Michigan Business Mogul Launches High Performing Hedge Fund (GlobeNewswire)
Shannon Steel launches a new hedge fund, Steel Capital Management LTD which targets returns of 3-5%+ per month. The newly appointed U.S Central African Republic Ambassador has taken to the world of investment management as a hedge fund manager seeking to generate great returns for investors based in the U.S and internationally.
Milwaukee Bucks Co-Owner Backs Lyon Football Club Takeover (Bloomberg)
Jamie Dinan, hedge fund manager and co-owner of the Milwaukee Bucks basketball team, has become the latest US investor to venture into European football. Iconic Sports, an investment firm co-run by Dinan, backed John Textor’s purchase of French football club Olympique Lyonnais, according to a statement on Tuesday. Iconic will take a stake in Eagle Football Holdings LLC, the investment vehicle through which Textor is buying the Ligue 1 team.
With Sam Bankman-Fried’s Hedge Fund Gone, Crypto Trading Firm Wintermute Emerges (Forbes)
Evgeny Gaevoy was contemplating what to do if terraUSD (UST), a cryptocurrency stable coin pegged to the value of one U.S. dollar, imploded. UST had about $15 billion in circulating coins, and its parent company was backed by highly regarded investors like Lightspeed Venture Partners. But as early as 2021, a small set of people had been tweeting about its potential demise, saying that algorithm-based stable coins not backed by government-issued currencies were doomed to fail.
Paris-based multi-boutique network iM Global Partner buys stake in $4bn Berkshire Asset Management (Opalesque)
Paris-based multi-boutique network iM Global Partner has bought a non-controlling stake in Berkshire Asset Management, a Wilkes-Barre, Pennsylvania, boutique that specializes in dividend-focused equity portfolios through its flagship Dividend Growth strategy. The transaction will make Berkshire the ninth partner of iM Global Partner, a global asset management network, according to a news release. The investment advisor Berkshire was formed in 1986 and is employee-owned. The team prides itself on its exacting investment philosophy and process and focuses on identifying perennial dividend growers before they are fully recognized by the market, using a forward-looking, bottom-up selection process.
Hedge Funds Decline To Continue To Delight In Citi’s Stupidity (Deal Breaker)
Well, it was fun while it lasted: For two years, a group of hedge funds had a half-billion extra dollars to play with while pretending they could not possibly have any idea that Citigroup hadn’t meant to send them all of the money they were owed by a seriously underwater company instead of a routine coupon payment. Then, back in September, a federal appeals court found that the hedge funds’ argument was cute – indeed, nearly cute enough to win, but ultimately too cute, and obviously they had to return money they’d have to have been braindead to believe really belonged to them.
Monday 12/19 Insider Buying Report: GBLI, OSG (Nasdaq.com)
On Wednesday, Global Indemnity Group’s Director, Gary Charles Tolman, made a $3.34M buy of GBLI, purchasing 138,151 shares at a cost of $24.17 a piece. Investors have the opportunity to grab GBLI even cheaper than Tolman did, with the stock changing hands as low as $23.46 in trading on Monday — that’s 2.9% under Tolman’s purchase price. Global Indemnity Group is trading trading flat on the day Monday. Before this latest buy, Tolman purchased GBLI at 8 other times during the past twelve months, for a total cost of $187,881 at an average of $23.94 per share. And at Overseas Shipholding Group, there was insider buying on Thursday, by CEO Samuel H. Norton who purchased 350,000 shares for a cost of $2.92 each, for a trade totaling $1.02M. Before this latest buy, Norton bought OSG on 3 other occasions during the past twelve months, for a total investment of $319,996 at an average of $1.98 per share.
Boyd Gaming, Hewlett Packard Enterprise And These 2 Other Stocks Insiders Are Selling (Benzinga)
Airbnb: The Trade: Airbnb, Inc. (ABNB) Director Joseph Gebbia sold a total of 250,000 shares at an average price of $95.37. The insider received around $23.84 million from selling those shares. Boyd Gaming: The Trade: Boyd Gaming Corporation (BYD) Co-Executive Chair William S Boyd sold a total of 190,000 shares at an average price of $58.90. The insider received around $11.19 million as a result of the transaction.
