Bridgewater’s Dalio Warns of a ‘Perfect Storm’ for Economy (Reuters)
Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world’s biggest hedge funds, said a “perfect storm” is forming that will spread economic pain as the U.S. Federal Reserve raises interest rates. Dalio, who handed over control of the $150 billion firm to a new generation of investors this month, said government stimulus programs during the pandemic have created a bubble. Domestic tension in the U.S. population caused by “irreconcilable differences” and a yawning wealth gap, combined with international conflicts, are contributing to the perfect storm, he said.
Hedge Fund Manager Chris Brown Gives Himself a ‘C’ (Institutional Investor)
Aristides Capital’s long-short funds are down around 4.5 percent this year. Aristides Capital has managed to keep its losses in check as markets have plummeted — but founder Chris Brown is still kicking himself for not doing better. “If I had to grade my performance,” he said in a recent letter to investors, “it would be about a C.” The firm’s hedge funds lost about 4.5 percent last month, putting them down around the same amount for the first nine months. “Across the board, it was a yucky, no good, terrible month,” Brown said.
Daniel Loeb’s $17B Hedge Fund Invests in Crypto Through Coinbase (CoinDesk)
Influential investor Daniel Loeb has laser eyes for bitcoin. S.E.C. filings show the investor’s hedge fund, Third Point LLC, is registered with Coinbase’s custody arm. “The Hash” panel discusses the Loeb crypto revelation and what Third Point’s association with Coinbase means for the platform.
Cathie Wood’s ARKK Is on the Verge of Taking Out Its Covid Low (Bloomberg)
The drubbing in Cathie Wood’s flagship exchange-traded fund threatens to take out its low reached during the depths of the pandemic. The $7.1 billion ARK Innovation ETF (ticker ARKK) extended a three-day slide to about 11%, heading toward its lowest since March 2020. The fund has plummeted 62% so far in 2022, more than twice the pace of the plunge in S&P 500.
Accendo Appoints Kai Tavakka as Managing Partner (Hedge Nordic)
Activist investor Accendo Capital has appointed its long-serving partner Kai Tavakka as Managing Partner to manage and develop the asset manager’s business operations. With Tavakka responsible for the managing partner role at Accendo, founder Henri Österlund and senior partner Mark H. Shay can completely focus their time and efforts on managing Accendo’s concetrated portfolio and engaging with the underlying investments.
Andera Partners Raises Its Largest Life Sciences Fund at $443m (Opalesque.com)
Andera Life Sciences, the business line specializing in innovative therapeutics and medical technologies Venture capitalist Andera Partners, has raised €456m ($443m) for its biggest-ever life sciences fund. According to a press release from the player in private company investments in France and internationally, the sixth generation of BioDiscovery funds (BioDiscovery 6 fund) is consolidating Andera Partners’ position as one of the leading players in life sciences venture capital in Europe. Existing institutional investors include funds of funds, insurance companies, pension funds, family offices, private investors, and pharmaceutical companies, it said.
Route One Fund divest 1.54% stake in IndusInd Bank for Rs. 1,401 cr (LiveMint.com)
The US-based hedge fund Route One Fund I LP has offloaded 120,00000 shares which amounts to 1.54 per cent stake in IndusInd Bank, as per the data available with the National Stock Exchange (NSE). The shares were disposed of at an average price of Rs. 1,168.26 apiece, taking the transaction value to Rs. 1,401.91 crore. As of June end, the FII held a 2.75% stake in the bank.
Former Hedge Fund Manager and Winemaker Joins Nomura (Hedge Week)
Jim Hough, a former hedge fund portfolio manager at BlueCrest and Brevan Howard, has joined Nomura as a managing director on the firm’s inflation trading desk, according to a report by eFinancialCareers. Hough will report to Pasquale Cataldi, Nomura’s head of rates trading, who’s been busy building out his team since arriving at the firm from JPMorgan in April. Hough, left BlueCrest in December 2019 and, according to his LinkedIn profile, has spent his time since then “hanging out in East Sussex running a vineyard”.
Hedge Fund Veteran Mark Yusko Doubles Down on $250,000 Bitcoin Prediction Despite Steep Correction – Here’s Why (The Daily Hodl)
The managing partner of cryptocurrency hedge fund Morgan Creek Digital is not backing down on his big Bitcoin (BTC) prediction. In a new Altcoin Daily interview, crypto trader Austin Arnold asks Mark Yusko if his prediction from last year that Bitcoin could hit $250,000 in half a decade still stands. According to the hedge fund veteran, Bitcoin skyrocketing to $250,000 seems “easy” to him but notes that the “timing is harder.”
Tuesday 10/11 Insider Buying Report: DOUG, TPL (Nasdaq.com)
On Monday, Douglas Elliman’s CEO, Howard M. Lorber, made a $399,340 buy of DOUG, purchasing 100,000 shares at a cost of $3.99 each. Lorber was up about 7.7% on the buy at the high point of today’s trading session, with DOUG trading as high as $4.30 in trading on Tuesday. Douglas Elliman is trading up about 4% on the day Tuesday. And on Thursday, Director Murray Stahl purchased $24,294 worth of Texas Pacific Land, purchasing 12 shares at a cost of $2024.54 a piece. Before this latest buy, Stahl purchased TPL at 248 other times during the past year, for a total investment of $7.01M at an average of $1417.21 per share. Texas Pacific Land is trading off about 0.8% on the day Tuesday. Bargain hunters can grab TPL at a price even lower than Stahl did, with shares changing hands as low as $1985.62 in trading on Tuesday which is 1.9% under Stahl’s purchase price.
$2.3 Million Bet On JELD-WEN? 3 Stocks Insiders Are Buying (Benzinga)
JELD-WEN Holding: The Trade: JELD-WEN Holding, Inc. (JELD) 10% owner Turtle Creek Asset Management Inc acquired a total of 240,150 shares an average price of $9.42. To acquire these shares, it cost around $2.26 million. Rocket Companies: The Trade: Rocket Companies, Inc. (RKT) CEO Jay Farner acquired a total of 58,800 shares at an average price of $6.78. To acquire these shares, it cost around $398.79 thousand.
