Alan Howard Steps Down as Hedge Fund CEO to Focus on Trading (Bloomberg)
Alan Howard, whose Brevan Howard Asset Management once managed $40 billion, is stepping down as chief executive of the firm he founded and has been struggling to revive. Aron Landy, currently the chief risk officer, will assume the CEO role, the firm said Tuesday in a U.K. regulatory filing. The Brevan Howard Master Fund Ltd. has climbed 7.5% this year through September.
The Market will Drop 25% If Warren Wins the Election, Says Hedge Fund Legend Paul Tudor Jones (CNBC)
Billionaire Paul Tudor Jones on Monday joined a growing chorus of Wall Street regulars in forecasting major losses for the U.S. stock market if Democrat Elizabeth Warren wins the 2020 presidential election. The S&P 500 would sink about 25% if the Massachusetts senator beats President Donald Trump next year on investor fears over her proposed wealth tax, Jones said at the Robin Hood Investors Conference, according to a Bloomberg News report.
Billionaire Hedge Fund Manager Ray Dalio Says Global Economy Faces ‘Scary Situation’ (Bloomberg)
Billionaire hedge-fund founder Ray Dalio says the global economy is under threat from an explosive mix of ineffective monetary policy, a rise in the wealth gap and climate change. The combination will lead to a “scary situation” over the next decade, according to Dalio, whose investment management firm, Bridgewater Associates, is the world’s biggest hedge fund. Dalio made the comments at an investment forum in Saudi Arabia.
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Hedge Funds Provide a Smoother Route to Returns than the Rollercoaster Ride of Equities, Says SkyBridge (Hedge Week)
Investing in equities can be a wild ride. Like any rollercoaster you’ve ever ridden, the slow climb up is a serene experience. The higher you get, the better the view. Wonderful. Then you descend, the G force kicks in, and you start to scream with exhilaration; fear and adrenaline forming a heady mix. Hedge fund investing, by analogy, is less a rollercoaster ride, and more a steady drive in a Rolls Royce; designed specifically to get the investor to their end destination as smoothly as possible. Despite this, traditional media continue to compare hedge funds to equities which are having another great year; equities are up 16 per cent whereas hedge funds are up approximately 7.5 per cent.
Hedge Funds Fight for Asia Talent With Bonuses, Training (Bloomberg)
In a glass-walled room at Point72 Asset Management LP’s outpost in Hong Kong, five fresh-faced graduates pore over spreadsheets and give tentative answers to questions about cash flow and the cost of capital. These would-be masters of the universe are the first participants in Point72’s Asia Academy associate program, the hedge fund firm’s latest salvo in an intensifying war for regional talent.
California Governor Calls on Warren Buffett to Purchase Bankrupt PG&E (UtilityDive.com)
Dive Brief: While calls mount for Pacific Gas & Electric (PG&E) to become a public utility, Governor Gavin Newsom, D-Calif., said he would welcome a sale of the bankrupt company to investor Warren Buffett. Berkshire Hathaway Energy Corp, a subsidiary of Berkshire Hathaway Inc., which is owned by Buffett, has significant holdings in California and is “one of the few that are in a position to make a significant run at this,” Newsom told Bloomberg BusinessWeek. But experts warned that Berkshire would be entering a complex set of circumstances given the ongoing wildfires, power outages and bankruptcy proceedings the California utility faces.
Hedge Funds See 6th Consecutive Quarter of Outflows (Axios.com)
Hedge funds saw overall negative returns for the second month in a row in September and investors continued to pull their money out, data from research firm eVestment shows. Why it matters: It’s the latest piece of negative data for an industry that appears to have its best days behind it. By the numbers: More than $12 billion was redeemed from the global hedge fund industry in September, bringing year-to-date flows to -$76.86 billion.
The CAO of Pinnacle Financial Partners (NASDAQ: PNFP) is Selling Shares (Analyst Ratings)
Today, the CAO of Pinnacle Financial Partners (PNFP), Hugh Queener, sold shares of PNFP for $612.6K. Following Hugh Queener’s last PNFP Sell transaction on September 13, 2019, the stock climbed by 2.8%. In addition to Hugh Queener, one other PNFP executive reported Sell trades in the last month. Based on Pinnacle Financial Partners’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $326 million and quarterly net profit of $111 million.
Federal Court Orders Florida Company to Pay More Than $15 Million in Monetary Sanctions for Fraud and Illegal Transactions (HedgeCo.net)
(HedgeCo.Net) The U.S. Commodity Futures Trading Commission today announced that the U.S. District Court for the Southern District of Florida entered a default judgment against defendants Aviv Michael Hen of New York, and Omega Knight 2, LLC, as well as a consent order against Erez Hen of Florida, for fraud and illegal, off-exchange precious metals transactions and failing to register with the CFTC. The court’s default judgment requires defendants Omega Knight and Aviv Hen to pay a civil monetary penalty of $11,442,771, pay $3,814,257 in disgorgement, and imposes permanent registration and trading bans against them.
Teledyne Technologies Inc (TDY) EVP, Strategy, Mergers & Acq. Jason Vanwees Sold $2.3 million of Shares (Guru Focus)
EVP, Strategy, Mergers & Acq. of Teledyne Technologies Inc., Jason Vanwees, sold 7,000 shares of TDY on 10/28/2019 at an average price of $328.27 a share. The total sale was $2.3 million. Teledyne Technologies Inc provides enabling technologies for industrial growth markets such as deepwater oil & gas exploration & production, oceanographic research, air & water quality environmental monitoring, & among others.
The VP & Controller of Fortune Brands (FBHS) is Buying Shares (Smarter Analyst)
Today, the VP & Controller of Fortune Brands (FBHS), Danny Luburic, bought shares of FBHS for $349.6K. This recent transaction increases Danny Luburic’s holding in the company by 121.58% to a total of $644K. Following Danny Luburic’s last FBHS Buy transaction on February 13, 2019, the stock climbed by 13.6%. Based on Fortune Brands’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $1.46 billion and quarterly net profit of $106 million. In comparison, last year the company earned revenue of $1.38 billion and had a net profit of $99.8 million. The company has a one-year high of $61.78 and a one-year low of $35.27. FBHS’s market cap is $8.44B and the company has a P/E ratio of 20.69.
The President & COO of Arch Coal Inc (NYSE: ARCH) is Selling Shares (Analyst Ratings)
Today, the President & COO of Arch Coal Inc (ARCH), Paul Lang, sold shares of ARCH for $80.55K. Following Paul Lang’s last ARCH Sell transaction on March 07, 2017, the stock climbed by 18.0%. In addition to Paul Lang, 2 other ARCH executives reported Sell trades in the last month. The company has a one-year high of $101.92 and a one-year low of $68.63. ARCH’s market cap is $1.26B and the company has a P/E ratio of 4.60. Currently, Arch Coal Inc has an average volume of 249.38K.
U.S. Loses Inside-Trade Suspect by Filing in Wrong Language (2) (Bloomberg)
The U.S. lost hold of a former investment banker wanted on insider-trading charges after it filed an extradition request for him in the wrong language. Benjamin Taylor, 35, was arrested in Monaco and was being held pending the request, Monaco’s prosecutor Sylvie Petit-Leclair, said in a telephone interview. But a Monaco court rejected the request in May because it had been filed only in English, Petit-Leclair said.
