Hedge Fund and Insider Trading News: Stanley Druckenmiller, Michael Burry, Mike Novogratz, Seth Klarman, Warren Buffett, Engine No. 1, Electrameccanica Vehicles Corp (SOLO), Open Text Corp (OTEX), and More

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Famous Hedge Fund Manager Who Helped Break The Bank Of England: This Is Biggest Bubble In My Career (Moguldom)
Stanley Druckenmiller, afamous hedge fund manager who helped break the Bank of England, said the U.S. is caught up in the biggest economic crisis of the last 100 years that has been largely caused by an asset bubble and inflation. “This is the biggest bubble I’ve seen in my career,” Druckenmiller – popularly known as Druck – told CNBC’s morning show host Stephanie Ruhle during a talk about President Joe Biden’s multi-trillion-dollar two-part infrastructure deal.

Opinion: Engine No. 1 is All Talk, No Strategy with Exxon Mobil (Market Watch)
What does Engine No. 1’s recent proxy fight at Exxon Mobil have in common with the insane trading in GameStop and AMC common stock that occurred during the pandemic? The answer is that they all garnered lots of media attention but accomplished nothing. Engine No. 1, a small hedge fund with less than $40 million worth of Exxon Mobil XOM, -1.50% common stock in hand, amazingly succeeded in getting three of its four nominated directors elected to Exxon’s board.

Cardano is a Mystery: Mike Novogratz Slams Cardano (Investing.com)
Ex-hedge fund manager Mike Novogratz slammed Cardano on Twitter, calling it a mystery. Novogratz has spoken against Cardano in the past too. Hoskinson replied to the billionaire and it feels like he’s losing his patience. Ex-hedge fund manager Mike Novogratz slammed Cardano very publicly and Charles Hoskinson is just not having it.

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‘Big Short’ Investor Michael Burry Ramps Up His Bet Against Tesla – and Reveals a New Wager Against Cathie Wood’s Ark Invest (Business Insider)
Michael Burry has increased his wager against Elon Musk, and placed a new bet against Cathie Wood as well. Burry’s Scion Asset Management held bearish put options on nearly 1.1 million shares of Tesla, worth $731 million at the end of June – an increase from its puts on 800,000 shares three months earlier, regulatory filings show. The investor has repeatedly criticized Musk and his electric-vehicle company for overpromising and underdelivering, and warned that Tesla’s valuation isn’t sustainable and its stock will collapse. However, Tesla shares are still up more than seven-fold since the start of 2020.

Hedge Fund Industry AUM Swells to USD4.32tn in June (Hedge Week)
Investors diverted an additional USD16.6 billion to hedge funds in June. The month’s inflows represented 0.4 per cent of assets and continued an inflow trend that saw USD36 billion in new assets in May, USD23.3 billion in April and USD19.1 billion in March, according to the Barclay Fund Flow Indicator published by BarclayHedge, a division of Backstop Solutions. A USD16.8 billion June trading profit brought total hedge fund industry assets to more than USD4.32 trillion. “As positive economic trends continued, investors saw opportunity in hedge funds in June,” says Ben Crawford, Head of Research at BarclayHedge. “Rallies in equity and energy markets and declining unemployment numbers through the spring months contributed to investor confidence as did economic growth in the US and China and surging commodity prices as business activity accelerated.”

Seth Klarman Increases Facebook and Micron Stakes, has About $900 Million Tied Up in SPACs (CNBC)
Seth Klarman, a value investor often compared to Warren Buffett, ramped up his exposure to major tech stocks, while tapping into nearly 20 SPAC deals as he sought growth in an overpriced market.

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