Tiger Global Cuts Juul’s Valuation to $19 Billion (The Wall Street Journal)
Tiger Global Management slashed its valuation of e-cigarette startup Juul Labs Inc. to $19 billion, the latest sign of a broader reassessment investors are making of several one-time Silicon Valley darlings. The write-down by one of Juul’s earliest boosters came at the end of September, according to people familiar with the matter. A Tiger Global spokeswoman declined to comment on the reason for the write-down.
Clients Pull Money from Hedge Fund that Helped Kill Toys ‘R’ Us (FNLondon.com)
Solus Alternative Asset Management, a New York hedge fund best known for its role in the bankruptcy of Toys “R” Us, is under pressure from investors unhappy with its performance. In a sign of discontent, some investors have asked to retrieve their money before the end of their agreed-upon terms as Solus appears on track to deliver its second consecutive year of losses, people familiar with the matter said.
Billionaire Investor Ray Dalio Sat Down with his Idol, Paul Volcker, Who Laid Out the 3 Principles that have Guided His Legendary Career (Business Insider)
“He sees things from the top.” That’s how the billionaire investor Ray Dalio describes his idol, Paul Volcker – the former Federal Reserve chair who’s commonly viewed as one of the most important and influential figures in US economic history. It was that zoomed-out perspective that helped Volcker rescue America from the skyrocketing inflation that afflicted it in the late 1970s and early 1980s. His tight monetary policy was unpopular in the short term, but he was proved correct by 1983. Inflation came down, growth surged, and the US enjoyed a decade of economic prosperity.
Citadel Surges Past Multistrat Peers (Institutional Investor)
The hedge fund firm’s flagship fund is enjoying its best year in recent memory. Citadel’s main multistrategy fund is poised to post its best results in at least five or six years, depending on how it fares in the final month of the year.The hedge fund firm’s Wellington fund gained 1.3 percent in November and is now up 16.7 percent for the year, according…
Hedge Fund Elliott Pushes Saga To Jettison Care-giving Unit (DailyAlts.com)
It was a highly lopsided match anyway. However, in a peace offering to activist Elliott Advisors, Saga is putting its care business up for sale. Saga is reportedly working with accountants Grant Thornton to sell its Saga Healthcare unit. The business comprises the Country Cousins, and Patricia White’s branded care services. The specialist over-50s unit, which has 1,500 care-givers on its books, earned revenue of £6 million in the first half of the year.
Point72, Renaissance Technologies, and Millennium are Betting They Can Make Quant Strategies Work in Bond Markets. Here’s Why Their Nascent Credit Trading Teams Face an Uphill Battle (Business Insider)
Some of the world’s largest quant funds are working to turn their mathematical wizardry to a market that has long remained outside their reach: Bonds. Point72, Renaissance Technologies and Millennium Management are among a growing group of hedge funds hoping to leverage their expertise in analyzing large chunks of data to systematically trade US corporate bonds in what they believe could be a big opportunity in a market valued at $9.2 trillion in 2018.
George Soros Nurses $4.5m Loss Following GAM Investment (FNLondon.com)
The staying power of George Soros was demonstrated in May this year when news the billionaire investor had bought a stake in GAM sent the asset manager’s stock soaring. Now, though, shares in the crisis-stricken company are below where they were when Soros bought in, leaving him nursing a paper loss. Soros built a 3% stake in GAM via his SFM UK Management subsidiary, worth around 18.3m Swiss francs (about $18.5m), based on Financial News calculations. The move by one of the world’s most prominent investors, which was disclosed in regulatory filings to the Swiss stock exchange, boosted GAM’s share price by more than 15%.