Einhorn Cuts Consol Stake After Coal Miner Slumped 50% (Bloomberg)
Activist investor David Einhorn has reduced his stake in Consol Energy Inc. after the coal miner slumped 50% last year. Einhorn’s hedge fund Greenlight Capital and other entities connected to him disclosed a 10% stake in Consol, according to a filing. That’s down from an earlier 11.8% stake.
Legendary Investor Bill Miller Compared Marijuana Legalization to the Early Days of Gambling and Shares the One Pot Stock He’s Betting on to Soar (Business Insider)
Legendary investor Bill Miller is making a big bet that more states will soon choose to legalize marijuana, likening it to the early days of gambling. He’s picked one cannabis company that he says will win in the nascent industry due to its growth prospects, management team, and strategy: Green Thumb Industries.
Wall Street Billionaire Leon Cooperman Warns Market Is ‘Not Going To End Well’ – But He Still Likes These 5 Investments (Forbes)
Billionaire investor Leon Cooperman is cautious about the stock market’s prospects in 2021. While the 77-year-old hedge fund titan still sees opportunities in the market, he warns of excessive speculation and signs of “euphoria.” Cooperman is especially worried about the long-term market outlook given rising U.S. debt levels and the federal deficit. “I think we’re borrowing from the future,” he says. “The Federal Reserve is forcing people out on the risk curve and driving stock prices (up) … it’s not going to end well.”
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D E Shaw Delivers Strong Returns in 2020 (Hedge Week)
DE Shaw’s flagship multi-strategy fund delivered net returns of +19.4 per cent for investors in 2020, according to a person familiar with the firm’s results. The DE Shaw Composite Fund (Composite), the firm’s largest fund, launched in 2001 and provides investors with exposure to the broadest array of the firm’s absolute return strategies. Last year’s returns, in what, for many, was a hugely volatile period, build on 2019’s net annualised return of +10.4 per cent.
Blackstone Hires Former Brown Endowment Chief as Hedge-Fund Unit Co-Head (The Wall Street Journal)
Blackstone Group Inc. has hired Joe Dowling, the former chief executive of Brown University’s endowment, as co-head of its $78 billion hedge-fund business. Mr. Dowling will join John McCormick in leading the business. Mr. McCormick has led Blackstone’s hedge-fund unit since January 2018. Mr. Dowling will focus on investing and Mr. McCormick on its business and investor functions.
Chris Rokos’s Macro Hedge Fund Surges 44% in Best Year Ever (Bloomberg)
Chris Rokos’s hedge fund racked up its best year since the billionaire investor started his own macro trading firm more than five years ago, joining a string of peers who posted record gains in 2020. His $14.5 billion macro fund soared 44% as the pandemic upended markets, according to people with knowledge of the matter who asked not to be identified because the information is private. The London-based fund’s previous best year was in 2016, when it rose 20%.
