Anthony Scaramucci Says Markets Like the Idea that There May Not be a ‘Blue Wave’ (CNBC)
The rally in world markets shows investors are happy that there may not be a “blue wave” outcome in the U.S. elections, said Anthony Scaramucci, founder and managing partner of Skybridge Capital. NBC News has projected that Democrats will keep their House majority, but Republicans — which are slightly ahead in the Senate race – look likely to win control of the upper chamber. Separately, Scaramucci also said modern era polling has to be “thrown in the garbage,” after the presidential race turned out to be much closer than polls suggested.
Bribery Victims Prevail in Restitution Claim Against Hedge Fund (The Wall Street Journal)
A federal judge approved a restitution payment of more than $138 million to investors in a Congolese mine, bringing to a close a yearslong legal battle over their status as victims of a bribery scheme by hedge fund Sculptor Capital Management Inc. Final approval for the restitution came Wednesday at a sentencing hearing presided over by District Judge Nicholas Garaufis. The payment is expected to be divided among more than 300 former investors.
A Blue Wave Would’ve been a Disaster Scenario for US Markets Because of Biden’s Corporate Tax Plans, Hedge Fund Manager Kyle Bass Says (Business Insider)
A blue wave Senate would’ve been a “disaster scenario” for US markets because of Joe Biden’s corporate tax plans, famed hedge fund manager Kyle Bass told CNBC. The Democratic Party’s chances of taking back the US Senate, which has been in Republican hands since 2015, is increasingly looking slim. Republicans have currently won 48 seats and Democrats have 47, putting the latter further away from the 51-seat majority required for a blue wave victory.
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Einhorn Blames Tesla ‘Mania’ for Hurting Greenlight Re’s Performance (Barron’s)
Greenlight Capital Re, a reinsurer run by hedge fund titan David Einhorn, reported earnings Wednesday evening. Results fell year over year as Greenlight’s short position in electric-vehicle giant Tesla hurt investment returns. Einhorn is a vocal Tesla (ticker: TSLA) bear and has been short the stock for a long time. The bearish position “detracted from performance,” said Einhorn on Greenlight Re’s (GLRE) Thursday morning third-quarter conference call. He blamed retail investors for the loss, calling stock performance evidence of a “mania.” What’s more, Einhorn is staying short a basket of “highflying stocks.”
The Ups and Downs of Brexiteer Hedge Fund Mogul Crispin Odey (Financial News)
High-profile hedge fund manager Crispin Odey is stepping back from running his fund as he fights a sexual assault charge. Odey, who founded Odey Asset Management in 1991, will take charge of a new inflation-focused fund, in addition to his existing flagship European fund, the company said on 3 November. The firm is also creating a new, separate subsidiary, to be known as Brook Asset Management, subject to regulatory approval. It will begin by renaming certain existing funds and putting them under the new subsidiary.
Make Way for Mezzanine in Africa and the Middle East (Preqin.com)
Private debt is new to the region, but Omar Rifai at Gulf Capital says a number of GPs are laying solid foundations for future growth in the asset class, putting their faith in carefully structured deals. Across Africa and the Middle East, mezzanine debt is emerging as a compelling way to invest in fast-growing lower-middle-market companies. We expect private debt to play a big role in private capital markets over the next five years. While private equity has many attractions, shareholders of many fast-growing lower-middle-market companies that reach $5-10mn in EBITDA are unable or unwilling to take on dilutive capital due to a difference in valuation expectations or private equity’s increasing focus on acquiring controlling stakes.
Victory Capital Acquires Equity Manager THB Asset Management (Opalesque.com)
Victory Capital, a diversified global asset management firm with $132.7 billion in AUM has agreed to acquire THB Asset Management, the Connecticut-based equity manager with $435 million in AUM. The transaction is expected to close in early 2021 and be immediately accretive to earnings, said a press note from Victory. “Consistent with Victory Capital’s model, THB’s investment team will become employees of the Company and the newly created Franchise will be subject to a compensation agreement based on revenue sharing. No material consideration will be paid for the assets,” it said.
