Milwaukee Bucks add third hedge fund owner (CNBC)
The big “bucks” keep flowing from Manhattan to Milwaukee. Billionaire investor Jamie Dinan, founder of York Capital Management, has joined fellow hedge fund managers Marc Lasry of Avenue Capital and Wes Edens of Fortress Investment Group as a “substantial” owner of the NBA’s Milwaukee Bucks. Dinan became an owner in July, but it was first disclosed in a news release Thursday night announcing a separate group of new partial stakeholders. They include “community leaders and philanthropists” who the Bucks hope will represent a “bold new model of private, community and potentially public partnership.”
Ex-analyst gets 5 years in prison in NYC case (PressTelegram)
A former investment analyst for a San Francisco hedge fund was sentenced Thursday to five years in prison after prosecutors labeled him one of the most prolific leakers of inside information they’d ever seen. Before hearing the sentence in federal court in Manhattan, a tearful Matthew Teeple apologized for bringing shame to his family. “It saddens me beyond words and I am deeply remorseful,” said Teeple, a married father of three small children.
Everest, Passport and the Emerging Market Mantra (InstitutionalInvestorsAlpha)
John Burbank, the CEO of $4 billion Passport Capital in San Francisco, has been looking pretty smart about how to play emerging markets, although the global downturn this week is cutting into almost everyone’s long positions. About two years ago Burbank decided that some of the biggest future earnings were in Chinese Internet companies – then in September the Chinese Internet commerce site Alibaba Group Holding Ltd (NYSE:BABA) came out with the biggest initial public offering of the year, at $22 billion…
Prince Harry: Seeking Hedge-Fund Hottie? (NYMag)
Prince Harry: spotted giving a speech at the 100 Women in Hedge Funds gala dinner in London last night. On a mission to scope hard for a hedge-fund babe? Oh, certainly. But it wasn’t as easy as shooting fish in a ballroom. “I am not entirely sure who made the seating plan but I am sitting between two men,” Harry said (glaringly?). “I thought it would just be 100 women and myself.” No word yet on the fate of the two proximate males.Were they promptly dispatched to another kingdom? Only Harry and his hedge-fund harem could answer that, and they are quite preoccupied sharing pro-tips on managing limited partnerships.
Short Seller Mulls Starting Hedge Fund Management Firm (FA-Mag)
Short seller Carson Block, the founder of research firm Muddy Waters LLC who has exposed accounting problems at a slew of Chinese companies, said on Thursday that he is seriously considering launching a hedge fund investment firm. “We are more so than ever very seriously considering becoming a fund manager, but it would not be the same sort of Muddy Waters 8,000-page reports,” Block said in an interview. “When you’re running a fund management business, it takes a lot of resources to put those out.” Block said his hedge fund firm would combine activism with long-short strategies but with an emphasis on betting against companies.
5 Years Behind Bars For Former Hedge Fund Analyst (HedgeCo)
A former analyst for a hedge fund investment adviser in San Francisco, California, has received a 3 year prison sentence for his part in a $27 million fraud scheme based on insider trading, The New York Post reports. Back in May, 2014, hedge fund analyst Matthew Teeple pled guilty to participating in an insider trading scheme that resulted in at least $27 million in ill-gotten gains and losses avoided. Specifically, Teeple admitted that in 2008, he received and passed on to Investment Adviser A illegally obtained inside information about Foundry Networks Inc., a technology company located in Santa Clara, California.
Pimco to Blackstone Preparing to Feast After Yield Surge (Bloomberg)
In a junk-bond market that has been anything but high-yield for almost two years, the world’s biggest debt-fund managers have been stockpiling cash for a selloff. After the worst one in three years, they’re getting ready to pounce. Firms from Pacific Investment Management Co. to The Blackstone Group L.P. (NYSE:BX) say they are poised to scoop up speculative-grade corporate bonds after yields rose to the highest levels in more than a year. They’re looking for bargains after building up the highest levels of cash in almost three years. “Credit is a buy here, specifically high yield” bonds and loans, Mark Kiesel, one of three managers who oversee Pimco’s $202 billion Total Return Fund, said yesterday in a Bloomberg Television interview.
New York law firm’s bond with most expensive office tower in US (FT)
Everyone knows that office space, ideally, reflects a company’s brand (see Facebook Inc (NASDAQ:FB) and Apple Inc. (NASDAQ:AAPL)’s multibillion-dollar headquarters). But in the era of the “cloud”, there have been loud mutterings in the client-services industry, especially among law firms, that high rents in prestigious buildings are no longer justified. Certainly this question was raised recently inside the law offices of Weil, Gotshal & Manges LLP as the partnership considered whether or not to renew its lease, due in 2019, in the General Motors Company (NYSE:GM) building in New York, the most expensive office tower in America. The lawyers had been there since 1968.
Einhorn’s Greenlight to Reopen to New Investors (Barrons)
Hedge fund titan David Einhorn is asking investors to open their wallets. The billionaire’s hedge fund Greenlight Capital plans to raise money for the first time in two years, building up fuel to take advantage of the recent market turmoil, according to a Bloomberg report. The hedge fund will begin accepting capital from existing investors on Nov. 1 and new clients a month later. Greenlight has been closed to new cash since the first quarter of 2012. The company’s September performance was hurt as two of its biggest investments, Sunedison Inc (NYSE:SUNE) and Marvell Technology Group Ltd. (NASDAQ:MRVL) dropped in the month.
Jim Rogers Warns: Albert Edwards Is Right “Sell Everything & Run For Your Lives” (ETFDailyNews)
From Bitcoin to the Swiss gold referendum, and from Chinese trade and North Korean leadership, Jim Rogers covers a lot of ground in this excellent interview with Boom-Bust’s Erin Ade. Rogers reflects on the end of the US bull market. citing a number of factors from breadth to the end of QE, adding that he agrees with Albert Edwards’ perspective that now is the time to “sell everything and run for your lives,” as the “consequences of [The Fed] are now being felt.” Most notably though, Rogers believes the de-dollarization is here to stay as Western sanctions force many nations to find alternatives.