The Fund That Shorted GameStop Reveals Short Positions in Credit Suisse, Silicon Valley, and Signature Bank (The Street)
Bronte Capital‘s Amalthea Fund, which disclosed short positions in GameStop and other meme stocks last year, recently revealed its short positions in the recently collapsed banks. Bronte Capital held short positions in the major meme stocks last year, calling their valuations “absurd.” The fund wrote that it made a mistake in not holding onto larger short positions in the bank longer. In its most recent fiscal year, Bronte Capital’s Amalthea Fund delivered returns above 16%. Shorting GameStop, AMC, and Other Meme Stocks: Australia-based hedge fund Bronte Capital is known among retail investors for disclosing its short positions in GameStop (GME) and AMC Entertainment (AMC).
Billionaire Steve Cohen Has a Plan to Become the King of Queens (Bloomberg)
Steve Cohen likes to boast that he’ll spend whatever it takes to win. He did it over three decades building his $27.2 billion investment business, buying the New York Mets for $2.4 billion in 2020 and then assembling a team to win the World Series at such incredible cost — his $353 million payroll is the highest in MLB history — that rival owners dubbed a penalty teams must pay when their payroll exceeds a certain level the “Cohen tax.” (The Cohen Mets haven’t won a World Series yet.)
Billionaire Investor Ray Dalio Warns US, China ‘on the Brink’ of War and ‘Beyond’ Ability to Talk (Fox Business)
After American billionaire Ray Dalio returned from his China trip with grim warnings, policy experts are chiming in on “the scale of the threat” the Communist Chinese Party poses to national security. Through his LinkedIn profile, Dalio published an article focusing on the “great power conflict” and what’s going on with China. He claimed the piece is informed by two recent visits to Beijing where he spent a total of 13 days.
Image by Gerd Altmann from Pixabay
Fund Managers ‘Excited’ About the End of Cheap Money (AFR.com)
Investors from the Future Fund to hedge fund GMO are preparing for a stock pickers market as interest rates near their peak in the cycle. As the era of cheap money comes to an end after the fastest monetary tightening in a generation, fund managers say they are “excited” about the investment opportunities that higher volatility will throw up. Speaking at The Australian Financial Review Alpha Live Summit this week, James Montier, senior investment strategist at GMO, said current market conditions were much more “appealing” for the Boston-based hedge fund.
Hedge Fund Bosses on Surging Inflows: ‘The Days of Just Going Long on Risky Assets are in the Past’ (Financial News)
Hedge fund managers see the industry as “well-positioned” to take advantage of changes in the global economy and asset pricing after investors showed confidence with billions of dollars in fresh injections into the alternative investments sector. The hedge fund industry’s net inflows eclipsed $9bn in the first quarter, the highest level since Q1 2022, according to hedge fund research firm HFR. Equity hedge funds attracted inflows of $3.3bn.
He Was a Quant at Citadel. Now He Agitates for GameStop Investors (The Wall Street Journal)
Dave Lauer is mobilizing individual investors in favor of a stock-market overhaul. Dave Lauer was once a quant at hedge fund Citadel. Now he is a thorn in the side of Wall Street in a battle over how individual investors’ trades are handled in the U.S. stock market. Mr. Lauer is the co-founder of We the Investors, an advocacy group that draws much of its energy from apes — investors active on social media who tend to favor meme stocks such as GameStop Corp. and AMC Entertainment Holdings Inc.
Point72 Offering $300k Salary to Lure Quant Teacher (Hedge Week)
Steve Cohen’s Point72 has demonstrated the value it places on nurturing the next generation of quant analysts, by offering a bumper $300k salary for a teacher to educate its up and coming graduate trainees, according to a report by eFinancialCareers. The Stamford, Connecticut-based hedge fund firm is looking for an Academy Alternative Data Specialist based in New York within its Investment Professional Development (IPD) team. The salary range for the role is a flat $300k, while the maximum on offer for another vacant Point72 role as a general quantitative researcher is ‘only’ $200k.
Investors Withdraw from Hedge Funds in February (Opalesque)
Opalesque Industry Update – After gulping fresh lungfuls of air in January, many hedge fund managers found themselves pushed underwater again in February by the boots of exiting limited partners. Hedge fund investors extracted -$11.58 billion during the month, causing a -0.23% contraction of industry assets, according to the Barclay Fund Flow Indicator published by Backstop-BarclayHedge. An aggregate -$59.87 billion trading loss in February tamped down total industry assets to $4.99 trillion as the month ended.
Friday 4/28 Insider Buying Report: TCBI, FFIN (Nasdaq.com)
At Texas Capital Bancshares, a filing with the SEC revealed that on Monday, Director Robert W. Stallings purchased 15,000 shares of TCBI, at a cost of $51.44 each, for a total investment of $771,600. Texas Capital Bancshares is trading up about 1.6% on the day Friday. Before this latest buy, Stallings bought TCBI on 6 other occasions during the past twelve months, for a total investment of $3.77M at an average of $56.01 per share. And on Thursday, Director Michael B. Denny purchased $99,750 worth of First Financial Bankshares, purchasing 3,500 shares at a cost of $28.50 a piece. Before this latest buy, Denny purchased FFIN at 5 other times during the past year, for a total investment of $913,633 at an average of $40.11 per share. First Financial Bankshares is trading up about 1.3% on the day Friday. Denny was up about 3.3% on the buy at the high point of today’s trading session, with FFIN trading as high as $29.44 at last check today.
Procter & Gamble, Crocs And These 2 Stocks Insiders Are Selling (Benzinga)
Crocs: The Trade: Crocs, Inc. (CROX) CEO Andrew Rees sold a total of 10,000 shares at an average price of $150.05. The insider received around $1.5 million from selling those shares. Procter & Gamble: The Trade: The Procter & Gamble Company (PG) CEO – Baby, Fem & Family Care Ma. Fatima Francisco sold a total of 8,000 shares at an average price of $156.84. The insider received around $1.25 million from selling those shares.
