Warren Buffett, How About an Earnings Call? (Bloomberg)
Saturday is Berkshire Hathaway Inc. earnings day, but don’t count on there being many insights from Warren Buffett himself. As Berkshire prepares to report its latest operating results and an update to its even more closely followed cash figure, what investors want most of all is to hear from the Oracle of Omaha. But unlike other companies, Berkshire’s quarterly earnings aren’t that illuminating. They usually entail only a perfunctory statement of the overarching numbers, with no prepared remarks or chance to ask questions.
Pro Bankruptcy Briefing: Kamensky, Marble Ridge in Hot Water Over MyTheresa | Kuwait-backed Prysm Files for Bankruptcy | Conservative Activist Wins Latest Round in Illinois Muni Debt Dispute (The Wall Street Journal)
Good day. Dan Kamensky, founder of hedge fund Marble Ridge Capital LP, is in hot water over Richard Pachulski’s allegation the hedge-fund manager pressured Jefferies as part of his plan to secure shares in Neiman’s lucrative MyTheresa business at a steep discount. Prysm Inc., a video-screen developer backed by Kuwait’s sovereign-wealth fund, is selling part of its business in bankruptcy and handing some other operations to lenders. An appeals court has revived a challenge to $14 billion in Illinois debt, a victory for the head of a conservative think tank who had sued to block further payments on state debt.
Billionaire Former Hedge Fund Chief John Paulson to Host Big-Money Hamptons Fundraiser for Trump (CNBC)
President Donald Trump is set to attend a big-money fundraiser Saturday at the home of one of his closest Wall Street allies. Billionaire former hedge fund manager John Paulson will host Trump at his home in swanky Southampton on Long Island, N.Y., according to people with direct knowledge of the matter. Tickets for the dinner event are priced up to $500,000 per couple, an invitation says. These people declined to be named as Paulson had yet to be publicly identified as one of the hosts.
Billionaire Dan Loeb Lays Out his Strategy Shift to Focus on ‘Quality’ Companies — and Why $13 Billion Third Point is Big on the Growth Prospects of Amazon, Alibaba, and Disney (Business Insider)
For novice investors looking to run a value strategy, billionaire Dan Loeb recommends Joel Greenblatt‘s book “You Can Be A Stock Market Genius.” But Loeb himself has shifted away from his roots as an “event-drive, value-oriented” manager, he tells investors of $13.4 billion Third Point in his latest letter dated Thursday, taking activist positions as the investing environment continues to change.
Growth Opportunities Abound for Asia’s Private Debt Industry Despite COVID-19 Headwinds (Preqin.com)
The private debt industry in Asia has surged in recent years, supported by rising investor interest and a growing need for capital. The number of private debt investors in the region increased from 115 in 2014 to a record 477 at the end of 2019, while assets under management (AUM) held by Asia-focused private debt fund managers more than doubled from $28bn to $64bn over the same period, according to data from Preqin Pro. A booming middle class and burgeoning SME market in Asia have led to resilient economic growth, which has encouraged a shift away from traditional bank financing and toward private credit. Despite the ongoing headwinds posed by COVID-19, the private debt landscape in Asia offers attractive opportunities – especially for industry participants that understand the unique nuances of each distinct market in this diverse region.
Seth Klarman Reckons With a ‘Major Sea-Change’ (Institutional Investor)
The Baupost CEO foresees a future in which capital could lose its grip over labor. Baupost CEO Seth Klarman is no doubt an ardent capitalist, but the Covid-19 pandemic has led him to see capitalism’s failings all around us – and he thinks change is afoot.“Sometimes, right before our eyes, a major sea-change occurs,” the billionaire hedge fund manager wrote investors in a lengthy second-quarter letter that…
Healthcare Hedge Fund Rhenman Eyes “Intense” Covid-19 Vaccine Activity (Hedge Week)
Rhenman & Partners Asset Management, a Stockholm-based hedge fund firm which invests in global healthcare stocks, is optimistic about a post-US election market bounce, and points to “intense activity” among vaccine developers working on a treatment for Covid-19. The firm’s Rhenman Healthcare Equity Long/Short Fund – which trades a range of small, medium and large pharmaceuticals, biotechnology, medical technology and service company stocks – was down in July. But Henrik Rhenman, founding partner and chief investment officer, believes the traditional uncertainty that typically looms over the healthcare sector ahead of every US presidential election will give way to a strong uptick in November and December.