Billionaire Investor David Tepper Says ‘the Stock Market is Still Fine’ After Fed Announcements (CNBC)
Hedge fund legend David Tepper thinks the Federal Reserve did a good job, showing that policymakers are not asleep at the wheel. The Appaloosa chief, known for bold calls and strong returns, told CNBC’s Scott Wapner on Thursday that despite the Fed’s plan to move up its interest rate hike timetable, the stock market remains alright. “I think the stock market is still fine for now,” Tepper told Wapner.
Bitwise Asset Management Completes USD70m Series B, Valuing the Company at Over USD500m (PrivateEquitywire.co.uk)
Bitwise Asset Management, one of the world’s largest cryptocurrency index fund managers, has raised USD70 million in a Series B funding round led by Elad Gil and Electric Capital. New backers include Daniel Loeb’s Third Point LLC, Daniel Och’s Willoughby Capital, Louis Bacon’s Moore Strategic Ventures, Paul Eisenstein’s Vetamer Capital, and Coinbase Ventures, alongside individual investors Henry Kravis, Stanley Druckenmiller, David McCormick (Bridgewater CEO), Daniel Sundheim (D1 CIO), Kevin Warsh (former U.S. Federal Reserve Governor), Nadeem Meghji (Blackstone executive), Tracey Warson (former Head of Citi Private Bank), Fidji Simo (Facebook executive), Helen Riley (Google X CFO), and several others. Existing Bitwise backers including Highland Capital, Khosla Ventures, Blockchain Capital, Castle Island Ventures, Alison Davis, Adam Nash, and Naval Ravikant participated as well.
Billionaire investor Bill Ackman Helped Pressure Pornhub into Taking Down Millions of Unauthorized Videos, Report Says (Business Insider)
Billionaire investor Bill Ackman helped to pressure Pornhub into removing millions of unauthorized videos from its website, Institutional Investor reported this week. The Pershing Square Capital Management boss was browsing Twitter last December when he came across “The Children of Pornhub,” a damning indictment of the porn site by The New York Times columnist Nicholas Kristof. The article detailed how Pornhub allowed unverified users to upload videos without authorization from the people featured in them, enabling revenge porn and other exploitation.
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Preqin Markets in Focus: Alternative Assets in Asia-Pacific 2021 (Preqin)
The alternative investment market in Asia is set to experience explosive growth in the coming years, with private capital assets under management (AUM) on course to reach $6tn by 2025. Private capital is playing an increasing role in asset allocations across Asia-Pacific, as demand to access this fast-growing and diverse region remains robust. Asia-Pacific-focused private capital AUM has already expanded almost sixfold over the past decade, reaching $1.71tn as of September 2020, with $133bn raised during 2020 alone. Combined with the $156bn in Asia-Pacific hedge funds as of Q4 2020, the region is fast approaching the $2tn milestone for alternatives.
Month in Review – May 2021 (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic hedge funds edged down in May to end their six-month run of positive returns, as equity and fixed-income hedge funds dragged down the performance. The Nordic Hedge Index inched down by 0.1 percent last month (95 percent reported) to trim its year-to-date advance to 3.9 percent. Three of the five strategy categories within the Nordic Hedge Index enjoyed gains last month, with equity and fixed-income hedge funds ending the month in the red on aggregate. Equity hedge funds, this year’s strongest-performing strategy group in the Nordic Hedge Index, were down 0.5 percent last month to cut their 2021 advance to 6.1 percent.
Alden’s Buyout Offer Coincides with the 3rd Anniversary of the Capital Gazette Shooting (Poynter.org)
June 28 marks the third anniversary of the deadly attack on the (Annapolis, Maryland) Capital Gazette newsroom that killed five: Gerald Fischman, John McNamara, Rob Hiaasen, Wendi Winters and Rebecca Smith. The month also coincides with the buyout offer from the newspaper’s new hedge fund owner, Alden Global Capital, which recently acquired Tribune Publishing.
Bridgewater is Mandating its Employees Take off at Least 15 Days a Year. Its Deputy CEO Explains How the New Policy will Combat Burnout. (Business Insider)
Nir Bar Dea wants his employees to enjoy their vacations more than he does. Bar Dea, the deputy CEO of Bridgewater Associates, told Insider in an interview that while he takes a fair amount of time off, he often ends up on his laptop by the pool. The reality is that new work dynamics make it easy to just hop on a quick Zoom call, Bar Dea said, instead of completely disconnecting.
Hedge Funds Plan to to Hold 7% of Assets in Crypto in Coming Years (Crypto-Reporter)
Hedge funds plan to significantly increase their cryptocurrency holdings by 2026, reports Financial Times. In a survey by Intertrust among 100 hedge funds CFOs from around the world, they forecast to increase the assets to 7.2% in about five years. That could amount to a total of about $312bn of assets in cryptos, based on data group Preqin’s prediction for the total size of the hedge fund industry, according to Intertrust. Seventeen per cent of participants expected to have more than 10 per cent in crypto. The highest appetite for risk has been demonstrated by hedge funds in North America with an average expected exposure at 10.6 per cent, while their UK and European counterparts expect 6.8 per cent on average.
The Chief Financial Officer of Nedbank Group (Other OTC: NDBKF) is Selling Shares (Analyst Ratings)
Today, the Chief Financial Officer of Nedbank Group (NDBKF), Mh Davis, sold shares of NDBKF for $2M. NDBKF’s market cap is $4.37 billion and the company has a P/E ratio of 18.40. The company has a one-year high of $9.00 and a one-year low of $5.80.
Snap Inc (SNAP) CEO Evan Spiegel Sold $30.7 million of Shares (Guru Focus)
CEO of Snap Inc, Evan Spiegel, sold 471,617 shares of SNAP on 06/14/2021 at an average price of $65.14 a share. The total sale was $30.7 million.
