Jim Chanos reduces size of Tesla short: Bloomberg News (Reuters)
(Reuters) – Jim Chanos, who has been short on Tesla Inc’s stock for five years, has reduced his bet against the electric carmaker, the short-seller told Bloomberg News on Thursday. Chanos told Bloomberg he has never met or had a conversation with Elon Musk, but if they were to meet he would say “job well done so far.”
‘Tiger Cub’ Hedge Fund Coatue Surges to 52% Gain (USA-Vision)
Coatue Management by Philippe Laffont recorded a gain of 52% this year thanks to bets on electric car maker Tesla and against Wirecard, the German group of fraudulent payments, making it one of the big hedge funds in the world in 2020. Coatue is one of the largest long-short hedge funds, which means that it places bets on some stocks that are doing well and others that are falling, and Mr. Laffont is one of the most successful. important “Little tigers»Who cut their teeth at Julian Robertson’s famous hedge fund, Tiger Management.
‘Big Short’ investor Michael Burry Reveals He’s Short Tesla, Tells Elon Musk to Issue More Stock at Its ‘Ridiculous Price’ (Business Insider)
The famed investor Michael Burry has revealed that he’s short Tesla and advised CEO Elon Musk to issue more shares while they sit what Burry called their “current ridiculous” levels. Tesla shares have rallied more than 575% this year, boosted more recently by the company’s coming inclusion in the S&P 500 and fading profitability concerns. Some of Wall Street’s more bearish analysts have turned more optimistic toward the stock, and favor from waves of retail investors has further supported Tesla’s lofty valuation.
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Tangen to Permanently Divest from AKO Fund in January 2021 (Central Banking)
Nicolai Tangen, the new chief executive of Norway’s Government Pension Fund Global, will permanently divest from the AKO hedge fund no later than January 1, said Norges Bank in a statement today (December 3). On August 24, the central bank announced Tangen would sell his holdings in AKO Capital, the hedge fund he founded in London in 2005. This sale will apply in perpetuity, Norges Bank said. Tangen also said his personal wealth will be held as bank deposits.
Point72 Quant Consolidation Spurs Matthew Granade’s Departure (Bloomberg)
Steven Cohen is consolidating the systematic operations of his $19 billion hedge fund firm and one of its most prominent executives will exit after five years. Cohen is moving his Fusion quantitative portfolio into Point72 Asset Management’s computer trading business, Cubist Systematic Strategies, according to a memo to employees Wednesday. Matthew Granade, who oversaw Fusion, will leave along with his deputy.
Ackman’s Pershing Square Holdings Fund Up 62.8% for the Year (Reuters)
BOSTON (Reuters) – Billionaire hedge fund manager William Ackman, who cautiously hedged his portfolio before the historic market sell-off in March, has extended his gains to 62.8% for the year so far. Last month, Ackman’s publicly traded Pershing Square Holdings portfolio gained 13.4%, lifting the $11.4 billion portfolio to a net gain of 62.8% in the first 11 months of 2020, according to a performance review.
COVID Vaccines Have Nasty Side Effect For Hedge Fund (Deal Breaker)
Without a little alleged help, it’s proven harder for hedge fund managers to make money on The Most Important Vaccine In Human History than one might expect. It is, however, one thing to not make money, or not as much money as might have been possible and you might have liked, on failing to predict just how quickly the Pfizers and Modernas of the world would figure this thing out. It’s quite another thing to lose all of those frothy pandemic profits you thought you’d booked betting on the end of the world. Just ask Said Haidar.
Dyal Capital in Talks to Combine With Owl Rock Capital (The Wall Street Journal)
Dyal Capital Partners is in talks to merge with Owl Rock Capital Partners LP, part of a complicated deal with a special-purpose acquisition company that would take them public, the firms said Wednesday. Dyal and Owl Rock said they have been discussing a deal with a special-purpose acquisition company called Altimar Acquisition Corp. The Wall Street Journal earlier reported on the transaction, which would value the combined asset managers at about $13 billion, according to people familiar with the matter.
