Billionaire Investor Carl Icahn Is Betting Against GameStop Shares (Bloomberg)
Billionaire investor Carl Icahn began shorting GameStop Corp. during the height of the meme-stock frenzy around January 2021 and still holds a large position in the video-game retailer, according to people familiar with the matter. Icahn started building the short when GameStop was trading near its peak of $483 per share and still holds a large bet against the retailer’s shares, said the people, asking not to be identified because the matter is private. The investor, who has added to his position from time to time, is betting that GameStop’s stock isn’t trading on its fundamentals and will continue to fall, the people said.
Bridgewater’s Ray Dalio Sees Rough Road Ahead For Global Economy As Debt Bubble Deflates (Forbes)
Talking heads on financial cable TV channels seem downright giddy about the possibility that the Federal Reserve will soon be slowing its pace of rate hikes, but the founder of the world’s largest hedge fund says don’t bust out the champagne quite yet. In fact, you should learn to live on a beer budget as the the world economy deflates from a four-decade debt binge. At the inaugural Forbes Iconoclast conference earlier this month, Bridgewater Associates Founder Ray Dalio spoke with Forbes Chief Content Officer Randall Lane about historical precedents that suggest the worst of the inflationary spiral is still to come, and how he is investing in a world of stagflation and high interest rates.
Three weeks ago Sam Bankman-Fried and Anthony Scaramucci Were Fundraising Together in the Middle East. Now the ‘Mooch’ Faces Losing SBF’s 30% Stake in His SkyBridge Hedge Fund Which is Frozen in Bankruptcy (Fortune)
A mere three weeks ago, Sam Bankman-Fried and Anthony Scaramucci were on top of the world—the crypto world at least, traipsing through the Middle East on a grand fundraising tour. “We embarked upon a Middle East trip to Riyadh, Dubai, and Abu Dhabi,” Scaramucci recently said during the 2022 Bloomberg New Economy Forum in Singapore on Nov. 15. Scaramucci explained he was there for the Future Investment Initiative Conference in Saudi Arabia that took place on October 25, but he then hosted SBF on a fundraising tour to help him raise money for FTX.
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Analysis: Kohl’s Snub of Big Sale-Leaseback Sets Up New Clash with Hedge Funds (Reuters)
Kohl’s Corp’s (KSS.N) reluctance to sell much of its real estate and then lease it back has set up the U.S. department store operator for a new confrontation with hedge funds. Macellum Capital Management LLC and Ancora Advisors LLC are among hedge funds that have been pressuring Kohl’s to cash out on assets and return money to shareholders after launching challenges in the last two years that led to three newcomers joining the company’s board.
Afalon’s Holistic Approach Amid Fund Closure (Hedge Nordic)
Stockholm (HedgeNordic) – Finnish asset manager Afalon Investment Management has called time on its hedge fund that sought to identify investments aligned with sustainability themes. With the closure of Incomea Steady Opportunities and the earlier closure of its systematic managed futures fund NS Quant, Afalon is putting all efforts and time into a global asset allocation model that takes a more holistic view of portfolio construction.
