Activist Fund TCI Lodges Complaint Against Italy with European Commission Over Atlantia (Reuters)
LONDON/ROME (Reuters) – Activist hedge fund TCI Fund Management said it has submitted a complaint to the European Commission over “illegitimate expropriation” by the Italian government of Atlantia’s motorways unit Autostrade per l’Italia. TCI, an investor in Atlantia, said in its complaint that Italy’s order that Atlantia sell down its stake in Autostrade “seriously threatened the fundamental principles of the EU Capital Market Union”.
The Head of Professional Development at Steve Cohen’s Point72 Lays Out How to Climb from Fresh College Grad to Portfolio Manager at the $16.3 Billion Hedge Fund Firm (Business Insider)
Going from fresh-out-of-college, brand-spanking-new analyst to running an investment team as a portfolio manager at Steve Cohen‘s Point72 isn’t a linear path with obvious checkpoints. That’s something Jaimi Goodfriend, the firm’s head of investment professional development, stressed in a conversation with Business Insider — there’s not some plug-and-play plan that magically turns analysts into portfolio managers in a set number of years.
Warren Buffett Dumped the ‘Big 4’ Airlines in April. Their Earnings Show What He was Worried About. (Business Insider)
Warren Buffett sold his stakes in the “big four” US airlines in April because he anticipated fewer passengers, bigger debt loads, heavy losses, and other headaches as a result of the coronavirus pandemic. American Airlines, Delta Air Lines, United Airlines, and Southwest Airlines reported their second-quarter earnings this month. The figures suggest the famed investor and Berkshire Hathaway CEO was right to worry.
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Dinakar Singh Says Hedge Funds Need to Stop Trading So Much (Bloomberg)
Dinakar Singh has a simple explanation for why hedge funds keep trailing the stock market: They trade too often. Instead of sticking with high-conviction bets, managers have become prisoners to the short term. If a position doesn’t make money fast enough or loses too much too soon, they close it out. “There are plenty of very, very intelligent people up and down Wall Street working at funds,” Singh, the founder and co-chief executive officer of Axon Capital, said in a “Bloomberg Front Row” interview. “The problem isn’t that their brains somehow shrunk, the problem is their risk tolerance shrunk.”
Dan Niles Says He Shifted His Short Positions to Tech Stocks and Away from Reopening Plays (CNBC)
Hedge fund manager Dan Niles said Thursday that he had shifted away from shorting stocks tied to the reopening of the economy in recent weeks and was betting against some of the top-performing tech stocks. Niles, a founding partner of AlphaOne Capital Partners, said on “Closing Bell” that the valuations for some tech stocks has gone “too far, too fast”.
US hedge fund, SBI MF get nod to raise stake in IndusInd Bank, CSB Bank (VCCircle)
The Reserve Bank of India has allowed two shareholders of IndusInd Bank and CSB Bank to increase their individual stakes to 10% each. The banking regulator allowed State Bank of India’s (SBI) mutual fund arm to double its stake in Fairfax-controlled CSB Bank (formerly Catholic Syrian Bank). This approval will be valid for one year until July 21, 2021, CSB Bank said in a stock-exchange filing.
Hedge Fund Lakewood Is Shorting One of Canada’s Top Stocks (Bloomberg)
Ballard Power Systems Inc., the second-best performing stock in Canada this year, is a new short at Lakewood Capital, the firm said in its quarterly letter, calling it a “consistently loss-making and cash-burning Canadian company.” Shares of the Vancouver-based hydrogen fuel cell maker have risen 139% this year amid burgeoning speculation that wide-scale adoption of hydrogen fuel cells may at long last be around the corner.
Carmax Inc (KMX) EVP, Gen. Counsel & Secretary Eric M Margolin Sold $3.8 million of Shares (Guru Focus)
EVP, Gen. Counsel & Secretary of Carmax Inc, Eric M Margolin, sold 38,807 shares of KMX on 07/22/2020 at an average price of $97.63 a share. The total sale was $3.8 million. CarMax Inc is engaged in the automobile dealership business. Its services involve selling vehicles which includes both used and new vehicles. CarMax Inc has a market cap of $15.92 billion; its shares were traded at around $97.60 with a P/E ratio of 25.88 and P/S ratio of 0.88. CarMax Inc had annual average EBITDA growth of 13.60% over the past ten years.
Friday 7/24 Insider Buying Report: JAMF, LEVI (Nasdaq.com)
At JAMF Holding (JAMF), a filing with the SEC revealed that on Tuesday, Chief Operating Officer John Strosahl bought 7,692 shares of JAMF, for a cost of $26.00 each, for a total investment of $199,992. So far Strosahl is in the green, up about 49.0% on their purchase based on today’s trading high of $38.75. JAMF is trading down about 4.2% on the day Friday. This buy marks the first one filed by Strosahl in the past twelve months. And on Wednesday, Director Christopher J. McCormick purchased $45,129 worth of Levi Strauss & Co. (LEVI), purchasing 3,786 shares at a cost of $11.92 each. This purchase marks the first one filed by McCormick in the past year. Levi Strauss & Co. is trading up about 2% on the day Friday. So far McCormick is in the green, up about 4.4% on their buy based on today’s trading high of $12.45.
Follow the Insiders, Sell Nvidia Stock at $405 (Investorplace.com)
Earlier last week, Nvidia (NASDAQ:NVDA) briefly eclipsed Intel’s (NASDAQ:INTC) market capitalization of $260 billion. How could a company with 15% of Intel’s revenue and 13% of the operating income share the same market value? NVDA stock insiders didn’t care to ask. Since the end of March, insiders have unloaded over $97 million in shares, compared to $16 million over the same period last year. When insiders sell shares that quickly, investors should ask themselves, “should I be doing the same thing?” With NVDA stock, investors would be wise to follow suit.
The VCOB of Constellation Brands is Exercising Options (Analyst Ratings)
Yesterday it was reported that the VCOB of Constellation Brands (STZ), Richard Sands, exercised options to sell 335,893 STZ shares for a total transaction value of $60.6M. In addition to Richard Sands, one other STZ executive reported Sell trades in the last month.
Pinterest Inc (PINS) Chairman, President, CEO, Co-F Benjamin Silbermann Sold $1.5 million of Shares (Guru Focus)
Chairman, President, CEO, Co-F of Pinterest Inc, Benjamin Silbermann, sold 58,559 shares of PINS on 07/21/2020 at an average price of $25.76 a share. The total sale was $1.5 million. Pinterest Inc has a market cap of $14.45 billion; its shares were traded at around $24.64 with and P/S ratio of 10.83. GuruFocus has detected 1 severe warning sign with Pinterest Inc.
