Hedge Fund Billionaire Izzy Englander Paid A Record $71 Million For His Palatial Duplex (BusinessInsider)
Izzy Englander and his palatial new duplex. It’s official: Hedge-fund billionaire Israel “Izzy” Englander paid a record $71.3 million for a duplex apartment at New York’s swanky 740 Park Ave., according to Bloomberg. That’s the highest price ever paid for a New York City co-op. The billionaire purchased the apartment from the country of France, which was once used by the French ambassador, for a whopping $23 million over the asking price. A three-way bidding war pushed up the apartment’s price, Curbed reported when the sale was first announced.
How A Dinner At A Billionaire’s House Led To A Massive Hire For A Startup That’s Trying To Make Eggs Obsolete (BusinessInsider)
A little less than a year ago, Josh Tetrick was at a dinner in the home of billionaire hedge fund manager Tom Steyer. Steyer and his wife, Kat Taylor, were hosting the dinner for a non-profit that was trying to raise money. Tetrick is the founder of Hampton Creek, a San Francisco startup that’s exploring plant species to create alternatives to eggs. It currently sells an egg-less mayo, egg-less cookie dough, and it’s working on egg-less scrambled eggs.
Hedge Fund Blames High-Frequency Trading for Shutdown (WSJ)
A hedge-fund manager is blaming an unusual culprit for his firm’s demise: high-frequency traders. Rinehart Capital Partners LLC, which had been backed by hedge-fund veteran Lee Ainslie and specialized in emerging-markets stock-picking, is closing, according to a letter viewed by The Wall Street Journal. In the letter, Rinehart founder Andrew Cunagin aligned himself with those who have been critical of the rise of fast-moving traders.
Loeb’s Reinsurer Slumps as Hedge-Fund Investors Gain (Bloomberg)
Dan Loeb’s foray into the reinsurance industry is proving to be more volatile for investors than his hedge-fund returns. Third Point Reinsurance Ltd (NYSE:TPRE), a Bermuda-based firm that relies on the billionaire money manager to oversee its assets, rallied about 50 percent last year after its initial public offering. Since peaking on Dec. 20, shares have slid 17 percent. Loeb’s main hedge fund, in contrast, returned 6.4 percent this year through August after gaining 25 percent in 2013.
Why You Should Consider Investing in CGI Group Inc. for Capital Growth (Fool)
In 2013, CGI Group Inc. (USA) (NYSE:GIB) was in the news for all the wrong reasons. The Obamacare fiasco put the company in the middle of a heated debate with our neighbors in the south. Add to that the negative press of hedge fund investor Jim Chanos announcing his short position, and we can begin to understand why the stock is only up 12% so far this year. Aside from that negative press, the underlying business is getting stronger and here are a couple of reasons why I like the company.