Investor ValueAct Takes Spotify Stake to Back Cost Cuts at the Music Streaming Leader (Bloomberg)
It says operating expenses, content funding have “exploded”. ValueAct CEO Mason Morfit disclosed position at event Friday. Investment firm ValueAct Capital Management has built a position in Spotify Technology SA, in a move that supports the music-streaming company’s strategy led by Chief Executive Officer Daniel Ek to tighten its spending and become more efficient. ValueAct Chief Executive Officer Mason Morfit disclosed the position — which he described as the firm’s “newest investment” — during a presentation at a Columbia University event Friday in New York, touting the music-streaming giant’s innovative business model. Shares jumped as much as 4.7% to $126.55.
Ackman’s Pershing Square Reaps $2.7 bln from Rate Trade But Down 9% in 2022 – Letter (Reuters)
Billionaire investor William Ackman‘s Pershing Square fund reaped $2.7 billion on interest rate trades in 2022, but not enough to plug losses and the fund finished the year down almost 9%, according to an investor presentation seen by Reuters. U.S. stock indexes had a dismal 2022 with the S&P 500 slumping almost 20%, as the Federal Reserve battled soaring inflation with aggressive interest rate hikes that roiled markets.
Who Is Right About a Stock Market Crash: Elon Musk or Michael Burry? (InvestorPlace)
Renowned for his acumen and notorious for his eccentric mannerisms, legendary investor Michael Burry appears to have doubled down on his narrative regarding a stock market crash. At the end of last month, the hedge fund manager made famous in The Big Short issued a cryptic tweet: “Sell.” In typical Burry fashion, he quickly deleted the one-word post. Now, Michael Burry is at it again, this time broadcasting an apparently sarcastic message on Twitter: “This time is different.” On the post stands a chart juxtaposing the effective federal funds rate and the S&P 500 in 2001 and 2002.
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A Greenwich Estate With Ties To Bridgewater’s Ray Dalio Hits Market For $150M (FA-Mag.com)
A sprawling Greenwich, Connecticut, estate with ties to hedge fund billionaire Ray Dalio has hit the market for $150 million. Copper Beech Farm, a more than 50 acres (20 hectares) property with an eight-bedroom main house, would rank among the most expensive homes in the US if it’s sold at the current asking price. The estate last sold in 2014 for $120 million. Dalio, the founder of hedge fund firm Bridgewater Associates, had long been speculated as the 2014 buyer of the property. The limited liability company that owns the residence, the Conservation Institute LLC, lists a Bridgewater email address. An accounting manager for Dalio Family Office is named as having filed the limited liability company’s most recent annual reports with the Connecticut secretary of the state.
DNB, Oceanic and Nordea Carry the Nordic Flags at EuroHedge Awards (Hedge Nordic)
Stockholm (HedgeNordic) – As is customary every year, Nordic hedge funds are coming home with trophies from this year’s awards ceremony of the With Intelligence EuroHedge Awards in London. DNB TMT Long/Short Equities, Oceanic Hedge Fund, and Nordea European Rates Opportunity Fund received recognition for strong absolute and risk-adjusted performance in their respective categories on February 9 at the JW Marriott Grosvenor House in London.
