Buffett Says Too few from Wall Street Are Giving Their Fortunes Away, Hopes More Follow Cooperman’s Lead (CNBC)
Warren Buffett praised Leon Cooperman’s vow to give away his entire fortune to charity. In an email to the hedge fund billionaire, Buffett said “a disproportionately low number of people” from Wall Street have committed to the Giving Pledge and urged the investor to influence his peers to give more. The Giving Pledge was created by Bill and Melinda Gates and Warren Buffett. In 2010, 40 of America’s wealthiest individuals and couples committed to give more than half of their wealth away to philanthropy or charitable causes.
Hedge Fund Titan Daniel Loeb Worries About Fed Hikes (AI-CIO.com)
Billionaire hedge fund operator Daniel Loeb usually looks at company fundamentals instead of the macroeconomic picture in plotting his strategy. But the activist investor is leery that the Federal Reserve will make a mistake and “kill the patient” by over-doing interest rate increases. While the founder and chief executive of hedge fund Third Point believes the odds of a recession next year are low, he cautioned in a letter to investors that “the calculus is more fragile than a year ago.”
The NFL Has A List Of Billionaire “Tiger Cubs” That Could Buy Teams In The Future – And It Just May Change How The League Operates (CelebrityNetWorth.com)
Ideally, the NFL would like its owners to manage teams like multibillion dollar assets. Even just 20 years ago, most franchises were worth hundreds of millions of dollars. Today, every single team is valued at more than a billion and a half dollars. The league had a strong preference for new Panthers owner David Tepper. Tepper, a hedge fund manager, has more than 35 years of experience in the financial world. And he’s certainly not hurting with money – he once earned $2.2 billion in one year. These “Tiger cubs” are named for Bill Goodell, brother of NFL commissioner Roger Goodell. Bill spent years working at New York hedge fund Tiger Management. Bill worked with several men who had the means and desire to buy an NFL team.
David Einhorn’s Greenlight Re Loses Key Executive (InstitutionalInvestor.com)
The executive brought into David Einhorn’s reinsurance company Greenlight Capital Re to be what he called a “second set of eyes” on its struggling operations is leaving the company. On Friday, Greenlight Re announced that Michael Belfatti, a 20-year reinsurance veteran who joined as chief operating officer last September, is stepping down “for personal reasons.”