolio (Business Insider)
Jeff Gundlach, the chief executive and chief investment officer of DoubleLine Capital, said in his annual “Just Markets” webcast that the US is still in a recession. The so-called bond king broke down the two risks facing investors in an environment of mass money printing and rampant debt accumulation. He also shared the “winning formula” of a barbell asset allocation that consists of four types of asset classes to protect investors in both inflationary and deflationary environments.
Cramer Says David Tepper Thinks it’s Hard to Bet Against Stocks with Fed Backing, Vaccine Rollout (CNBC)
CNBC’s Jim Cramer said Friday that hedge fund billionaire David Tepper has a more positive view on the stock market, with coronavirus vaccines getting rolled out across the U.S. and the Federal Reserve staying accommodative. The “Mad Money” host said investors should take note of Tepper’s outlook, given that the Appaloosa Management founder sent Wall Street an early warning shot last February about the risks the coronavirus presented financial markets.