Steve Cohen’s Mets Make Their Move With 10-Year, $341 Million Deal for Francisco Lindor (The Wall Street Journal)
With just hours to go before the first pitch of the 2021 season, Steve Cohen finally made the move that will define the early part of his tenure as New York Mets owner. Cohen, a hedge-fund manager who bought the team for $2.4 billion in November, agreed to give star shortstop Francisco Lindor a 10-year contract extension worth $341 million. The deal, which as of early Thursday morning hadn’t been announced, doesn’t start until 2022, potentially keeping Lindor in Queens for more than a decade.
An Investor Who Used to Work for Baupost’s Seth Klarman Explains Why He Thinks the Archegos Implosion is the ‘Frankenstein Version of GameStop’ — and Shares How to Replicate Hedge Fund Performance without Taking on Huge Risks (Business Insider)
Nearly a week since the implosion of Archegos first spilled into public view, former “Tiger Cub” trader Bill Hwang’s family office and its slew of prime brokers are still in the eye of the storm. “This story, as we’ve heard it so far, is clearly missing some pieces,” Andrew Beer, managing member of Dynamic Beta Investments, said in an interview.
Buyout Firms Swoop to Buy Hedge Fund’s Stake in Co-operative Bank (Sky News)
JC Flowers and Bain Capital Credit are in talks to buy BlueMountain Capital’s holding in the ‘ethical lender’, Sky News learns. The private equity group which led the demutualisation of one of Britain’s biggest building societies is close to buying a stake in the Co-operative Bank in the most significant shake-up of its ownership since it was rescued in 2017. Sky News has learnt that JC Flowers and Bain Capital Credit are in advanced talks to acquire the roughly 10% shareholding in the embattled lender held by BlueMountain Capital, a US-based hedge fund.
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Why the Archegos Debacle is Raising Renewed Fears of Market Excesses (Hedge Week)
The collapse of Archegos Capital Management, which is set to bring hefty losses to a number of exposed investment banks, has again thrown the spotlight onto outsized leverage held by hedge funds and investment managers, and raises renewed fears over excessive liquidity across markets. Patrick Ghali, managing partner and co-founder at Sussex Partners, believes this week’s Archegos upheaval – coupled with the still-unfolding Greensill debacle as well as potential issues relating to SPACs further down the line – are symptoms of “general excess” in markets. Archegos is understood to have built up a highly-concentrated portfolio of hugely-levered positions across a range of stocks, taken via the equity derivatives market mainly in the form of total return swaps.
Twitter to Nominate Elliott’s Cohn for Re-election as Board Member (Reuters)
April 1 (Reuters) – Twitter Inc said on Thursday it will nominate board member and Elliott Management head of U.S. equity activism Jesse Cohn for re-election, as part of an agreement with the hedge fund. The social media company is consulting with Cohn to identify a new independent director to replace him, it said in a regulatory filing, adding that Cohn will resign once a new director was appointed.
Hayfin Debt Fund Targeting $2 Billion-Plus (Green Street)
Hayfin Capital is nearing the fundraising finish line for a private debt vehicle that would pursue special situations in Europe. The London operation expects to hold a final equity close for its Hayfin Special Opportunities Fund 3 in the third quarter, with a target of €2 billion ($2.35 billion). Hayfin already has raised €1.5 billion, including separate accounts, and had deployed more than €230 million across 14 investments by Dec. 31. While the name of the fund suggests it is the third special-situations vehicle, it is the fourth, following Special Opportunities Fund Balance Sheet in 2009, Special Opportunities Fund 1 in 2012 and Special Opportunities Fund 2 in 2016.
Duo Reges Capital Management Takes on Human-Machine Bias (Opalesque)
When you think about investing buzzwords and phrases it’s hard to find one buzzier than “machine learning”. These days it’s all about finding the right quants and the right algorithms to generate alpha. But what happens when enough robots are trading that they start to create their own patterns? A new fund – Duo Reges Capital Management argues that when it comes to investing patterns and biases, the robots have just as many as the humans. “An algorithm is only as good as its data,” Andy Chakraborty, Founder and Portfolio Manager at Duo Reges Capital Management tells Opalesque New Managers. “If the data contains bias, the computer will continue that bias. But even if the data is ‘clean’ there are certain patterns that begin to emerge. That’s exploitable.”
Nordea Managing Director Faces Insider Dealing Prosecution (1) (Bloomberg Law)
A Swedish prosecutor has charged a managing director within Nordea Bank Abp’s leveraged finance unit with suspicion of severe insider trading. “The criminal activity can be considered as severe as it has taken place systematically over several years, and due to the special position of the bank employee,” Pontus Hamilton, a prosecutor at the Swedish Economic Crime Authority, said in a statement. The long-time Nordea employee at the bank’s Stockholm office was arrested on Feb.
Square Inc (SQ) President, CEO & Chairman Jack Dorsey Sold $21 million of Shares (Guru Focus)
President, CEO & Chairman of Square Inc, Jack Dorsey, sold 100,000 shares of SQ on 03/29/2021 at an average price of $210.26 a share. The total sale was $21 million. Square Inc is a software company offering solutions ranging from payments and point-of-sale services to financial and marketing services. It offers a free software app with its hardware to turn mobile devices into powerful POS solutions in minutes.
The Senior Officer of Alimentation Couche Tard (Other OTC: ANCUF) is Selling Shares (Analyst Ratings)
Today, the Senior Officer of Alimentation Couche Tard (ANCUF), Réal Plourde, sold shares of ANCUF for $533.2K. The company has a one-year high of $37.06 and a one-year low of $22.30. Currently, Alimentation Couche Tard has an average volume of 13.18K. Based on 10 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $36.60, reflecting a -10.6% downside.
Here are the Top Stocks Seeing the Most Insider Buying this Week (CNBC)
Brian Sullivan brings you the top stocks seeing the most insider buying this week, on Worldwide Exchange.
