Jim Chanos Says the Market is Entering Risky Phase and Retail Investors May be Left Holding the Bag (CNBC)
Short-seller Jim Chanos warned that retail investors late in the game could be left holding the bag as more red flags emerged in a speculative stock market. “The problem with getting more people, retail, involved is that it always seems to happen toward the end of every cycle. Retail wasn’t there at ’09 at the bottom. They weren’t there in ’02 after the dot-com bubble collapsed. They were certainly there at ’99,” Chanos said Tuesday on CNBC’s “Squawk Box.” “So the problem in the last few cycles as I see it is that we get promotors and insiders and people who have done very well cashing out as retail is buying.”
Hedge Fund Marathon’s Rabinowitz to Leave, Firm Veterans to Split Roles – Sources (Reuters)
BOSTON, Aug 10 (Reuters) – Marathon Asset Management‘s long-serving president and chief operating officer, Andrew Rabinowitz, is leaving the $22 billion hedge fund and his duties will be split among a trio of firm veterans, two people familiar with the matter said. Rabinowitz, who spent nearly two decades helping grow Marathon into one of the world’s biggest credit-oriented hedge funds, plans to leave next month to take a position outside of the investment management industry, said the people, who requested anonymity to discuss personnel matters.
McAuliffe Took $100K from Billionaire with Ties to Harvey Weinstein (Fox News)
Former Virginia Gov. Terry McAuliffe, campaigning to recapture his old seat, took $100,000 from a billionaire who defended disgraced media mogul Harvey Weinstein. McAuliffe took the six-figure donation in April from Paul Tudor Jones, a billionaire hedge fund manager who was a close ally of Weinstein’s and a board member of the Hollywood convicted rapist’s production company, The Weinstein Company.
Photo by Austin Distel on Unsplash
Superhuman’s CEO Reveals How Tiger Global’s Unique Approach to Fundraising has Led To So Many Deals (Business Insider)
Rahul Vohra, the cofounder and CEO of email startup Superhuman, has a distinct approach to fundraising for his company: “Never be actively raising but always be open to raising,” he told Insider. Recently, that strategy resulted in a $75 million round of funding for Superhuman at an $825 million valuation. IVP led the round, and Tiger Global Management – the hedge fund that has been beating out VCs to stakes in hot startups – also participated.
Getting a Kick Out of It: Private Equity Interest in Soccer Continues (Preqin)
Despite the failure of the European Super League, Spain’s big two clubs are holding out as a new private equity deal is considered. We said private equity hadn’t heard soccer’s final whistle, and we were right. European fund manager CVC Capital Partners is attempting a 50-year, €2.7bn deal with Spain’s top soccer division La Liga, which includes Real Madrid and Barcelona. The planned deal will deliver a financial boost to the Spanish soccer clubs, which have seen revenues decline as fans stayed away due to COVID-19 restrictions. The deal will mainly fund infrastructure improvements, for which 70% of deal capital is earmarked, while the remainder can be used on player acquisitions and financing debts (15% each).
SuperStrategies Beating Targets (Hedge Nordic)
Stockholm (HedgeNordic) – Nordea’s Alpha 10 MA Fund exceeded its target return of 5-to-7 percent gross of fees in five of the past six years. Seven months into 2021, the fund managed by Nordea’s multi-asset investment team, headed by Asbjørn Trolle Hansen, is exceeding its target return yet again after its net-of-fees return of 3.7 percent for July brought the 2021 advance to 8.7 percent. Alpha 10 MA Fund is part of Nordea’s three-member Alpha fund family, with the three funds sharing the same investment approach but exhibiting different risk-return profiles.
Hedge Fund Strategies Show Moderate Performance in June, Says EDHEC-Risk (Hedge Week)
The month of June was characterised by a positive trend on the stock markets, with the S&P 500 registering a rather strong performance (2.33 per cent), its fifth consecutive month of profits, leading to 15 per cent cumulative increase since the beginning of the year. Market implied volatility decreased, for the fourth consecutive month, to 15.83 per cent, returning to the levels observed in 2019, before the coronavirus crisis. This value is also much lower than its long-term average performance (around 21 per cent). On the bond market, a mixed situation prevailed as regular bonds posted negative return (-0.30 per cent), while convertible bonds posted positive return (1.60 per cent), the reverse of the situation observed last month. Concerning commodities market, the GSCI Commodity Spot index registered a positive return (3.23 per cent) for the third consecutive month, reaching its highest level in over more than six years.
Teng Yue, the Hedge Fund Founded by Bill Hwang’s Protege, Gets Pummeled by China’s Crackdown on Education Companies (Institutional Investor)
China’s crackdown on education companies is the latest bad news for Teng Yue Partners, the hedge fund founded by Bill Hwang protege Tao Li. Hwang, a Tiger cub, was head of Archegos Capital Management, the family office that imploded in late March. Teng Yue fell 21 percent in July and is now down 30 percent for the year, according to an investor.
Apollo Billionaire Leon Black Tried To Make Russian Model Have Sex With Jeffrey Epstein, Court Filing Claims (Forbes)
A former Russian model accusing private equity giant Leon Black of rape and harassment is now claiming the billionaire once flew her to Florida against her will to “satisfy the sex needs” of disgraced financier and longtime friend Jeffrey Epstein, an escalation of the allegations against the Apollo Global Management cofounder, who previously claimed he knew nothing of Epstein’s criminal behavior (Black’s attorney quickly denied the new allegations, too).
Tuesday 8/10 Insider Buying Report: POR, CVS (Nasdaq.com)
At Portland General Electric, a filing with the SEC revealed that on Thursday, James P. Torgerson bought 5,000 shares of POR, for a cost of $49.79 each, for a total investment of $248,950. Portland General Electric is trading off about 0.8% on the day Tuesday. And at CVS Health, there was insider buying on Thursday, by Director Edward J. Ludwig who purchased 3,000 shares for a cost of $79.55 each, for a trade totaling $238,635. Before this latest buy, Ludwig made one other purchase in the past twelve months, buying $216,000 shares at a cost of $72.00 each. CVS Health is trading down about 0.2% on the day Tuesday. Ludwig was up about 2.8% on the buy at the high point of today’s trading session, with CVS trading as high as $81.81 in trading on Tuesday.
The EVP, Chief Admin Officer of Albemarle (NYSE: ALB) is Selling Shares (Analyst Ratings)
Yesterday, the EVP, Chief Admin Officer of Albemarle (ALB), Karen Narwold, sold shares of ALB for $2.16M. Following Karen Narwold’s last ALB Sell transaction on May 28, 2021, the stock climbed by 60.0%. Based on Albemarle’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $774 million and quarterly net profit of $425 million. In comparison, last year the company earned revenue of $764 million and had a net profit of $85.62 million. The company has a one-year high of $227.39 and a one-year low of $79.06. ALB’s market cap is $26.51 billion and the company has a P/E ratio of 36.70.
Mongodb Inc (MDB) President & CEO Dev Ittycheria Sold $12.9 million of Shares (Guru Focus)
President & CEO of Mongodb Inc, Dev Ittycheria, sold 35,000 shares of MDB on 08/05/2021 at an average price of $369.52 a share. The total sale was $12.9 million.
