Bill Ackman Is Helping Tennis Players Earn More Money Off the Court (Bloomberg)
Billionaire Bill Ackman’s Pershing Square Foundation and investment firm Prysm Capital led a $26 million investment in a new organization designed to help professional tennis players pursue business opportunities off the court. Winners Alliance, a for-profit affiliate of the Professional Tennis Players Association, appointed Ackman as chairman of the board. Among its first initiatives, the organization plans to set up a licensing program for players to get paid for their likeness being used in video games, trading cards and related areas.
Ray Dalio’s Bridgewater Just Predicted Another 20% to 25% Drop for the Markets – Here’s What the Asset Manager Still Holds for Shockproofing (MoneyWise)
The Fed’s aggressive rate hikes have cast a giant shadow over the stock market. Among the experts who are sounding the alarm is Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates. In a LinkedIn post in June, Dalio warns that Fed’s tightening could lead to stagflation – an economic condition marked by high inflation, but without the robust economic growth and employment that usually come with it.
Saba’s Boaz Weinstein, Ambrus’ Kris Sidial Discuss Their Unusual Tail Risk Strategies (Forbes)
Traditionally, investors were advised to place 60% of their portfolio into stocks and 40% into bonds, but things have changed dramatically since those days. In a recent interview, Boaz Weinstein, founder and chief investment officer of Saba Capital, a $4.6 billion fund, noted that 40% used to be considered tail risk protection because Treasuries were supposed to rise when stocks fell. However, the strange market environment we’re in right now has seen stocks and bonds fall together, leaving investors with no place to hide. As a result, Weinstein advises investors to take some of that 40% part of the portfolio and invest it into tail risk funds.
Rawpixel / shutterstock.com
Sculptor Says Founder Och’s Lawsuit is “Misleading and Full of Falsehoods” (Hedge Week)
A lawsuit filed by Dan Och and other former executives of Sculptor Capital Management, has been branded as “misleading and full of falsehoods” by the New York-based hedge fund, which formerly operated as Och-Ziff Capital Management. The suit, filed in Delaware Chancery Court on Wednesday, is seeking access to documents related to current Sculptor CEO Jimmy Levin’s compensation. But in a statement issued on Thursday, Scupltor said it presents a “a grossly distorted view of board governance at the company. We look forward to setting the record straight through the legal process.”
Priest by Day, Hedge Fund CIO by night – Rev. Fr. Emmanuel Lemelson of Lemelson Capital (Invezz.com)
It’s always interesting to hear how people got drawn into the world of investing and finance. This week on the Invezz Podcast, I spoke with somebody with an especially unique background. How about a priest by day, hedge fund manager by night? That would be Reverend Emmanuel Lemelson, a Greek Orthodox priest who is CIO of Lemelson Capital, the hedge fund specialising in deep value and special situations.
