Billionaire Leon Cooperman Again Calls Biden’s Wealth Tax ‘Baloney’ (Forbes)
Topline: Wall Street legend Leon Cooperman on Thursday repeated his previous position that the current discussion on raising taxes for those earning more than $400,000 is “baloney,” and the focus should be on making the wealthy pay more in taxes by closing loopholes. Key Facts: Cooperman made his latest comments on wealth tax on Bloomberg Television, saying he does not believe that earning $400,000 in annual income makes someone rich. President Joe Biden and House Democrats have used $400,000 as a threshold in their plans to levy more taxes on the wealthy.
Billionaire Citadel Founder Ken Griffin Says He’ll Go ‘All-In’ to Defeat Dem Illinois Gov. Pritzker (Fox Business)
Ken Griffin, the Chicago billionaire who runs hedge fund giant Citadel and owns the enormous market-making firm Citadel Securities, says he’s “all-in” to back a candidate to try and defeat fellow billionaire and Democratic Gov. J.B. Pritzker of Illinois. “I’m going to make sure that if he runs again, that I am all-in to support the candidate who will beat him,” Griffin said Wednesday during comments he made at the DealBook Online Summit hosted by The New York Times. “He doesn’t deserve to be the governor of our state.”
Finance Guru Whitney Tilson Breaks Down Why Warren Buffett’s Berkshire Hathaway is the Ultimate ‘Stay Rich’ Stock — and Explains Why He’s Not Worried About $7 Billion in Net Stock Sales this Year (Business Insider)
Whitney Tilson explained why Warren Buffett‘s Berkshire Hathaway is a dream retirement stock. The veteran researcher touted its safety, value, growth, and the potential value of its cash. Tilson praised Berkshire’s record pace of buybacks, but called for even more aggressive repurchases. Markets guru Whitney Tilson broke down why Warren Buffett’s Berkshire Hathaway is the ultimate “stay rich” stock, discussed the famed investor’s pandemic strategy, and shared what he wants to see from Buffett’s company in an interview with Insider this week.
Hedge Fund Perma Bear Clark Shuts Down Amid Historic Bull Market (Bloomberg)
The longest running bull market in history has claimed one of its most high-profile victims. Russell Clark, who has wagered against stocks for much of the last decade, told clients that he is shutting down his eponymous hedge fund after a run of losses. The RC Global Fund he has managed since 2010 lost 2.6% through October this year and was down to about $200 million in assets from about $1.7 billion in 2015, according to investor documents seen by Bloomberg.
Hedge Funds return to winning ways with 1.68 per cent gain in October (Hedge Week)
The hedge fund industry shook off September’s swoon in October, posting a 1.68 per cent return for the month, according to the Barclay Hedge Fund Index compiled by BarclayHedge, a division of Backstop Solutions. By comparison, the S&P 500 Total Return Index gained 7.01 per cent in October. For the year to date, the hedge fund industry was up 10.60 per cent through October. The S&P 500 Total Return Index was up 24.04 per cent over the same period.