Like a Thief in the Night (Hedge Nordic)
Stockholm (HedgeNordic) – Thematic-focused equity fund St. Petri L/S is running well ahead in the race for the top-performing Nordic hedge fund of 2020 after gaining 8.7 percent in October even as equity markets were broadly down. Although the fund is now up 66 percent for the year, this is no time for celebration for the duo managing St. Petri L/S out of Copenhagen. Michal Danielewicz and Jens Larsson are now preparing themselves for an imminent – yet broadly ignored – risk: the re-emergence of inflation.
Warren Buffett’s Berkshire Hathaway Swung from Extreme Caution to a Flurry of Deals in 6 Months. We Asked a Bunch of Experts to Analyze its Shifting Strategy (Business Insider)
Warren Buffett, hunched over a microphone on a stage overlooking a dark, cavernous, and virtually empty hall, cut a forlorn figure at Berkshire Hathaway‘s annual meeting in May. Tens of thousands of Berkshire shareholders usually descend on the billionaire investor and Berkshire CEO’s hometown of Omaha to attend the gathering, one of the most significant events on the investing calendar. They mingle with other investors, peruse the wares of Berkshire-owned businesses such as See’s Candies and Nebraska Furniture Mart, and participate in activities including a foot race and a steak dinner.
Jeff Bezos Sold $3 billion of Amazon Stock in Pivotal U.S. Election Week (MSN Money)
According to seven filings with the Securities and Exchange Commission made around the time markets closed on Wednesday, Bezos sold 998,800 shares in Amazon (AMZN) on Monday and Tuesday. The sale of nearly 1 million shares was made as part of a 10b5-1 trading plan, according to the SEC, which is a prearranged sale pursuant to insider trading regulations. Bezos sold his stock within a price range of $2,951 and $3,079 per share, as Amazon was trading near all-time highs. The value of his remaining 10.7% stake in the company is more than $173 billion.
Cognex Corp (CGNX) CEO & President Robert Willett Sold $11.3 million of Shares (Guru Focus)
CEO & President of Cognex Corp., Robert Willett, sold 159,638 shares of CGNX on 11/04/2020 at an average price of $71.05 a share. The total sale was $11.3 million. Cognex Corp is a provider of machine vision products that capture and analyze visual information in order to automate tasks in manufacturing processes. Its products are used to automate the manufacture and tracking of discrete items.
Latest Insider Trading by Top Executives in Recent Weeks (Investors King)
Here is a complete list of all the recent inside dealings by top executives on Nigeria’s listed companies. The total purchases, total amount and date of purchases. United Capital Plc Insider Dealings: The United Capital Plc announced that Sunny Anene, the Group Executive Director of the company bought 356,820 shares from the company at N4.11 per share on October 30, 2020. On November 2, Anene purchased another 558,754 units at N4.08 per share.
The COB, Pres & CEO of Lincoln Electric Holdings (NASDAQ: LECO) is Buying Shares (Analyst Ratings)
Yesterday, the COB, Pres & CEO of Lincoln Electric Holdings (LECO), Christopher Mapes, bought shares of LECO for $2.27M. This recent transaction increases Christopher Mapes’ holding in the company by 20.59% to a total of $23.13 million. Following Christopher Mapes’ last LECO Buy transaction on December 16, 2019, the stock climbed by 9.1%.
Arista Networks Inc (ANET) President and CEO Jayshree Ullal Sold $8.6 million of Shares (Guru Focus)
President and CEO of Arista Networks Inc, Jayshree Ullal, sold 34,509 shares of ANET on 11/03/2020 at an average price of $248.18 a share. The total sale was $8.6 million. Arista Networks Inc is a supplier of cloud networking solutions that use software innovations to address the needs of large-scale Internet companies, cloud service providers, and next-generation data centers for enterprise support.
