Hugh Hendry On The Thirst For Dollar Assets (Bloomberg)
For years 15 years, Hugh Hendry ran the hedge fund Eclectica Asset Management, earning a reputation as a provocative and contrarian thinker on the entire state of the world economy. These days though, he’s living in St. Bart’s, surfing, and managing luxury properties for the richest people in the world. But of course, he can’t stop thinking about macro. On this episode off Odd Lots, Hendry joins Tracy Alloway and Joe Weisenthal to talk about Europe’s big energy mistake, China’s property troubles, and why even after all this time, the world can’t get enough dollar assets.
Ackman Says He Is Done With Activist Short Selling (The Wall Street Journal)
William Ackman said he is saying goodbye to the activist short-selling game. Mr. Ackman, the founder and chief executive of Pershing Square Capital Management, which previously engaged in a yearslong battle against Herbalife Nutrition Ltd., said his fund will be less vocal about its positions and more cordial with the companies he invests in.
Anthony Scaramucci Says He’s ‘Not Quite Convinced’ on the Recession Signal the Bond Market Flashed (CNBC)
A key signal of recession flashed in the bond market this week, but SkyBridge Capital’s Anthony Scaramucci told CNBC that he would be cautious on predicting there would be a downturn. On Monday, the U.S. 5-year and 30-year Treasury yields inverted for the first time since 2006. On Tuesday, the yield spread between the 2-year and the 10-year rate came close to inverting but stayed positive.
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Hedge Fund Appoints Ex-Standard Chartered Trader (Hedge Week)
Complus Asset Management has appointed former Standard Chartered in Singapore trader and executive director, Siddhartha Soni, according to a report from efinancial careers. Soni joined Complus Asset Management as a Singapore-based portfolio manager earlier this month. From September 2019, he worked as a rates and FX trader in emerging/ frontier markets, and previous roles include working as a trader for JP Morgan and on ICICI’s Bank’s proprietary trading desk.
Yellow Wood Partners Clinches $750m Fund (Opalesque)
Consumer-focused private equity firm Yellow Wood Partners has struck its $750m hard cap for the final close of its third fund Yellow Wood Capital Partners III. The new fund was oversubscribed and included capital commitments from many of Yellow Wood’s long-time limited partners as well as the addition of a small number of new investors comprised of university endowments, family offices, and other institutional investors, said a press release from the Boston-based private investment firm.
The Chelsea Bidders: The Ricketts Family and Ken Griffin – Proven, Ready But Unpopular (The Athletic)
There are four bids shortlisted to take over Chelsea from Roman Abramovich, led by Todd Boehly, David Blitzer and Josh Harris, the Ricketts family and Ken Griffin, and Stephen Pagliuca. The Raine Group, the New York-based bank running the selling process, is aiming to complete their section of the deal by the end of April, at which stage they will take their preferred bidder to the government and Premier League.
Why Tougher Crypto Regulation Led This Fund to Back Blockchain Startups (Financial News)
As watchdogs tighten the net around crypto, regulatory-driven investment strategies are searching for firms that can stand up to the pressure. EJF invested in Aptos on the back of expectations that increased scrutiny around tokens and stablecoins will benefit the blockchains with the biggest focus on regulatory processes Andre M. Chang/Alamy. Every investor wants to know which way the regulatory wind will blow. As watchdogs tighten their grip on digital assets, new opportunities might actually be emerging. Some funds are looking at early-stage crypto startups that could see new regulations play into their hands.
Why Weiss’s Jordi Visser Thinks the S&P 500 Will Hit All-Time Highs This Year (Institutional Investor)
It’s easy to see why even the most experienced investors and market strategists are bearish about the markets. But hedge fund manager Jordi Visser argues that the S&P 500 will hit new highs this year, despite Russia’s bloody war in Ukraine and the Federal Reserve’s increasingly hawkish stance on interest rates. While not discounting he human cost of the Ukraine invasion or the grisly prospect of a wider war, Visser said, “when World War III is a highly searched trend, it’s not the time to be bearish.” Visser, president and CIO of $4 billion Weiss Multi-Strategy Advisers, said one gauge he looks at to forecast recessions is the 200-day moving average of the S&P.
Cathie Wood’s Ark Invest Sells $205 Million In Tesla Stock – Buys Crypto, Gaming And Streaming Shares (Forbes)
In her first Tesla sales since January, famed stock-picker Cathie Wood, the CEO of investment firm Ark Invest, has offloaded a massive stake in the electric-vehicle maker helmed by Elon Musk over the past week, dumping more than $200 million in shares to instead splurge on recently struggling stocks like Coinbase, Zoom and Roblox, which have plummeted as much as 50% this year.
Wednesday 3/30 Insider Buying Report: BCSF, BNED (Nasdaq.com)
At Bain Capital Specialty Finance, a filing with the SEC revealed that on Friday, Director Thomas A. Hough purchased 6,272 shares of BCSF, at a cost of $15.94 each, for a total investment of $99,974. Bargain hunters can pick up BCSF even cheaper than Hough did, with the stock changing hands as low as $15.50 in trading on Wednesday — that’s 2.8% under Hough’s purchase price. Bain Capital Specialty Finance is trading up about 1.6% on the day Wednesday. And at Barnes & Noble Education, there was insider buying on Friday, by Director David G. Golden who purchased 21,818 shares at a cost of $4.00 each, for a total investment of $87,272. Barnes & Noble Education is trading down about 5% on the day Wednesday. Bargain hunters can grab BNED at a price even lower than Golden did, with shares trading as low as $3.61 in trading on Wednesday — that’s 9.8% below Golden’s purchase price.
Executives Sell Over $18M Of 3 Stocks (Benzinga)
Broadcom: The Trade: Broadcom Inc. (NASDAQ: AVGO) Chief Legal & Corp Affairs Ofc Mark Brazeal sold a total of 11,214 shares at an average price of $610.00. The insider received around $6.84 million from selling those shares. Dell Technologies: The Trade: Dell Technologies Inc. (NYSE: DELL) Pres., Glob. Sales & Cust. Ops William Scannell sold a total of 162,314 shares at an average price of $53.76. The insider received around $8.73 million from selling those shares.
