Citadel’s Ken Griffin Taps Musk, Pro Golfer Law Firm in IRS Tilt (Bloomberg Law)
Billionaire hedge fund manager Ken Griffin is taking on the Internal Revenue Service with the help of Quinn Emanuel, the same law firm aiding some pro golfers’ fight against the PGA Tour and that assisted Elon Musk in a battle with Twitter. Firm co-managing partner William Burck signed a lawsuit filed Tuesday in Florida federal court seeking to hold the IRS and the U.S. Treasury Department liable for the disclosure of Griffin’s confidential financial information.
Hedge Funds Returning to form as Year-End Approaches (Hedge Week)
Hedge funds extended gains in November with the investable HFRI 500 Fund Weighted Composite Index advancing 0.8% for the month, as directional equity hedge and interest rate sensitive relative value arbitrage strategies led the way. The HFRI Fund Weighted Composite Index advanced 0.95% in November, cutting its YTD decline to 4.1%. Dispersion in hedge fund performance meanwhile, widened slightly in November, as the top decile of the HFRI constituents advanced by an average of 12.8%, while the bottom decile fell by an average of 8.7%, representing a top/bottom dispersion of 21.5%. By comparison, the top/bottom dispersion was 18.6% in October.
Wednesday 12/14 Insider Buying Report: SOFI, WWW (Nasdaq.com)
At SoFi Technologies, a filing with the SEC revealed that on Tuesday, Chief Executive Officer Anthony Noto bought 1,134,065 shares of SOFI, for a cost of $4.42 each, for a total investment of $5.01M. Noto was up about 9.3% on the purchase at the high point of today’s trading session, with SOFI trading as high as $4.83 at last check today. SoFi Technologies is trading up about 8% on the day Wednesday. Before this latest buy, Noto purchased SOFI on 18 other occasions during the past year, for a total cost of $3.47M at an average of $7.06 per share. And at Wolverine World Wide, there was insider buying on Friday, by Director Jeffrey M. Boromisa who purchased 100,000 shares for a cost of $10.49 each, for a trade totaling $1.05M.
Over $16 Million Bet On AMERCO? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
AMERCO: The Trade: AMERCO (UHAL) 10% owner Clarendon Strategies LLC acquired a total of 248,300 shares an average price of $64.97. To acquire these shares, it cost around $16.13 million. Lazydays Holdings: The Trade: Lazydays Holdings, Inc. (LAZY) Director Christopher Shackelton acquired a total of 542,626 shares at an average price of $11.61. To acquire these shares, it cost around $6.3 million.
Hedge Funds Drawn to Crypto’s Next Big Short After FTX Reveals Cracks (Bloomberg)
Before Sam Bankman-Fried was arrested in the Bahamas and charged with fraud this week, and before the demise of a $60 billion crypto ecosystem decimated digital asset lenders in May, there was the industry’s original bogeyman: Tether. A handful of hedge funds are now turning their focus back to the $66 billion stablecoin, which they warn could be the next crypto catastrophe — one that would make the implosion of Bankman-Fried’s FTX exchange look small in comparison.
