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Hedge Fund News: Edward Lampert, Nouriel Roubini & Caxton Associates LP

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Sears to sell down Canada stake, turns to CEO again for cash (Reuters)
Sears Holdings Corporation (NASDAQ:SHLD) is turning to its chief executive for cash for the second time in three weeks in a sign that its efforts to sell off assets are coming up short. The retailer announced Thursday that it would raise up to $380 million by lowering its stake in Sears Canada (SCC.TO) to 12 percent from 51 percent through a rights offering. It said Chief Executive Eddie Lampert and his hedge fund, which together own 48.5 percent of Sears Holdings, would buy about half of the offering.

ESL INVESTMENTS

Brevan’s $700 Million Commodity Hedge Fund Slumped in September (SwissInfo)
Brevan Howard Asset Management LLP lost 10.3 percent last month through Sept. 26 in a commodity hedge fund run by Stephane Nicolas, according to an investor. The $700 million fund fell 7.1 percent this year, said the investor, who asked not to be identified because the information is private. A official for Brevan Howard declined to comment. The Bloomberg Commodity Index, made up of 22 raw materials, slumped 6.2 percent last month, its biggest monthly decline since May 2012.

Goldman Sachs Funds Buy Stake in Caxton Hedge Fund (WSJ)
Caxton Associates L.P., a nearly $8 billion hedge-fund firm, has sold a minority stake to a group of Goldman Sachs Group, Inc. (NYSE:GS) +1.28% private-equity funds, according to a letter to investors viewed by The Wall Street Journal. Goldman’s Petershill II funds will initially purchase a 9.99% stake, and may increase their ownership to 19.99% over the next 9 months, the letter said. The price of the deal wasn’t disclosed. The letter, signed by Caxton CEO Andrew Law, described the Goldman stake as a “passive minority interest that does not carry with it any investment management or board representation rights.”

Billionaire Peter Thiel Explains Why He Would Tell His Younger Self To Be Less Competitive (BusinessInsider)
Peter Thiel – the billionaire cofounder of PayPal and Palantir, as well as a powerful venture capitalist and hedge fund manager – is well known for his contrarian, often academic bits of wisdom. It may come as a bit of a surprise to learn that, despite his focused approach to business, he sees the intense competitiveness often associated with entrepreneurialism to be more of a burden than an asset. In an episode of author and investor Tim Ferriss’ podcast, Thiel explains some of the basic principles in his new book “Zero to One.”

Candlewood Hedge Fund Plans Fund to Buy Puerto Rico Debt (Bloomberg)
Candlewood Investment Group LP, the $3 billion hedge-fund firm run by Michael Lau, plans to start a fund to profit from Puerto Rico’s debt market, as the commonwealth and its agencies struggle with $73 billion of obligations. The Candlewood Puerto Rico SP fund will target securities including general-obligation bonds, debt of public corporations and the monoline-wrapped space, the New York-based firm said in a presentation obtained by Bloomberg News. Market prices are offering unadjusted yields of 8 percent to 10 percent and U.S. tax-equivalent yields of 16 percent to 20 percent, it said.

Buffett’s million dollar hedge fund bet (CNBC)

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