Activist Honest Capital Opposes $2.8 Billion Sale of At Home Group (Reuters)
BOSTON (Reuters) – Hedge fund Honest Capital said on Tuesday that it opposes a $2.8 billion deal that At Home Group Inc signed last week to sell itself to private equity firm Hellman & Friedman, even as the U.S. home goods retailer searches for a higher bid. Honest Capital wrote to the company’s board of directors to argue the $36-per-share all-cash deal was too low a valuation for At Home, given that it has plans to more than double its number of stores to 600 and consumers have more cash to spruce up their decor. Home decorating trends are expected to be fueled by low mortgage rates, continued housing demand and a trend for ongoing work from home after the pandemic.
Billionaire Howard to Return Cash From Secretive Hedge Fund (Bloomberg)
Billionaire Alan Howard is returning money to investors from the secretive hedge fund that he personally runs. He’s redeeming clients in the Brevan Howard AH Master Fund that he started four years ago to make bigger and riskier bets, according to people with knowledge of the matter. Howard will continue to manage capital for the firm’s two other money pools, the people said, asking not to be identified because the details are private. It’s not immediately clear if Howard is shutting the fund altogether.
Why Bitcoin Could Rocket To A $250,000 Price Within Five Years (Forbes)
Bitcoin, after surging at the beginning of the year, has plateaued over the last couple of months. The bitcoin price nudged $65,000 per bitcoin in April before falling back slightly – with other, surprising cryptocurrencies stealing the limelight. Now, the chief investment officer of hedge fund Morgan Creek Capital Management has predicted the bitcoin price could soar to $250,000 within five years, arguing bitcoin “is going to become the base layer protocol for the internet of value.”
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Hedge Fund ExodusPoint Takes Short Position in Deliveroo After Disappointing IPO (CityA.M)
Hedge fund ExodusPoint Capital Management has reportedly taken a short position in Deliveroo after the delivery firm’s disastrous market debut. The New York hedge fund’s bet makes up approximately 0.56 per cent of Deliveroo’s shares, Financial News reported. The short position, which could be worth as much as £26m based on its closing price, marks the first big public short of Will Shu’s firm since its disappointing start in March.
Billionaire Ray Dalio on His Routine-Free Life, What Keeps Him Up at Night and His Next Chapter (CNBC)
Today, Ray Dalio is a finance legend who’s been called “the Steve Jobs of investing” because of his tough but innovative management style. Dalio famously founded Bridgewater Associates out his two-bedroom apartment in 1975. He hit rock bottom in 1982 when a bad bet that wiped him out financially and he had to borrow $4,000 from his dad to rebuild his company from scratch.
Hedge Funds Face Backlash From Europe in Bond Market (The Wall Street Journal)
European governments are acting to limit hedge funds’ participation in the market for new sovereign-bond issuance, following a surge in demand from the firms. The pushback was prompted by unusually large orders placed by hedge funds for new bonds, which can then potentially be sold – sometimes within hours – to the European Central Bank for a profit, bankers, investors and a government official said. Order books, which track demand for new bonds and help determine the prices, have ballooned since hedge funds began to pile into this trade.
Hedge Fund Manager Who Said ‘I’m Going To Jail’ Is In Fact Going To Jail (Deal Breaker)
Dan Kamensky knew what he had coming to him. Shortly after attempting to browbeat his investment bank into not outbidding him for something he’d fought for and wanted for his hedge fund, Marble Ridge Capital, he turned to pleading. “If you’re going to continue to tell them what you just told me, I’m going to jail, okay?” he said. “I’m asking you not to put me in jail.” Well, Kamensky’s begging proved no more successful than his bullying, and the Jefferies banker on the other end did continue to tell them what he had just told Kamensky, which was probably something along the lines of, “you appear to have breached your fiduciary duty to your fellow Neiman Marcus creditors, whom you represent as a member of the creditors committee, but trying to keep them from getting that extra 10 cents a share you’d prefer Marble Ridge not have to pay.”
Saba Capital Reaches Agreement With Invesco Dynamic Credit Opportunities Fund (MENAFN)
(MENAFN – Caribbean News Global) Invesco Dynamic Credit Opportunities Fund to Commence Tender Offer and Reorganize into Interval Fund. NEW YORK–(BUSINESS WIRE)– Saba Capital Management, L.P. and certain associated parties (collectively ”Saba”) today announced that it has reached an agreement with Invesco Dynamic Credit Opportunities Fund (NYSE: VTA) (the ”Fund”).
Billionaire Hedge Fund Manager Stanley Druckenmiller Says Hard to Unseat Bitcoin as Store of Value (Coin Gape)
Stanley Druckenmiller, the billionaire hedge fund manager and former chairman and president of Duquesne Capital in a recent interview with CNBC said that it would be quite difficult to unseat as a store of value because of the finite supply, he also went on to compare Bitcoin with the rise of Facebook and Google despite not being the first firm in their respective fields of social network and search engine respectively.
Tech Giant CEOs Sell Over $6bn of Stock in 2021 (Share Cast)
The chief executive officer’s of the five major technology companies in the world sold $6.36bn worth of stock in their firms between January and May 2021, revealed the latest data from Finbold. Amazon owner Jeff Bezos led the table, having offloaded AMZN shares worth $4.9bn. Facebook CEO Mark Zuckerberg sold $1.2bn of his stock. Cumulatively, the two executives offloaded $6.1bn-worth of shares in their respective companies. Nvidia CEO Huang Jen Hsun sold $77.28m worth of shares to rank third. Microsoft chief executive Nadella Satya divested $65.44m of MSFT stock, while Alphabet’s Pichai Sundar sold $33.05m.
Privacy First DeFi Sienna Network Raises $11.2 Million, Takes Front-Running Head On (Tech.eu)
For those in the know, front-running is a problem when it comes to financial privacy in the world of crypto. Because of the nature of the blockchain-based world, that is, transparency, if you know where and when to look, and what to do (I’m looking at you transaction fees), you stand to make a killing. Allow me to rephrase, perhaps in terms you’ve previously heard; Insider Trading. That is, traders can use the data of pending transactions to maximize profits before the data is confirmed. Needless to say, on regulated markets, this practice is highly illegal.
A Director at Wsfs Financial (NASDAQ: WSFS) is Selling Shares (Analyst Ratings)
Today, a Director at WSFS Financial (WSFS), Mark Turner, sold shares of WSFS for $1.55M. In addition to Mark Turner, 4 other WSFS executives reported Sell trades in the last month. Based on Wsfs Financial’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $162 million and quarterly net profit of $65.08 million
Facebook Inc (FB) COB and CEO Mark Zuckerberg Sold $21.8 million of Shares (Guru Focus)
COB and CEO of Facebook Inc, Mark Zuckerberg, sold 68,000 shares of FB on 05/07/2021 at an average price of $320.59 a share. The total sale was $21.8 million.
SEC Awards $22 Million to Two Whistleblowers (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission today announced awards totaling approximately $22 million to two whistleblowers whose information and assistance were of crucial importance to successful SEC enforcement actions brought against a financial services firm. The first whistleblower received an award of $18 million, while the second whistleblower received a $4 million award. The larger award was in recognition of the fact that, among other things, the first whistleblower was the initial source of the investigation while the second whistleblower submitted information much later after the investigation was already underway.
