Tesla Critic David Einhorn Wants Elon Musk to Resign Over Solar Controversy (Bloomberg)
It only took 12 hours for hedge fund investor David Einhorn, a well-known Tesla Inc. critic, to wade into the controversy over the company’s solar systems. He called on Tesla Chief Executive Officer Elon Musk to resign after a Business Insider report overnight showed the company tried to replace faulty parts in its rooftop solar panel systems as part of an effort known as Project Titan. Earlier this week, Walmart Inc. sued Tesla, saying panels that the company’s energy unit installed caught fire on at least seven of its stores.
Why Anthony Scaramucci is waging a media war on President Donald Trump (MarketWatch.com)
A friendship between President Donald Trump and one of his formerly most vocal advocates has taken an almost-Shakespearean twist. Anthony Scaramucci was once an ardent Trump supporter. He enjoyed a fleeting 11-day stint as the president’s White House communications director and as recently as Aug. 8 on CNBC applauded “the president’s courage for going after these issues,” referring to a yearlong Sino-American trade war.
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Ray Dalio’s Beatles-inspired Routine for Success (CNBC)
Billionaire hedge fund manager Ray Dalio is widely considered a rock star of the investing world. But the source of his success has a lot to do with superstars of another sort: The Beatles. Dalio was in his early twenties when he was inspired by the famous foursome to take up a new skill: Meditation. Today, half a century on, it remains a constant of his daily routine, and one to which he attributes his greatest career wins.
3 Klarman Investing Gems can Hold You in Good Stead in this Market (EconomicTimes.com)
Value investing legend Seth Klarman says it’s essential to avoid losses while making investment, as losses are the essence of risk and investors should venture into more risky securities only when the risk-reward ratio is clearly in their favour. Seth Andrew Klarman is an American billionaire investor, hedge fund manager and author and a proponent of value investing. He is the chief executive and portfolio manager of the Baupost Group, a Boston-based private investment partnership that he founded in 1982. Klarman’s investment thesis holds a lot of relevance in the current market, where stocks have seen significant value erosion and yet investors are not ready to nibble at them fearing further pain.
Sachem Head’s Portfolio Is Bigger Than You May Think (Institutional Investor)
There’s more to Sachem Head’s portfolio than what appears in its second-quarter 13F filing. Sachem Head Capital Management sharply cut back on its U.S. common stock portfolio in the second quarter.The activist hedge fund firm, headed by Bill Ackman protégé Scott Ferguson, liquidated eight of the 12 stocks held in the portfolio at the end of the first quarter. It also initiated positions in…
Hedge Funds Revert to Outflows in June (Hedge Week)
Hedge funds were unable to build on the previous month’s inflows in June with the industry moving back into net redemption territory with USD12.2 billion in outflows for the month. June redemptions, which represented 0.4 per cent of industry assets, were a reversal from May’s USD800 million in hedge fund industry inflows, according to the Barclay Fund Flow Indicator published by BarclayHedge, a division of Backstop Solutions. The ongoing US-China trade war which began to manifest itself in signs of slowing industrial and consumer demand in the US and China, falling oil prices and an equity market plunge this spring factored heavily in June’s redemption activity.
Friday 8/23 Insider Buying Report: BCSF, CFG (Nasdaq.com)
On Thursday, Bain Capital Specialty Finance (BCSF)’s CEO, Michael A. Ewald, made a $500,550 purchase of BCSF, buying 27,483 shares at a cost of $18.21 each. Bain Capital Specialty Finance is trading up about 1.2% on the day Friday. Before this latest buy, Ewald purchased BCSF on 13 other occasions during the past twelve months, for a total investment of $503,121 at an average of $20.09 per share. And at Citizens Financial Group (CFG), there was insider buying on Tuesday, by Director Charles John Koch who purchased 15,000 shares at a cost of $32.45 each, for a total investment of $486,750. Before this latest buy, Koch made one other purchase in the past year, buying $508,480 shares at a cost of $36.32 each. Citizens Financial Group is trading off about 0.1% on the day Friday. So far Koch is in the green, up about 1.9% on their purchase based on today’s trading high of $33.08.
The President & CEO of Union Bankshares Inc (NASDAQ: UNB) is Buying Shares (Analyst Ratings)
Today, the President & CEO of Union Bankshares Inc (UNB), David Scott Silverman, bought shares of UNB for $22K. Following this transaction David Scott Silverman’s holding in the company was increased by 6.83% to a total of $427.9K. Based on Union Bankshares Inc’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $11.38 million and quarterly net profit of $2.53 million.
Insiders Roundup: Facebook, Avalara (Guru Focus)
The GuruFocus All-in-One Screener can be used to find insider trades from the past week. Under the Insiders tab, change the settings for All Insider Buying to “$200,000+,” the duration to “August 2019” and All Insider Sales to “$200,000+.” According to these filters, the following are trades from company insiders this week. Tiger Global Management LLC, 10% owner, bought 640,000 shares of Sunrun Inc. (NASDAQ:RUN) for an average price of $15.78 per share on Aug. 21. The provider of solar services has a market cap of $1.82 billion and an enterprise value of $4.15 billion. It has insider ownership of 7.77% and institutional ownership of 97.21%.
United States: SEC Data Analysis in Insider Trading Investigations (Mondaq.com)
Recent SEC enforcement actions charging senior lawyers at Apple and SeaWorld with insider trading provide reason to dust off company insider trading policies and assess whether updates or additional training are needed. As sanctuaries for corporate America’s most valuable confidential information, law departments are among the first places that regulators look when trying to determine the source of a trader’s material nonpublic information. Insider trading enforcement remains a cornerstone of the SEC’s enforcement program. Over the past ten years, the SEC has significantly enhanced its insider trading surveillance, detection and investigative capabilities.
Insider Activity: Ehealth (EHTH) Board Member Buys $210k in Stock (InvestorsObserver.com)
Dale B Wolf, a member of the board of directors at Ehealth, Inc. (EHTH), bought 2,000 shares of the company’s common stock on Aug 19. At $105.05 per share, Wolf paid a total of $210,095 for the new shares.
SEC Obtains Final Judgment Against CEO in Penny Stock Fraud Scheme (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission obtained a final judgment against the former CEO of a penny stock company based in the Chicago suburbs, ordering the payment of more than $860,000 in monetary remedies. The SEC charged Andrew J. Kandalepas, the former CEO, President, and Chairman of the Board of Wellness Center USA, Inc. (Wellness), with making false and misleading statements in Wellness’s SEC filings and press releases and with manipulating the company’s stock. According to the SEC’s complaint, filed April 12, 2018, Kandalepas took over $450,000 in unauthorized withdrawals from the company and then concealed his actions by causing Wellness to mischaracterize his withdrawals as salary, prepayments, or loans in false and misleading Forms 10-K and 10-Q.
