Fortress Says 7th Circ. Ruling Hurts Intel’s Bid To Revive Suit (Law360)
Fortress Investment Group has pointed the Ninth Circuit to a recent Seventh Circuit decision that the hedge fund says supports its efforts to prevent a revival of Intel’s suit accusing Fortress of anti-competitively aggregating and asserting a huge portfolio of technology patents. In early August, the Seventh Circuit rejected a bid to revive landmark private antitrust claims from Humira buyers accusing pharmaceutical giant AbbVie of using a “patent thicket” to illegally shield the blockbuster immunosuppressant from competition.
Billionaire George Soros Pours Money Into These 2 ‘Strong Buy’ Stocks (TipRanks)
In the world of stock legends, George Soros stands out. While his political activities have been a lightning rod for controversy, no one can doubt his financial acumen. After all, he’s the ‘man who broke the Bank of England,’ and made a billion dollars in one day when he shorted the Pound Sterling back in 1992. His hedge fund, Soros Fund Management, showed three decades of sustained gains, averaging 30% annual returns through the year 2000. During this time, and today in the management of his personal fortune, Soros has taken a risk-tolerant stance toward his investments, and hasn’t hesitated to trade based on news and reports of global events.
These Billionaires Are Helping Lisa Murkowski Fight Off A Trump-Backed Challenger (Forbes)
Alaska Sen. Lisa Murkowski has won the backing of several billionaire donors in her battle for a fourth term. Leading the pack is hedge fund tycoon Ken Griffin, one of seven moguls who have donated over $25,000 to help Murkowski stay in the Senate. Griffin sent $1.5 million to Alaskans for L.I.S.A., a super PAC that can accept unlimited donations. The group, founded by former Murkowski campaign staffers, claims the acronym in its name stands for “Leadership In a Strong Alaska,” but it only backs one candidate: Murkowski, and has spent $2.7 million on her behalf.
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The Reward for Skill and Patience (Hedge Nordic)
Stockholm (HedgeNordic) – Large institutional investors generally look to a three-year track record as a pre-requisite for investing in hedge funds. With Coeli Absolute European Equity approaching its fifth anniversary, Malmö-based Mikael Petersson and his team have been awarded a $250 million mandate by a sovereign wealth fund that will mirror the long/short equity fund’s concentrated long portfolio.
Hedge Funds Back in Positive Territory in July (Hedge Week)
Hedge fund performance swung back into positive territory in July – following negative returns for much of this year – with all AUA categories and all strategies bar commodities posting positive weighted average returns. That’s according to the latest Monthly Hedge Fund Update report from hedge fund administrator Citco, which has assets of around $1.8 trillion under administration. The overall weighted average return for hedge funds administered by the Citco group of companies was 3% in July, up from -2.4% in June and -1.1% in May.
2 Picks from Expert Hedge Fund Manager Edgar Wachenheim’s Chest (Nasdaq.com)
Today, in our “Expert Spotlight,” we will look at Edgar Wachenheim, the founder, CEO, and Chairman of Greenhaven Associates. Greenhaven is a long-term, long-only value investment management firm with $4.63 billion in assets under management (AUM). We will look at two of Wachenheim’s top picks for 2022 – global financial services behemoth Goldman Sachs Group (GS) and homebuilder company Lennar Corp. (LEN). Global markets are witnessing unprecedented events. At such times, it is prudent to follow the views of experts who are in a better position to gauge the markets and the company’s performance. Notably, TipRanks aggregates the recommendations of several top experts, which can be considered while making investment choices to maximize returns.
Is Billionaire David Shaw Losing Faith in Tesla (TSLA) Stock? (InvestorPlace)
Tesla (NASDAQ:TSLA) stock is in focus after David Shaw’s D.E. Shaw & Company reported selling 30% of its stake during Q2. The acclaimed hedge fund manages over $128 billion in assets, of which $85.3 million is attributed to 13F securities. Shaw has now trimmed his stake in TSLA stock for four consecutive quarters. He first purchased shares of the electric vehicle (EV) company during Q4 of 2019 and holds each stock in his portfolio for an average of 12.88 quarters. Back in 2019, shares of Tesla traded for less than $100, accounting for stock splits.
Jim Simons’ Firm Enters Microsoft Position, Boosts Berkshire and Chevron (Guru Focus)
Renaissance Technologies, the hedge fund founded by Jim Simons disclosed in a regulatory filing that its top trades during the second quarter included new positions in Microsoft Corp. (MSFT) and Shopify Inc. (SHOP), boosts to its holdings of Berkshire Hathaway Inc. (BRK.B) and Chevron Corp. (CVX), a reduction to its stake in Tesla Inc. (TSLA) and the closure of its positions in Amazon.com Inc. (AMZN) and Alphabet Inc. (GOOGL). The New York-based firm applies complex mathematical models to analyze and execute trades, most of them automated. Renaissance predicts price changes using computer-based models that first gather as much data as possible and then look for non-random movements.
Friday 8/19 Insider Buying Report: TCBI, RM (Nasdaq.com)
On Wednesday, Texas Capital Bancshares (TCBI)’s Director, Robert W. Stallings, made a $1.23M buy of TCBI, purchasing 19,000 shares at a cost of $64.79 a piece. Texas Capital Bancshares is trading off about 1.2% on the day Friday. Before this latest buy, Stallings bought TCBI on 7 other occasions during the past year, for a total investment of $6.79M at an average of $57.38 per share. And also on Wednesday, Director Philip V. Bancroft bought $508,768 worth of Regional Management Corp (RM), buying 13,000 shares at a cost of $39.14 each. Regional Management Corp is trading down about 0.6% on the day Friday. Bargain hunters have the opportunity to buy RM even cheaper than Bancroft did, with shares changing hands as low as $38.51 at last check today which is 1.6% below Bancroft’s purchase price.
$3.9 Million Bet On This Technology Stock? 3 Stocks Insiders Are Buying (Benzinga)
Rubicon Technologies: The Trade: Rubicon Technologies, Inc. (RBT) 10% owner Atalaya Capital Management LP acquired a total 381,781 shares at an average price of $10.15. To acquire these shares, it cost around $3.88 million.
Insiders Selling Bed Bath & Beyond And 3 Other Stocks (Business Insider)
Snap: The Trade: Snap Inc. (NYSE: SNAP) Chief Business Officer Jeremi Gorman sold a total of 34,986 shares at an average price of $12.28. The insider received around $429.61 thousand from selling those shares. Bed Bath & Beyond: The Trade: Bed Bath & Beyond Inc. (NASDAQ: BBBY) EVP, CFO Gustavo Arnal sold a total of 55,013 shares at an average price of $25.52. The insider received around $1.4 million as a result of the transaction. Dell Technologies: The Trade: Dell Technologies Inc. (NYSE: DELL) Co-Chief Operating Officer Charles Anthony Whitten sold a total of 177,747 shares at an average price of $47.93. The insider received around $8.52 million from selling those shares.
