Ackman Says He’d Have to Think Hard Before Next Short Bet (Bloomberg)
William Ackman, who runs $20 billion Pershing Square Capital Management, is hesitant to take on another short campaign after Herbalife Ltd. because it’s not a productive use of time. “I would have to think very hard before doing another public short,” he said in a Bloomberg Television interview with Stephanie Ruhle at the Sohn Investment Conference in New York on Monday. “There are easier ways to make money.”
Greenlight’s Einhorn Attacks Frackers, Says Pioneer Burns Cash (Bloomberg)
David Einhorn, who runs hedge fund Greenlight Capital, criticized Pioneer Natural Resources Co. for spending too much money without returns and called it the “motherfracker.” “We think Pioneer generates a negative equity returns on capex” he said at the Sohn Investment Conference in New York on Monday. Pioneer shares fell 2.6 percent to $167.13 at 12:23 p.m. in New York.
Long Before British Vote, Financiers Weigh In (The New York Times)
No political party in Europe has done more for hedge funds and bankers in recent years than the British Conservatives. And the party has been well rewarded for it. Hedge fund managers have been writing eye-popping checks to the Conservative Party before the British election on Thursday. And with no campaign finance limits for party donations, there is little to hold them back. More than $2.3 million has come since last year from Michael Hintze, an Australian billionaire who lives in London, where he founded the hedge fund CQS Cayman LP.
Gundlach recommends buying Puerto Rico muni bonds, says could drop before rising (CNBC)
The annual Sohn Investment Conference generated some major headlines Monday, among them: Leon Cooperman warned that bonds were overvalued. David Einhorn outlined a new short position in fracking companies. Corvex‘s Keith Meister, a top-5 shareholder in Yum Brands, called on the company to spin off its China business. Jeff Gundlach recommended Puerto Rico’s embattled muni bonds.