‘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.
Hedge Fund Industry Returns 3.29 per cent in December Ending the Year Up 10.95 per cent (Hedge Week)
The hedge fund industry posted a second consecutive positive month in December, returning 3.29 per cent according to the Barclay Hedge Fund Index compiled by BarclayHedge, a division of Backstop Solutions. By comparison, the S&P 500 Total Return Index was up 3.84 per cent in December. For the year, the hedge fund industry gained 10.95 per cent in 2020, its third double-digit annual return in the past four years. The S&P 500 Total Return Index was up 18.40 per cent over the 12 months.
The Sun is Shining on Energy Transition (Hedge Nordic)
Stockholm (HedgeNordic) – With government, corporate and consumer interests aligning in favor of renewable energy, the sun has started to shine on the energy sector’s transition to renewables and the investors betting on this energy transition. Energy transition-focused Proxy Renewable Long/Short Energy returned about 83 percent last year after advancing 46 percent in 2019 to bring its annualized return since launching in mid-December of 2018 to 54 percent.
Hedge-Fund Worker Among Those Hoping Brexit Stops Extradition (Bloomberg)
A hedge-fund employee wanted in a German Cum-Ex probe is among five people in a London court trying to use Brexit for the first time to fight extradition to European nations. The group, which includes an operations manager from London’s Duet Group, argues that Brexit has rendered their arrest warrants invalid. Another participant, who’s a convicted sex offender, is fighting deportation to Lithuania where he’s accused of robbery.
Friday 1/15 Insider Buying Report: TPL, CGEM (Nasdaq.com)
On Tuesday, Texas Pacific Land’s Director, Murray Stahl, made a $106,774 buy of TPL, purchasing 122 shares at a cost of $875.20 a piece. Investors are able to grab TPL at a price even lower than Stahl did, with shares trading as low as $819.58 in trading on Friday which is 6.4% below Stahl’s purchase price. Texas Pacific Land is trading off about 4% on the day Friday. This purchase marks the first one filed by Stahl in the past year. And also on Tuesday, CEO Owen Hughes purchased $52,500 worth of Cullinan Management, purchasing 2,500 shares at a cost of $21.00 a piece. This purchase marks the first one filed by Hughes in the past twelve months. Cullinan Management is trading down about 1% on the day Friday. So far Hughes is in the green, up about 83.1% on their buy based on today’s trading high of $38.46.
Pinterest Inc (PINS) Chairman, President, CEO, Co-F Benjamin Silbermann Sold $20.7 million of Shares (Guru Focus)
Chairman, President, CEO, Co-F of Pinterest Inc, Benjamin Silbermann, sold 280,000 shares of PINS on 01/14/2021 at an average price of $73.94 a share. The total sale was $20.7 million. Pinterest Inc has a market cap of $43.86 billion; its shares were traded at around $70.960000 with and P/S ratio of 29.93. GuruFocus has detected 1 severe warning sign with Pinterest Inc.
The President FEI-Zyfer of Frequency Electronics (NASDAQ: FEIM) is Selling Shares (Analyst Ratings)
Today, the President FEI-Zyfer of Frequency Electronics (FEIM), Steven Strang, sold shares of FEIM for $70.91K. Based on Frequency Electronics’ latest earnings report for the quarter ending October 31, the company posted quarterly revenue of $13.99 million and quarterly net profit of $329K.