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Hedge Fund and Insider Trading News: T. Boone Pickens, Carl Icahn, Glen Kacher, Camber Capital Management, Elliott Management, Abbvie Inc. (ABBV), Fidelity National Financial Inc (FNF), and More

Oil Tycoon T. Boone Pickens Left Behind an Incredible Letter About the Best Life Lessons He Learned, and Every Line is a Must-read (Business Insider)
In a message he wrote shortly before his death, the legendary oil magnate T. Boone Pickens recalled the lessons he learned about how to succeed in business and in life over nearly a century on Earth. The oil magnate died on September 11 at 91. Pickens made his billion-dollar fortune after founding the oil and gas company Mesa Petroleum, later starting the hedge fund BP Capital Management. Before his death, Pickens wrote a letter, recently released by the T. Boone Pickens Foundation.

Camber Capital Says Amag Pharma’s Shares Undervalued, Seeks Changes (Reuters)
Sept 20 (Reuters) – Camber Capital Management said on Friday the shares of Amag Pharmaceuticals Inc were undervalued and that it intends to discuss the composition of the company’s board of directors with other shareholders. The hedge fund had a 12.9% stake in Amag as of Sept. 20, it reported in a filing.

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AT&T Boss Met With Activist to Discuss Strategy (The Wall Street Journal)
AT&T Inc.’s chief executive met this week with the activist investor who is pressing the company to rethink its strategy and sell off more assets, according to people familiar with the matter. AT&T boss Randall Stephenson and Jesse Cohn, the portfolio manager at Elliott Management Corp. who challenged the telecom veteran, met Tuesday in New York for an introductory conversation, the people said. The hedge-fund manager discussed streamlining operations and Elliott’s other ideas, the people said.

A Performance Coach for Tiger Woods and Billionaire Steve Cohen Told a Room Full of Investors How to Learn from Big Mistakes – Advice that May Come in Handy After Recent Market Mayhem (Business Insider)
At a CFA Society event on Thursday night, Dr. Gio Valiante and Denise Schull told investors and traders that many people haven’t trained themselves to correctly learn from mistakes. Mistakes can’t be punished by the brain, but instead need to be seen as learning opportunities, said Valiante, who works with investors at Steve Cohen‘s Point72, including Cohen himself. “It’s not about making mistakes, it’s about catching them before they kill you,” said Svein Backer, the managing director of global equities for Lockheed Martin’s $72 billion pension, at the CFA event.

Icahn Pushes Chancery For Lower Bar In Proxy Docs Fights (Law360.com)
Law360, Dover (September 20, 2019, 1:52 PM EDT) — Holdings of hedge fund giant Carl Icahn argued in Delaware’s Chancery Court Friday that less restrictive tests should apply to investor document demands in support of proxy fights, as battling widens over the price Occidental Petroleum Corp. paid in its $55 million purchase of Anadarko Petroleum Corp. last month. Stephen E. Jenkins of Ashby & Geddes, counsel to Icahn’s High River Limited Partnership and affiliates, argued that Icahn’s information gathering about the deal should not be shut down by court precedent blocking use of “books and records” actions as fishing expeditions for lawsuits challenging the fairness of deals and director and…

Hedge Fund Veterans Share Best Ideas at Delivering Alpha (Opalesque.com)
Bailey McCann, Opalesque New York: Hedge fund greats came together again in New York for the annual Delivering Alpha conference. This year’s event had a different tone than years prior – there was less of an emphasis on markets and a greater focus on politics and headlines. Still, a few calls were made from the stage. Below is a roundup of best ideas. Longs: Uber & Lyft: Rideshare companies Uber and Lyft have had a tough time since their respective IPOs. Both stocks are down 25% since their IPO date. But, Glen Kacher of Light Street Capital was positive on both names. Kacher said that there is significant growth potential in services like Uber Eats. Both Uber and Lyft have raised prices for rides recently in the US, which is leading to some margin growth as well.

Leave My Fees Alone (Hedge Nordic)
Stockholm (HedgeNordic) – Hedge fund managers are more inclined to negotiate down their management fees than performance fees, according to eVestment’s State of Institutional Fees Report: Hedge Funds. After comparing the negotiated fees from 180 hedge fund commitments with the stated fees reported in the eVestment platform, the report shows that around 39 percent of funds offered a discount from their stated management fees, but only 11 percent were willing to budge on performance fees.

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