Stanley Druckenmiller Says the Fed’s Easy Money is Lulling Investors into a False Sense of Security (CNBC)
Billionaire hedge fund pioneer Stanley Druckenmiller believes the Federal Reserve’s continued easy money measures have distorted asset prices and lulled investors into a false sense of security. “The market is not speaking right now,” Druckenmiller told CNBC’s Joe Kernen in an email Thursday, shortly after stock futures shot up despite stronger-then-expected numbers on May consumer prices. The S&P 500 reached an all-time high shortly after the opening bell.
UK Hedge Fund Billionaire Alan Howard Backs Crypto Investment Platform Kikitrade (Deal Street Asia)
Kikitrade, an Asia-based crypto investment platform, has closed a Series Pre-A extension round of financing from British hedge fund billionaire Alan Howard, as the startup ramps up efforts to serve increasingly tech-savvy young generations across largely untapped markets.
The Inside Story of How Tiny Hedge Fund Engine No. 1 Reshaped Exxon’s Board (Fast Company)
The board of ExxonMobil, the largest oil company in the United States, includes the CEO of Merck and the former CEO of Caterpillar. They now have some new colleagues: three board members that the fossil fuel company didn’t want—and who plan to push for a coherent plan to address climate change. That’s thanks to Engine No. 1, a hedge fund that didn’t even exist a year ago.
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Hedge Fund Behind Amazon-MGM Deal Amasses Big Bet on Uranium (The Wall Street Journal)
The hedge fund behind the Amazon.com Inc. -MGM Holdings Inc. deal has another trade up its sleeve: going big on uranium. New York hedge fund Anchorage Capital Group LLC has amassed a holding of a few million pounds of uranium, people familiar with the matter say, in a bet that prices of the nuclear fuel will recover after a decade in the doldrums. It is buying and selling uranium alongside mining companies, specialist traders and utility firms with nuclear-power plants, turning the fund into a significant player in the market.
Twitter Appoints New Board Member to Replace Elliott’s Cohn (Reuters)
(Reuters) – Twitter Inc on Wednesday appointed development finance executive Mimi Alemayehou to its board of directors to replace Elliott Management partner Jesse Cohn, after the activist hedge fund helped create a blueprint for changes that led to a doubling of the social media firm’s share price. Alemayehou will join the board immediately and Cohn will step down, the company said in a release.
NLP and Sentiment: A New Tool for ESG Investors (Hedge Week)
Natural Language Processing (NLP) can enhance ESG Investing in a variety of ways, from building alpha-generating strategies to monitoring controversy risk across portfolios. Investors can make the most of the global trend in ESG investing using NLP technology, such as that developed by RavenPack, the company I work for. RavenPack generates analytics by scanning online news, identifying entities, tying them to events, and then calculating sentiment. It has a rich ESG event taxonomy covering a wide range of controversies, from news about companies being fined for pollution, to labor disputes, to lawsuits.
Hedge Funders Galore: One Flips Palm Beach Home to Another for $7M (The Real Deal)
Scott Goodwin, the managing partner of a hedge fund, flipped a Palm Beach home to another hedge fund manager for $7.3 million. Records show Goodwin and his wife, Kimberly, sold the house at 232 Bahama Lane after buying the spec home in November for $5.5 million. The new buyers are Jeffrey A. and Erica R. Keswin.
Activist Investors are Both Greening and Greying (The Economist)
Activist investors have some menacing tools of the trade. First comes the phone call, letting a boss know they have a new arrival on the share register. Then there is the slide deck, enumerating all the failings for which the boss is supposedly responsible. Sometimes the body language when predator and prey meet for the first time can be the most unsettling. In 2015, when Trian Partners, one of the biggest activist funds, took a $2.5bn stake in ge, an American conglomerate, its founders, Nelson Peltz and Ed Garden, wore tailored suits—with sneakers—to their first meeting with Jeff Immelt, then ge’s boss.
Thursday 6/10 Insider Buying Report: UWMC, WLMS (Nasdaq.com)
On Tuesday, UWM Holdings’ Director, Robert Verdun, made a $456,250 purchase of UWMC, buying 50,000 shares at a cost of $9.12 a piece. Verdun was up about 18.4% on the purchase at the high point of today’s trading session, with UWMC trading as high as $10.80 at last check today. UWM Holdings is trading up about 3.2% on the day Thursday. Before this latest buy, Verdun made one other buy in the past twelve months, purchasing $478,020 shares at a cost of $7.97 a piece. And also on Tuesday, Director Robert B. Mills bought $202,258 worth of Williams Industrial Services Group, buying 35,000 shares at a cost of $5.78 a piece. This purchase marks the first one filed by Mills in the past year. Williams Industrial Services Group is trading up about 7.2% on the day Thursday. Mills was up about 5.6% on the purchase at the high point of today’s trading session, with WLMS trading as high as $6.10 in trading on Thursday.
A Director at Allscripts (NASDAQ: MDRX) is Selling Shares (Analyst Ratings)
Yesterday, a Director at Allscripts (MDRX), Michael Klayko, sold shares of MDRX for $504.8K. In addition to Michael Klayko, 3 other MDRX executives reported Sell trades in the last month. The company has a one-year high of $18.21 and a one-year low of $5.77. Currently, Allscripts has an average volume of 505.33K. MDRX’s market cap is $2.53 billion and the company has a P/E ratio of 3.90.
Transdigm Group Inc (TDG) President & CEO Kevin M Stein Sold $26.6 million of Shares (Guru Focus)
President & CEO of Transdigm Group Inc, Kevin M Stein, sold 40,000 shares of TDG on 06/07/2021 at an average price of $664.5 a share. The total sale was $26.6 million.
2nd Circuit Rethinks Hedge Fund Insider Trading Convictions (Reuters)
An attorney for former Deerfield Management Co LP partners urged a federal appeals court in New York to toss their insider trading conviction after the Supreme Court ordered the court to reconsider its prior ruling upholding them. Theodore Huber and Robert Olan, the two former Deerfield Management partners, and two others were convicted in 2018 of a scheme to obtain non-public information about planned changes to Medicare reimbursement rates and use it to trade in affected healthcare companies.
