A Bitcoin Billionaire on When to Sell vs. Hodl and Dogecoin ‘Nihilism’ (NYMag.com)
Mike Novogratz, once a partner at Goldman Sachs who went on to be a hedge fund manager at Fortress Investment Group, has found his biggest financial success in cryptocurrency. Now the billionaire founder and CEO of Galaxy Digital, Novogratz is building his own crypto-focused financial empire and has just sealed a deal to buy digital currency trading platform BitGo for $1.2 billion, the first billion-dollar merger in crypto. During a virtual interview at the Ethereal Summit Friday – a few days prior to Elon Musk’s announcement that he was suspending Bitcoin payments for Teslas over energy-use concerns – Novogratz discussed his perspective on the technology, how he ended up with 85 percent of his net worth in crypto, and why he keeps losing out on NFT auctions. The conversation has been edited for length and clarity.
Capital Calls: Ackman Takes a Slice of Pie (Reuters)
TASTY SLICE. Domino’s Pizza has delivered, and Bill Ackman wants a reorder. The hedge fund manager revealed on Wednesday here that his fund, Pershing Square Capital Management, has taken a 6% stake in the Michigan-based pie maker, touting its delivery infrastructure. Breakingviews saw Domino’s potential back in late 2017 here and again last year.
Brevan Howard Triples Workspace With New London Headquarters (Bloomberg)
Brevan Howard Asset Management is moving to a new London headquarters that’s almost three times larger than the hedge-fund firm’s existing office, signaling an expansion plan after a record year of gains. The company has taken over a lease from French advertising giant Publicis Groupe SA in the city’s West End, according to people familiar with the matter. The building at 82 Baker Street, which is near the firm’s current headquarters, has more than 70,000 square feet (6,500 square meters) of office space, the people said, asking not to be identified because the deal is private.
Pixabay/Public Domain
Hedge Funds Eye Crypto Volatility After Tesla Shelves Bitcoin Payments Amid ESG Concerns (Hedge Week)
Crypto hedge funds remain well-placed to capitalise on bitcoin’s volatile price moves, after Tesla CEO Elon Musk’s decision to suspend bitcoin payments sent the coin’s value plummeting this week. Musk tweeted on Wednesday that the electric car maker would no longer accept bitcoin for its products due to concerns over the currency’s environmental impact. The world’s foremost cryptocurrency dropped more than 13 per cent to USD49,150 on Wednesday on the back of Musk’s memo – its single-biggest slide this year – with ether and doge also falling.
Seven & I Shares Surge After News of ValueAct’s Stake Build-Up (Reuters)
TOKYO (Reuters) – Shares of Seven & I Holdings surged to a two-year high on Thursday after Reuters reported activist investor ValueAct Capital took a stake in the Japanese owner of the 7-Eleven chain, signalling a potential shake-up at the retail giant. ValueAct amassed a 4.4% stake in Seven & i and believes the sum of its parts is worth much more than its current market value, the fund told investors in a letter seen by Reuters.
Einhorn Touts Teck Resources With Copper Rally Enduring (Bloomberg)
Greenlight Capital’s David Einhorn said he recommend shares of Canadian miner Teck Resources Ltd. amid strong demand for copper and other commodities. The pipeline of potential new copper capacity is low, and it takes a long time to create new mines, the hedge fund manager said Wednesday at the Sohn Investment Conference, which was held virtually this year. Demand is poised to outstrip supply in 2024, leading to higher copper prices, Einhorn said.
Paul Singer Reinvents Himself As A Whimsical Stationary Seller (Deal Breaker)
Pharmaceutical giant Glaxo Smith Kline is circling the wagons at his approach. Duke Energy has undoubtedly not enjoyed its discussions with him. Which is to say, Paul Singer’s rather ferocious reputation precedes him. Given that reputation, it can be hard to imagine that Paul Singer has a soft side at all, and even those one can imagine generally involve Schadenfreude, personal advantage, harmful consequences, ulterior motives or some other very hard edge. But he does: For soccer, for dancing in fountains in extravagant headwear, for French liqueurs (although definitely not for French securities regulation), for music – especially reggae. And, it seems, for makers of twee, cutesy gifts, wrapping paper and, especially, cards.
Hedge Funder Dan Sundheim Very Bullish on Online Used Car Sales, Owns Carvana (Seeking Alpha)
Hedge fund manager Dan Sundheim says he’s “quite bullish” on online used cars and he owns Carvana (NYSE:CVNA). D1 Capital‘s Dan Sundheim spoke at the virtual Sohn Investment Conference. Sundheim said D1 has investments in Europe and Latin America in the online used car space.
Zoom Video Communications Inc (ZM) CFO Kelly Steckelberg Sold $1.9 million of Shares (Guru Focus)
CFO of Zoom Video Communications Inc, Kelly Steckelberg, sold 6,700 shares of ZM on 05/10/2021 at an average price of $287.89 a share. The total sale was $1.9 million.
The EXEC VICE PRESIDENT AND CFO of Whirlpool (NYSE: WHR) is Selling Shares (Analyst Ratings)
Yesterday, the EXEC VICE PRESIDENT AND CFO of Whirlpool (WHR), James Peters, sold shares of WHR for $2.27M. Over the last month, James Peters has reported another 3 Sell trades on WHR for a total of $12.79M. Following James Peters’ last WHR Sell transaction on April 29, 2021, the stock climbed by 1.7%. Based on Whirlpool’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $5.36 billion and quarterly net profit of $433 million.
