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Weekend Reading

Klarman’s Baupost Poised to Cash In On PG&E Insurance Bet – The Wall Street Journal: Seth Klarman’s hedge fund Baupost Group LLC is poised to rake in profits from the bankruptcy of PG&E Corp. under an $11 billion insurance settlement, the endgame of an investment strategy launched months in advance of the California utility’s bankruptcy.

Q2 hedge fund letters, conference, scoops etc

Seth Klarman

Why GSE Junior Preferred Owners Are Not Out Of The Woods Yet – ValueWalk: Both junior preferred shares and common shares of Fannie Mae and Freddie Mac tumbled on Friday after the Treasury Department released its proposals for getting both GSEs out of conservatorship. However, everything changed on Monday as investors cheered the court’s ruling against the U.S. government and in favor of the plaintiffs in a key court case involving the GSEs.

‘UVA Has Ruined Us’: Health System Sues Thousands Of Patients, Seizes Paychecks, Claims Homes – USA Today: Heather Waldron and John Hawley are losing their four-bedroom house in the hills above Blacksburg, Virginia. A teenage daughter, one of their five children, sold her clothes for spending money. They worried about paying the electric bill. Financial disaster, they said, contributed to their divorce, finalized in April.

Billionaire Hedge-Fund Founder Leon Cooperman Just Called Private Equity A ‘Scam’ – Business Insider: The billionaire and Omega Advisors founder Leon Cooperman told attendees at an event in midtown Manhattan he thinks private equity, as it currently operates, is a “scam.”

Seth Klarman’s Advice For Successful Investing – ValueWalk Premium: One of the reasons why Klarman stands out as a value manager is his experience. He has been running Baupost for more than three decades, and during this time he has seen some of the most strong bull and bear markets of the past 100 years.

America’s Retirees Finally Receiving Protection From Shady Proxy Advisors: ValueWalk: The Securities and Exchange Commission (SEC) last month voted on new guidelines that direct fund managers who oversee the retirement funds of millions of pensioners and retail investors, to stop outsourcing their votes on shareholder proposals to unaccountable proxy advisors, and instead take responsibility to ensure their actions are in retirees’ best-interests.

Trump Says ‘Great News’ That Singer Hedge Fund Has Taken AT&T Stake – Bloomberg: President Donald Trump said it’s “great news” that a hedge fund run by billionaire Paul Singer had taken a new position in AT&T Inc., saying he hoped the investment by Elliott Management Corp. would “put a stop to all the Fake News emanating” from anchors at CNN.

Michael Burry Resource Page – ValueWalk: Michael Burry is the physician turned money manager and founder of Scion Capital LLC hedge fund and successfully ran it for eight years. Then, in 2008, Michael eliminated this fund so that he could concentrate on his private investments. He was one of the rare investors who took the daring step into the field of mortgages during the crisis period.

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