Steven Cohen is Said to Lose Bid to Open Point72 Hedge Fund to British Investors (CNBC)
Steven Cohen is having a tough time getting U.K. financial regulators to give him a second chance in that country. The billionaire recently opened his Point72 Asset Management hedge fund to outside investors in the U.S., but British securities regulators won’t let Cohen open the fund to U.K. investors, according to a report in the FT, citing people familiar with his application to do business there. That makes it the second rebuff by British regulators in a year.
Billionaire Ray Dalio: A.I. is Widening the Wealth Gap, ‘National Emergency Should be Declared’ (CNBC)
Billionaire hedge fund founder Ray Dalio says artificial intelligence and automation are improving productivity but also causing such a dramatic wealth gap that “a national emergency should be declared.” The co-chief investment officer and co-chairman of Bridgewater Associates shared his thoughts in a Facebook post on Thursday. Dalio says he was responding to a question about whether machine intelligence would put enough people out of work that the government will have to pay people to live with a cash handout, a concept known as universal basic income.
Cultural Mix a Hidden Weapon in Nestle CEO’s Activist Defense (Reuters)
LONDON (Reuters) – Growing up in Germany, Mark Schneider was pushed to become fluent in English by his father, who believed it would give him an edge. Now as Nestle’s (NESN.S) relatively new chief executive, the 52-year-old’s abilities are being put to the test by an activist U.S. investor pressing him to act faster and more forcefully to raise the Swiss company’s profit. Billionaire hedge fund manager Daniel Loeb’s Third Point is urging steps it says can boost margins and double earnings per share at the world’s biggest food company by 2022.
Legendary Investor’s Embrace Of Sustainable Investing Is New, But The Movement Isn’ (Forbes)
Earlier this month, hedge fund manager Paul Tudor Jones made headlines across the financial press with his comment that “capitalism may need modernizing,” during an interview with CNBC’s SquawkBox. But, to me, the most interesting quote of the interview wasn’t picked up. It was about the genesis of his new JUST exchange traded fund (ETF), a product that scores companies according to elements of good corporate behavior (e.g., worker treatment and benefits, the environmental impact of their supply chain, diversity in management and governance).
For “King David” Einhorn, a Steep Fall (Barron’s)
Hedge fund manager David Einhorn, once known as “King David” for his outsized investment success, is slumping badly-and his investors aren’t happy. Einhorn’s Greenlight Capital has shrunk to an estimated $5.5 billion or so of assets, from a reported $12 billion in 2014, and his investments are struggling, writes The Wall Street Journal.
Who is David Einhorn, Greenlight’s Founder? (Investopedia.com)
David M. Einhorn is a noted American billionaire investor, hedge fund manager and philanthropist. He is the founder and president of Greenlight Capital, a hedge fund that invests primarily in North American equities and corporate debt offerings. He is one of Wall Street’s most closely followed investors due to his bold trading positions. Einhorn holds the 1650 rank in the Forbes list of global billionaires, and stands at number 494 among American billionaires for the year 2018. He was ranked number 18 among the list of top hedge fund managers in the year 2015. His net worth peaked at $1.9 billion during March 2015, and now stands at $1.4 billion as of March 2018.