Odey’s Shrinking Hedge Fund Exposes a Pile of Illiquid Assets (Bloomberg)
Crispin Odey’s long decline is exposing a new risk for the investors who are left: as his troubled money pool gets smaller, a larger slice is in hard-to-sell holdings. After a flood of redemptions and losses, the share of unquoted securities in his main fund jumped to almost 25% of its long equity holdings as of January, according to an investor document seen by Bloomberg. That’s up from 16% in November when Odey started disclosing the figures.
Mets’ Steve Cohen Returns to Twitter Following 3-Week Hiatus for Threats After GameStop Stock Market Madness (NJ.com)
He’s back. New York Mets owner Steve Cohen returned to Twitter Tuesday, more than three weeks after deactivating his account. Cohen left Twitter in January amid the fallout from the GameStop-Reddit stock drama. Cohen’s hedge fund, Point72, bailed out Melvin Capital, which was crushed by investors communicating via Reddit to artificially jack up the stock price of GameStop.
3 Top Execs at Hedge Fund Elliott Management have Put Their New York Apartments Up for Sale as the Firm Moves to Miami. See Inside One of the $39.5 Million Homes. (Business Insider)
Three top executives from hedge fund Elliott Management are putting their multimillion-dollar New York apartments on the market. According to a report from The Wall Street Journal’s Katherine Clarke and Cara Lombardo, the three luxury properties are being listed for sale amid a migration to Florida among Wall Street firms and executives. Insider’s Daniel Geiger and Alex Nicoll reported in January that Elliott Management was close to signing a deal to move into a 40,000-square-foot office building in West Palm Beach, and Goldman Sachs, Blackstone, and Citadel are also reportedly planning moves to the Sunshine State.
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Hedge Fund King Bill Ackman Bets on Interest Rate Rises Crashing Markets (Telegraph.co.uk)
Hedge fund manager eyes repeat of trade that netted his funds billions of dollars when stocks plunged last year. Hedge fund manager Bill Ackman is betting on interest rates rises crashing stock markets, as the American investor eyes a repeat of the trade that netted his funds billions of dollars when stocks plunged last year…
The Breakout Year (Hedge Nordic)
Stockholm (HedgeNordic) – Investors pulled an estimated $30 billion from hedge funds in 2020, marking the third consecutive year of net outflows for the hedge fund industry. But “2021 could be a breakout year,” says Barclays. “Investor interest in hedge funds is the strongest in years,” with the industry expected to attract $10 billion to $30 billion of net inflows in 2021. The estimates stem from Barclays’ most recent Strategic consulting survey of 240 investors, who collectively account for about 22 percent of the hedge fund industry’s capital.
The Massive Hedge Fund that Lets You Work Anywhere (eFinancialCareers.com)
In normal, non-pandemic times, do you like working in a large buzzy office or are you happier to keep your head down working with a single colleague somewhere in the suburbs? It matters if you’re contemplating working for a large hedge fund. Most people are working from home right now anyway, but this lifestyle is close to the norm if you’re employed by Millennium Management, the multi-strat hedge fund with $47bn in assets under management that’s been doing some big hiring. A January 2021 regulatory filing shows that while Millennium’s investment staff do mostly work in offices, they’re typically tiny affairs with just two people.
