Billionaire Investor Bill Ackman Says SVB was Not a Bailout: ‘The People Who Screwed Up will Bear the Consequences’ (Business Insider)
Billionaire investor Bill Ackman said the US government’s move to guarantee deposits in the aftermath of Silicon Valley Bank and Signature Bank’s failure is not a “not a bailout in any form”. In a long tweet on Sunday, the founder and CEO of hedge fund Pershing Square Capital Management said that the government injected money in the form of preferred stock into banks during the Global Financial Crisis from 2007 to 2009, protecting bondholders and shareholders — but it’s not the same this time.
The Top 4 Best Warren Buffet Books You Must Read (DataDrivenInvestor)
Warren Buffett is one of the most successful investors of all time, and his investment philosophy and strategies have been analyzed and adopted by investors worldwide. Buffett is a name you should know if you’re seeking to improve your investment skills and learn from the best. One of the best ways to learn from Buffett is to read the books written about him and his investment approach. This article will provide a comprehensive list of the best Warren Buffett books, each offering valuable insights and lessons for investors aiming to enhance their investment skills and knowledge.
‘Big Short’ Investor Michael Burry Blames SVB Crisis on ‘Hubris and Greed’ (New York Post)
Famed investor Michael Burry shredded the executives formerly in charge of Silicon Valley Bank on Sunday as the tech lender’s sudden collapse prompted fears of a systemic meltdown. Burry, the hedge fund boss made famous in the 2015 film “The Big Short,” likened the current banking sector crisis to conditions the market experienced when the dotcom bubble burst in 2000 and the US housing market imploded in 2008.
Rawpixel.com/Shutterstock.com
Hedge Funds Offer to Acquire SVB Deposits at Steep Discounts (Hedge Week)
Oaktree is one of a number of hedge funds and banks offering to acquire deposits held by startups at the failed Silicon Valley Bank, but only at steep discounts, according to reports. A report by Semafor cites unnamed sources as revealing that bids ranging from 60 cents to 80 cents on the dollar, have been made reflecting a range of expectations on how much of the uninsured deposits will ultimately be recovered once the bank’s assets are sold or wound down.
Teresa Isele Starts CEO Journey at Rhenman & Partners (Hedge Nordic)
Teresa Isele has embarked on her role as CEO of Rhenman & Partners Asset Management as of this week. Healthcare-focused asset manager Rhenman & Partners announced the appointment of Isele in late 2022 as a replacement for co-founder and now-former CEO Göran Nordström, who retired at the age of 69. “We are thrilled to welcome Teresa Isele as our new CEO on her first day,” the team at Rhenman & Partners announces on LinkedIn. “Teresa will focus on the company’s development both in Sweden and internationally, working closely with the board and all employees in Rhenman & Partners’ Stockholm office.”
