Boaz Weinstein Protege Bests Hedge Fund Titans in Charity Poker (Bloomberg)
Tyrone Davis, who has worked at Saba Capital for a month, made it to the final table at the Take ‘Em to School charity poker tournament early Friday morning at Gotham Hall in Manhattan. By that point, the 21-year-old, who started playing poker as a student at Massachusetts Institute of Technology, had outlasted hundreds of players, including David Einhorn of Greenlight Capital, Mo Grimeh of Point72 and his own boss, Boaz Weinstein.
Who’s Betting Against the Pound—and When the Trade Will Run Its Course (Barron’s)
The recent turmoil in U.K. financial markets has yet to find its George Soros, the investor who earned $1 billion by selling the pound short in 1992. The trader nearest that feat this time appears to be Crispin Odey, the founder of London-based Odey Capital Management. Funds run by his hedge fund company, which has $4 billion under management, ended September up nearly 200% for the year —thanks in part to bets against the sterling and U.K. government bonds. London-based FN, a sister publication of Barron’s, reported that Odey and Blue Bay Asset Management, a fixed-income hedge fund owned by RBC, had profited from shorting the pound. But data from the CME and London research firm Macro Hive suggested that more money was betting the pound would rise—just before Prime Minister Liz Truss unveiled a controversial proposal to cut taxes while boosting spending.
As the Market Cools, Aggressive Tiger Global Looks to Raise a Fund That’s Half the Size as Its Last (Tech Crunch)
In recent years, assets under management at the investment firm Tiger Global have exploded. Now the firm is taking stock and winnowing down its operations, per a new investor letter first seen by Axios and obtained subsequently by TechCrunch. Most significantly, whether for lack of other options or – just as likely – in reaction to the changing market landscape, the firm just let its limited partners know it plans to raise $6 billion for its newest fund, for which it expects to hold a “first close” at least by mid-January. (As an added sweetener, investors in the first close will receive a discounted management fee of 1.75%, states the letter.)
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A Banner Month for Nordic Trend-Followers (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic trend-followers notched big gains in September, with the group advancing 3.0 percent on average last month to take the year-to-date performance to 7.5 percent. The five best-performing constituents of the Nordic Hedge Index in September were trend-following CTAs. Lynx Asset Management’s systematic trend-following vehicle, Lynx Fund, booked a monthly advance of 9.9 percent in September to take over the top spot in this year’s list of best-performing Nordic hedge funds with an advance of 46.7 percent.
SEC Charges Man for Defrauding Investors Out of Millions of Dollars by Posing as Hedge Fund Billionaire (HedgeCo.net)
(Hedgeco.Net) The Securities and Exchange Commission charged Justin Costello for using a false persona, as a Harvard-educated military veteran and hedge fund billionaire, to defraud investors out of millions of dollars. The SEC also charged Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose. According to the SEC’s complaint, Costello portrayed himself to the public as a seasoned, licensed investment professional who was building a conglomerate in the cannabis industry.
