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.
Pixabay/Public Domain
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.
Crypto Hedge Fund Veteran Mark Yusko Slams Dog Coins, Warns Dogecoin and Shiba Inu Should Go to Zero (The Daily Hodl)
Morgan Creek Capital CIO Mark Yusko is blasting dog-themed meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB), asserting they have no value. In a new interview with Blockworks, the crypto veteran says that, in his opinion, the two tokens should go to zero.
Kainos Capital raises over $1bn for Fund III (Opalesque.com)
Dallas-based private equity firm Kainos Capital has closed its Kainos Capital Partners III with more than $1b billion in capital commitments, the largest investment vehicle in its history. According to a news release, the firm, which is focused on the food and consumer products and services sectors, has invested approximately $3 billion in equity for more than 40 transactions with a total transaction value of over $6 billion. Existing Kainos investors provided a significant amount of Fund III’s capital and referred many new investors to the Fund, it said.
Billionaire Hedge Fund Manager Israel Englander ‘Terrorized’ Estranged Wife and her Gallery-Owner Girlfriend in Devastating Smear Campaign, Divorce Docs Claims (DailyMail.co.uk)
Israel Englander, a 74-year-old financier worth $11.3 billion, and wife Caryl divorced in 2020, with her citing his multiple infidelities. On Thursday, Caryl, a celebrated photographer, and her Swiss girlfriend Dominique Levy, a famed gallerist, filed a petition to reopen the case. They claim that the financier ‘terrorized’ them both with private investigators, spurious NYPD calls and a media smear campaign. A high-flying New York art couple are seeking to unravel the terms of one of their previous divorce, arguing that her billionaire hedge fund manager ex ‘terrorized’ them into agreeing to unfair terms.
Man Group Unit Bets on ‘Narrow and Shallow’ China Stock Rebound (Bloomberg)
Man GLG, a unit of the world’s biggest publicly traded hedge fund firm, is betting on a “narrow and shallow” Chinese stock recovery, after the world’s second-largest economy recently abandoned its zero-Covid policies. The Man Group Plc unit, which oversaw $24 billion globally at the end of the third quarter, switched to a positive view on China between September and October, said Andrew Swan, its Asia ex-Japan equities head. It’s focusing on a limited set of opportunities, including travel, entertainment, insurance and industrial automation shares, where China’s reopening could lead to positive earnings revisions that have yet to be priced in.
Friday 2/10 Insider Buying Report: LGTO, CNC (Nasdaq.com)
On Wednesday, Legato Merger’s Director, Brian Pratt, made a $1.54M purchase of LGTO, buying 150,000 shares at a cost of $10.30 a piece. Legato Merger is trading off about 0.6% on the day Friday. And at Centene, there was insider buying on Wednesday, by EVP, Chief Operating Officer James E. Murray who bought 6,750 shares for a cost of $73.30 each, for a trade totaling $494,775. This buy marks the first one filed by Murray in the past twelve months. Centene is trading up about 0.7% on the day Friday. Investors can pick up CNC even cheaper than Murray did, with the stock trading as low as $71.95 at last check today which is 1.8% under Murray’s purchase price.
General Motors, Bank of America And 2 Other Stocks Insiders Are Selling (Benzinga)
Stryker: The Trade: Stryker Corporation (SYK) VP, Chief Financial Officer Glenn S Boehnlein sold a total of 24,425 shares at an average price of $278.54. The insider received around $6.8 million from selling those shares. General Motors: The Trade: General Motors Company (GM) Executive Vice President Stephen Carlisle sold a total of 18,000 shares at an average price of $41.97. The insider received around $755.46 thousand from selling those shares.
