Hedge Funds Too Pessimistic on Stocks, Says SocGen (Hedge Week)
Hedge funds have become too pessimistic about stocks as they position for a slump in global equities and may have to become more bullish if the current stock rally continues pushing the market even higher according to a report by Bloomberg. The report cites Arthur van Slooten, a strategist at Societe Generale, as saying that their positioning is “so extreme” that no decline in equities “could result in a quick and drastic reversal of positions” and could potentially send “equities and bond yields higher”.
Phony Billionaire Hedge Fund Manager Charged with Running Ponzi Scheme (MarketWatch)
Phillip Galles had all the trappings of a successful hedge fund manager — a fleet of luxury cars, paintings by masters like Picasso and Chagall on his walls, and a billion dollars in the bank. But it was all a carefully-crafted lie aimed at drawing investors into a Ponzi scheme, federal authorities say. Galles, 57, of Chicago, was charged Thursday with bilking more than 50 investors out of over $6 million, according to court documents filed by federal prosecutors in New Jersey and the Commodity Futures Trading Commission.
Renowned Hedge Fund Manager Says US Regional Banking System at Risk (AAStocks.com)
Renowned U.S. hedge fund manager Bill Ackman warned that the U.S. regional banking system is at risk as regulatory institutions of the country failed to update and expand its insurance regime for the deposits at regional banks, which “hammered more nails onto the coffin”. Ackman remarked that, at the current rate of deterioration, no regional bank will survive the bad news and unfavorable data, and a massive plunge in stock prices will inevitably follow.
Insiders Selling Tesla, Amazon And This Tech Giant (Benzinga)
Microsoft: The Trade: Microsoft Corporation (MSFT) EVP, Chief Marketing Officer Christopher C Capossela sold a total of 5,000 shares at an average price of $310.05. The insider received around $1.55 million from selling those shares. Tesla: The Trade: Tesla, Inc. (TSLA) CFO Zachary Kirkhorn sold a total of 3,750.75 shares at an average price of $162.70. The insider received around $610.25 thousand from selling those shares.
ASIC Charges Vaughan Bowen with Insider Trading, Again (AFR.com)
The corporate regulator and ex-Vocus chairman Vaughan Bowen are set to lock horns again over allegations of insider trading relating to the sale of Vocus shares in 2019, which were potentially worth $25.7 million. The Commonwealth Director of Public Prosecutions (CDPP) indicted Mr Bowen on Wednesday with two insider trading charges. It comes after Mr Bowen was originally charged in September 2021, but then discharged by the Melbourne Magistrates’ Court last December following a contested committal hearing, where it was determined there was insufficient evidence for the case to proceed.
Thursday 5/11 Insider Buying Report: BXMT, CFR (Nasdaq.com)
At Blackstone Mortgage Trust, a filing with the SEC revealed that on Wednesday, Director Michael B. Nash bought 50,000 shares of BXMT, at a cost of $17.22 each, for a total investment of $860,810. Blackstone Mortgage Trust Inc is trading up about 1.9% on the day Thursday. Before this latest buy, Nash bought BXMT on 2 other occasions during the past twelve months, for a total cost of $1.99M at an average of $22.10 per share. And also on Wednesday, Director Chris Avery purchased $478,750 worth of Cullen/Frost Bankers, purchasing 5,000 shares at a cost of $95.75 a piece. Before this latest buy, Avery made one other buy in the past twelve months, purchasing $540,425 shares for a cost of $108.08 each. Cullen/Frost Bankers is trading off about 0.4% on the day Thursday.