A Former Citadel and BlueMountain Portfolio Manager has Landed Herself a New Job Running Global Credit at One of Canada’s Biggest Hedge Funds (Business Insider)
Marina Lutova Meyers, a former portfolio manager at Ken Griffin’s Citadel and Andrew Feldstein‘s BlueMountain, has joined Toronto-based Polar Asset Management. Meyers was previously a fundamental relative-value portfolio manager on Citadel’s global credit team, and will now lead the global credit strategy for the $5.3 billion Canadian firm. According to sources familiar, Meyers was considering starting a fund of her own but ultimately decided to join one of Canada’s largest hedge funds.
Just Shy of Record Year (Hedge Nordic)
Stockholm (HedgeNordic) – Market-neutral strategies, generally standing at the lower end of the risk spectrum, rarely catch investors’ attention. These vehicles are meant to be boring, usually aiming to generate steady – albeit low – returns that are insensitive to market fluctuations. Market-neutral equity fund KLP Alfa Global Energi, managed by Simon Roksund Johannessen and Torkel Aaberg out of Oslo, managed to stand out from the “market-neutral” crowd after gaining over 20 percent so far in 2020 and receiving recognition at this year’s edition of the HFM European Emerging Manager Awards.
Thursday 12/3 Insider Buying Report: CMT, SMMF (Nasdaq.com)
On Monday, Core Molding Technologies’ EVP, Human Resources, Renee R. Anderson, made a $1.76M buy of CMT, purchasing 400 shares at a cost of $4400.00 each. Bargain hunters can buy CMT even cheaper than Anderson did, with the stock trading as low as $12.15 at last check today which is 99.7% below Anderson’s purchase price. Core Molding Technologies is trading up about 6% on the day Thursday. Before this latest buy, Anderson bought CMT on 2 other occasions during the past twelve months, for a total investment of $39,870 at an average of $3.47 per share. And at Summit Financial Group, there was insider buying on Wednesday, by Director Gary L. Hinkle who purchased 4,979 shares for a cost of $21.17 each, for a trade totaling $105,396. Before this latest buy, Hinkle purchased SMMF at 5 other times during the past twelve months, for a total cost of $453,502 at an average of $20.75 per share. Summit Financial Group is trading up about 0.3% on the day Thursday.
Agilent Technologies Inc (A) CEO and President Michael R. Mcmullen Sold $9.9 million of Shares (Guru Focus)
CEO and President of Agilent Technologies Inc, Michael R. Mcmullen, sold 85,842 shares of A on 12/01/2020 at an average price of $115.63 a share. The total sale was $9.9 million. Agilent Technologies Inc is engaged in life sciences, diagnostics and applied chemical markets. The company provides application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow.
The COB, Pres & CEO of Wesco International (NYSE: WCC) is Buying Shares (Analyst Ratings)
On November 30, the COB, Pres & CEO of Wesco International (WCC), John Engel, bought shares of WCC for $4.64M. Following this transaction John Engel’s holding in the company was increased by 48.31% to a total of $10.9 million. Following John Engel’s last WCC Buy transaction on June 09, 2020, the stock climbed by 27.9%. Based on Wesco International’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $4.14 billion and quarterly net profit of $80.68 million.
Former Don Quijote CEO Arrested on Insider Trading Charges (Bloomberg)
The former chief executive officer of Pan Pacific International Holdings Corp., the operator of popular discount chain store Don Quijote, has been arrested on charges of insider trading in 2018, according to an announcement from the Tokyo District Court. Koji Ohara, who left his post as CEO of the company in September 2019, was arrested by prosecutors Thursday on charges of violating the Financial Instruments and Exchange Act in Japan. Don Quijote Holdings Co. formally changed its name to Pan Pacific International in early 2019.
Zuckerberg Sold $280M Worth of Facebook Stock in the Past Month (The Next Web)
Facebook‘s chief exec Mark Zuckerberg has sold nearly $280 million worth of company stock in the past month – his first sales of the year. Zuckerberg began offloading shares on November 9, and he’s now generating nearly $12.10 million every day on average by selling his Facebook stock. The sales come at the tail end of a comparatively average year for Facebook stock. The social media giant’s share price has risen 37% in 2020, while the tech-heavy NASDAQ 100 index jumped 40%.
