Billionaire Investor David Einhorn Says Inflation isn’t Going Away – and Expects Rising Prices to Boost His Stock Portfolio (Business Insider)
Billionaire investor David Einhorn predicted inflation is here to stay, and explained why rising prices will benefit his stock portfolio, in his second-quarter letter to investors this week. “There are too many dollars chasing too few goods and services,” the Greenlight Capital founder and president said in the letter, published by ValueWalk. “We have reached a structural change in inflation.”
FirstGroup Chief to Step Down After Pressure from Shareholder (The Guardian)
Matthew Gregory to leave in September amid criticism from US hedge fund Coast Capital. FirstGroup, one of the UK’s largest bus and train operators, has announced its chief executive is to step down, just a day after the firm’s biggest shareholder called for his resignation. Matthew Gregory, who has been chief executive since 2018, will step down after the company’s annual shareholder meeting on 13 September.
JPMorgan’s Head of Electronic Trading Analytics Left for a Hedge Fund (eFinancialCareers.com)
Pascal Tomecek, a JPMorgan managing director who was responsible for electronic trading and data analytics for spread markets in the corporate and investment bank, has left for a hedge fund. Tomecek is joining the New York office of Cubist Systematic Strategies, where he’ll be head of research technology according to his LinkedIn profile. At JPMorgan he worked across credit securitized products and public finance, incorporating algorithmic market making, machine learning, fixed income analytics and automated trade idea generation.
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Hedge Fund Performance Monitor: June 2021 (Preqin)
The Preqin All-Strategies Hedge Fund benchmark gained 0.73% in June, meaning single-manager hedge funds have generated positive returns in every month of H1 2021. June’s gains pushed the YTD return to +11.96% and the 12-month return to +31.70%. Read our Performance Monitor for a look at how equity, credit, macro, and niche strategies performed in June. The Monitor presents hedge fund performance benchmarks, plus the YTD and 12-month return figures for all top-level strategies, structures, denominations, and size classifications.
Alderwood Capital Appoints Two Independent Chairs (Hedge Week)
Alderwood Capital (Alderwood), a London-based fund manager, has appointed two Independent Chairs. Olive Darragh will chair the Partnership Committee of Alderwood Partners, the investment management side of the business, while Neil Cochrane will serve as Chairman of the Board of the Alderwood Fund as well as Chairman of the Valuations Committee. The Partnership Committee is also comprised of external member representatives, including Victory Capital, and members of Alderwood’s Management team. It oversees and directs both the strategic direction and the management of the business.
Ex-Hedge Fund Manager And Ex-Mrs. Griffin Now Only One Of Those Two Former Things (Deal Breaker)
During their amicable and not-at-all-contentious divorce, Citadel chief Ken Griffin made clear that he would not be on the hook for keeping his soon-to-be-former wife and namesake fed, clothed and vacationed. No: He may be the richest man in Illinois and lord of a $1 billion-plus-and-growing global manor, but the mother of his children would have to work for a living, thank you very much.
Hedge Fund Investors Pleased After Best Start To A Year Since 2009 (Forbes)
The vast majority of hedge fund investors were pleased with the performance of their funds during the first half of this year, according to a new study from HFM and the Alternative Investment Management Association (AIMA). As a result, more than one-third of investors are planning to boost their allocation to hedge funds.
Hedge Fund Assets Nearing $4 Trillion (Hedge Nordic)
Stockholm (HedgeNordic) – Total hedge fund assets reached an estimated $3.96 trillion at the end of the second quarter, increasing $360 billion from the start of the year, according to Hedge Fund Research. Industry assets increased by more than $1 trillion over the trailing five quarters since falling below the $3 trillion-mark during the first quarter last year.
SPAC Investors Thought Bill Ackman was ‘F—ing Magic.’ But His Deal Imploded, and Now His Reddit Fans are Revolting. (Business Insider)
On June 9, Bill Ackman tweeted a vulgar Reddit video to 300,000-plus followers. It starred a sock puppet explaining why the billionaire hedge-fund manager’s blank-check company was “the mack f—ing daddy of investments right now.” The answer was pretty simple: “Bill Ackman can do f—ing magic.” Less than two months later, the magic ran out.
Galaxy Digital Launches Venture Fund of Funds with Backing from Franklin Templeton (TheBlockCrypto.com)
Galaxy Digital’s asset management business seems to be heating up after a recent acquisition. “It’s going to be a diversified asset management platform…the Blackstone of crypto,” Galaxy’s Scott Army said, referring to the $600 billion alternative investment management giant. On Tuesday, the firm made one of its first steps towards that goal, announcing the launch of its newest fund: a venture fund that will invest $33 million across several venture funds in the cryptocurrency market on behalf of large, institutional investors. The nod to Blackstone makes sense given it offers its clients access to an array of investments solutions, including ways to access a wide-range of underlying hedge funds. Of course, Galaxy is much smaller. Army’s Vision Hill Group was acquired by Mike Novogratz‘s Galaxy Digital earlier this year, forming Galaxy Vision Hill. Galaxy Digital’s asset management arm oversees $1.4 billion, according to a press release.
Tuesday 7/27 Insider Buying Report: ROCCU, STBA (Nasdaq.com)
On Friday, Roth CH Acquisition’s Director, Adam Rothstein, made a $250,438 purchase of ROCCU, buying 25,979 shares at a cost of $9.64 a piece. So far Rothstein is in the green, up about 9.1% on their purchase based on today’s trading high of $10.52. Roth CH Acquisition is trading off about 4.4% on the day Tuesday. And also on Friday, Director Jeffrey D. Grube purchased $85,917 worth of S & T Bancorp, purchasing 3,000 shares at a cost of $28.64 a piece. S & T Bancorp is trading down about 0.4% on the day Tuesday. So far Grube is in the green, up about 3.1% on their buy based on today’s trading high of $29.52.
The Shareholder of Prime Mining Corp. (Other OTC: PRMNF) is Buying Shares (Analyst Ratings)
Today, the Shareholder of Prime Mining Corp. (PRMNF), Pierre Lassonde, bought shares of PRMNF for $1.5M. Following this transaction Pierre Lassonde’s holding in the company was increased by 4% to a total of $32.78 million. In addition to Pierre Lassonde, 2 other PRMNF executives reported Buy trades in the last month. PRMNF’s market cap is $308 million and the company has a P/E ratio of -22.00. The company has a one-year high of $3.64 and a one-year low of $1.01. The Company has a Price to Book ratio of 18.61.
