Cliff Asness on AMC Stock “Ape” Investors: “Paranoid Investing Death Cult” (The Street)
AQR Capital Management co-founder Cliff Asness, who has short positions in AMC stock, keeps poking the “apes.” Hedge fund manager Cliff Asness is one of the best-known AMC bears. Asness has an antagonistic relationship with AMC investors, recently calling them a “paranoid investing death cult.” In 2022, AMC short sellers have been winning — but shorting the stock involves high borrow fees.
Carl Icahn’s Big GameStop Short Hasn’t Kept Him From Losing Money (Institutional Investor)
Icahn’s bearishness in 2021 cost him more than $1.3 billion — despite lofty gains from shorting the meme stock. Carl Icahn’s big short of GameStop — the famous meme stock that took down hedge fund Melvin Capital — looks to have been quite profitable. But it hasn’t kept him from losing money in Icahn Enterprises’ internal hedge fund over the past two years, even when the big gains were made in 2021. Last week, Bloomberg reported that Icahn put on his GameStop short at the peak of its trading frenzy in early 2021.
Oz Senate Defeat Opens Door to Ex-Hedge Fund CEO McCormick for Another Run (Bloomberg)
When politicians, business and civic leaders descend on New York City’s Waldorf Astoria on Friday for the annual Pennsylvania Society gathering, Democrats in the crowd will be celebrating the first time in 75 years that the state’s voters have not elected at least one Republican senator. David McCormick, the former chief executive officer of hedge fund giant Bridgewater Associates, will be in attendance, too. His fellow Republicans are pushing for him to go up against three-term Senator Bob Casey in 2024 to restore the Commonwealth’s split in the chamber. McCormick himself is weighing another run, people familiar with the matter said.
Photo by Austin Distel on Unsplash
Hedge Fund Billionaire Bill Ackman Walks Back Endorsement Of Questionable Cryptocurrency (Forbes)
On November 20, amid renewed scrutiny of the crypto sector following the bankruptcy filing of Sam Bankman-Fried’s FTX cryptocurrency exchange, hedge fund billionaire Bill Ackman issued a 19-tweet thread that hailed cryptocurrency’s “potential for beneficent societal impact.” His crypto paean singled out two specific blockchain projects-Helium and Dimo–as examples of “how a token could build intrinsic value over time.” HeliumHELIUM 0.0%, a Web3 project that bills itself as a decentralized network of internet hotspots, had created what Ackman described as a “a global Wi-Fi network” used by e-scooter company Lime. The hedge fund investor explained that HNT, Helium’s native token, benefitted from Helium’s “global network of 974k hotspots,” and was positioned to become “a valued commodity” amid growth in network participation.
Ken Griffin Finds Buyer for Park Tower Condo He Listed for $13M (Chicago Tribune)
Billionaire Ken Griffin has found a buyer for an 8,000-square-foot full-floor condominium on the 66th floor of the Park Tower building on the Near North Side, which he has had for sale for $13.25 million. If Griffin, who recently relocated his hedge fund firm, Citadel, and his own family to south Florida after complaining about crime in Chicago, ends up selling the Park Tower condo at or below his asking price, he would take a loss on the unit, which he bought for $15 million in 2012.
Cathie Wood’s ARK Invest Sells Shares In 2 Manufacturers With Increasing Dividends (Benzinga)
For those invested in ARK Invest exchange-traded funds (ETFs) or growth stocks, it may be wise to venture out into value investments or reliable dividend-paying stocks. ARK Investment Management strategy specializes in thematic investing by providing long-term capital appreciation by investing in the leaders, enablers, and beneficiaries of disruptive innovation. So far, Cathie Wood’s flagship ARK Innovation ETF (ARKK) is down by at least 62% year-to-date and its ARK Autonomous Technology & Robotics ETF (ARKQ) which is down by more than 42% year-to-date.
Here’s Why Greenhaven Road Capital Sold Teladoc Health (TDOC) (Insider Monkey)
Greenhaven Road Capital, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund declined in the third quarter, bringing the year-to-date returns to approximately -59%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022. Greenhaven Road Capital highlighted stocks like Teladoc Health, Inc. (NYSE:TDOC) in its third-quarter investor letter. Headquartered in Purchase, New York, Teladoc Health, Inc. (NYSE:TDOC) is a healthcare service provider. On November 25, 2022, Teladoc Health, Inc. (NYSE:TDOC) stock closed at $27.60 per share.
Commodity Hedge Funds Are Finally Back — and They Are Raking in Cash (Bloomberg)
After years out in the cold, investors are finally warming to commodity hedge funds again as wild price swings and talk of a new supercycle draw interest back to the sector. The top 15 commodity-focused hedge funds have increased their assets by 50% this year to $20.7 billion, according to preliminary data from Bridge Alternative Investments Inc. Some recent entrants have already closed to new investors, and big macro funds are hunting for talent as they beef up commodities teams.
Investment Manager Launches Blackrock-Backed MPS (Portfolio-Adviser.com)
Investment management firm 1OAK Capital is making a further foray into the retail investment space, as it launches a core-satellite managed portfolio service (MPS). The core of the MPS, to which 80% of the portfolio is dedicated, comprises 1OAK’s multi-asset funds. These funds utilise strategies and expertise from Blackrock, incorporating either the US giant’s asset allocation guidance, multi-asset funds, or ETFs.
Tuesday 11/29 Insider Buying Report: TDW, COSM (Nasdaq.com)
At Tidewater, a filing with the SEC revealed that on Monday, Director Robert Robotti bought 66,501 shares of TDW, for a cost of $30.05 each, for a total investment of $2M. Tidewater is trading up about 4.5% on the day Tuesday. Before this latest buy, Robotti bought TDW on 3 other occasions during the past twelve months, for a total cost of $22.23M at an average of $22.22 per share. And at Cosmos Holdings, there was insider buying on Monday, by Chief Executive Officer Grigorios Siokas who bought 801,261 shares at a cost of $0.62 each, for a total investment of $497,984. Before this latest buy, Siokas made one other purchase in the past twelve months, buying $1.5M shares for a cost of $0.12 each. Cosmos Holdings is trading up about 23.8% on the day Tuesday. So far Siokas is in the green, up about 35.1% on their purchase based on today’s trading high of $0.84.
Insiders Shed Apple, Amazon And This Retail Exposure (Benzinga)
Apple: The Trade: Apple Inc. (AAPL) Principal Accounting Officer Chris Kondo sold a total of 20,200 shares at an average price of $148.72. The insider received around $3 million from selling those shares. Amazon.com: The Trade: Amazon.com, Inc. (AMZN) CEO Worldwide Amazon Stores Douglas J Herrington sold a total of 7,456 shares at an average price of $94.00. The insider received around $700.86 thousand as a result of the transaction.
SEC Awards $20 Million to Whistleblower (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has announced an award of $20 million to a whistleblower who provided new and critical information that led to the success of an enforcement action. In determining the appropriate award amount, the SEC considered that the whistleblower provided significant information and continuing assistance that helped Enforcement Division staff more quickly and efficiently investigate complex issues. “Today’s whistleblower played a crucial role in the ultimate success of the enforcement proceeding,” said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. “Whistleblowers can help advance existing investigations in meaningful ways when their information saves the agency time and resources, and when their contributions allow SEC staff to better understand complicated issues.”
