Short-Seller Jim Chanos Blasts Meme-Stock traders as Greedy and Entitled – and Says they Cry and Point Fingers When They Lose Money (Business Insider)
Jim Chanos blasted meme-stock traders as immature and petulant in a tweet this week. The veteran short-seller also accused them of only caring about money, dismissing their grand claims of taking on Wall Street and democratizing finance as false narratives. “$GME is up 780% and $AMC is up 1,470% this year. $AMC has tripled in the past three months,” the Kynikos Associates boss tweeted from his WallStCynic account, using the stock tickers for GameStop and AMC Entertainment – two of the most popular meme stocks.
Gamestop – Hedge Fund Odey Lines Up Bets Against ‘Meme Stock’ Favourite AMC (Fintech Zoom)
Odey Asset Management, the London hedge fund firm set up by trader Crispin Odey, has put on a bet against the shares of pandemic-hit cinema chain AMC Entertainment, one of the most popular “meme stocks” this year. The firm, which manages about $4.1bn, recently took the short position — a bet on a falling price – in portfolios run by James Hanbury, according to investor letters seen by the Financial Times. Hanbury manages about $1.5bn in assets across his funds, including the LF Brook Absolute Return fund.
Robinhood’s Sole Hedge Fund Manage (Institutional Investor)
The Tiger Grandcub was hurt earlier this year by retail investors trading primarily on the popular app – but now it’s getting the last laugh. Dan Sundheim’s D1 Capital Partners is the only hedge fund firm that held a private investment in Robinhood Markets before it went public last week, according to a regulatory filing made public Wednesday detailing the trading app’s investors. D1 Master Holdco I owned roughly 17.5 million shares before the initial public…
Photo by Marga Santoso on Unsplash
Anthony Scaramucci’s Bitcoin Fund Dropped 36.5% As Bitcoin Whipsawed in May (The Street)
It’s been a rocky few months for Anthony Scaramucci‘s flagship Bitcoin fund. The fund, First Trust SkyBridge Bitcoin Fund, plummeted by 36.5% in the month of May, according to marketing documents obtained by Crypto Investor. A spokesperson for the firm declined to comment.
The Hedge Fund Comeback Looks Like the Real Deal (Bloomberg)
Hedge funds are rediscovering the secret of alpha generation that made them masters of the financial universe in years past. The renaissance of the swashbuckling gang adds welcome color to an asset management industry that’s been threatening to fade to gray as passive index trackers charging little to no fees take over the investing world.
Vistra Launches SPAC and de-SPAC Services (Hedge Week)
Vistra has launch its Special Purpose Acquisition Companies (SPAC) service, which aims to provide a tailored proposition built around the key phases of a SPAC to address each stage of growth – beginning with an IPO through to de-SPACing and business growth. Leveraging Vistra’s extensive expertise across multiple jurisdictions, sectors, and intermediary relationships, Vistra supports a wide range of SPAC scenarios. Vistra also provides leading entity expertise with over 200,000 entities under management, including Special Purpose Vehicles (SPVs).
Lee Ainslie’s Maverick Capital is Up Big, While Managers Like Tiger Global and Whale Rock Slipped in July. Here’s How Top Funds are Performing in 2021. (Business Insider)
The cheery sentiment surrounding hedge funds’ first half of the year — which places like Hedge Fund Research have trumpeted as the best start in decades — does not apply to all managers. There are managers who have been slammed this year by massive market events, such as Gabe Plotkin‘s Melvin Capital, which was caught up in a retail trading-induced short squeeze in January and is still digging out of the hole, or macro shop Alphadyne Asset Management, which has lost $1.5 billion this year thanks to a bet on rising interest rates that went awry.
Nelson Peltz to Step Down from P&G Board (Reuters)
(Reuters) – Procter & Gamble Co said on Thursday activist investor Nelson Peltz would step down from the company’s board at the end of his term later this year. The consumer goods giant appointed the founder of Trian Fund Management to its board in 2018, following a bitter months-long proxy fight – the biggest ever involving a U.S. company at the time.
One Up, One Down (Hedge Nordic)
Stockholm (HedgeNordic) – The Nordic CTA space edged up 0.7 percent in July (85 percent reported) in increasingly nervous markets, with about half of the group enjoying gains. The group’s performance was mainly attributable to solid returns from Mandatum’s artificial intelligence-assisted systematic Mandatum Managed Futures Fund and RPM Galaxy.
Friday 8/6 Insider Buying Report: RXST, KMPR (Nasdaq.com)
On Thursday, Rxsight’s Ronald M. Kurtz, M.D., made a $2.05M purchase of RXST, buying 128,638 shares at a cost of $15.94 a piece. Investors have the opportunity to pick up RXST at a price even lower than Kurtz, M.D. did, with the stock trading as low as $13.50 at last check today which is 15.3% below Kurtz, M.D.’s purchase price. Rxsight is trading up about 2% on the day Friday. And at Kemper, there was insider buying on Wednesday, by Director Stuart B. Parker who purchased 25,000 shares for a cost of $61.62 each, for a trade totaling $1.54M. Kemper is trading up about 1.6% on the day Friday. So far Parker is in the green, up about 4.4% on their buy based on today’s trading high of $64.33.
The SVP of Pool (NASDAQ: POOL) is Selling Shares (Analyst Ratings)
Yesterday, the SVP of Pool (POOL), Mark Joslin, sold shares of POOL for $7.24M. Following Mark Joslin’s last POOL Sell transaction on November 06, 2020, the stock climbed by 106.0%. In addition to Mark Joslin, 3 other POOL executives reported Sell trades in the last month. Based on Pool’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $1.79 billion and quarterly net profit of $260 million.
