A Jim Simons Market Mystery — Solved? (Institutional Investor)
Is Jim Simons, founder of Renaissance Technologies and quant whiz extraordinaire, really a closet stock-picker? The question springs to mind on account of an investment fund backed by Simons called Euclidean Capital, which is widely reported to be his family office. The fund reports at least some of its public stock holdings quarterly in Securities and Exchange Commission filings.
Bed Bath & Beyond Gets a Lifeline From Hudson Bay Capital (The Wall Street Journal)
Bed Bath & Beyond Inc. (BBBY) couldn’t get banks to lend it money, but the troubled retailer found one hedge fund willing to bet on its stock. Bed Bath & Beyond landed a do-or-die rescue deal that takes bankruptcy off the table for now. Shares, which have surged in recent weeks despite the company’s dire situation, tumbled by nearly 50% early Tuesday as the new financing will dilute existing shareholders.
Disney Shareholders Set to Vote on Peltz at April 3 Annual Meeting (Reuters)
Walt Disney Co (DIS.N) said on Monday it had set its annual shareholder meeting on April 3, with a focus on activist investor Nelson Peltz‘s bid seeking a seat on the media and entertainment conglomerate’s board. The board recommends shareholders vote against a proposal of Peltz’s Trian Group that would reverse recent board changes to bylaws and against a shareholder proposal requesting a report on the company’s reliance on China operations.
Photo by Marga Santoso on Unsplash
World’s Largest Hedge Fund Founder Ray Dalio Says Cash Is “In Jeopardy” but Sees an Unexpected Solution (Benzinga)
Inflation has been a massive issue for nearly every major country for the past year or so. Consumers and corporations alike have felt the pain, with the previous four quarters of earnings proving to be relatively lackluster. While inflation is slowly declining, it has caused the debt of the U.S. and other countries to soar. Between strong inflation and the massive debt burden, the founder of the world’s largest hedge fund is sounding the alarm. Bridgewater Associates Founder Ray Dalio has grown his investing empire into one of the largest hedge funds in the world.
Eisler Capital Appoints Eric Lonergan as Portfolio Manager (Financial News)
London-based hedge fund Eisler Capital has hired former M&G macro fund manager Eric Lonergan as a portfolio manager. Lonergan has joined Eisler after spending nearly 17 years at £349bn UK savings and investment group M&G, having started at the firm in June 2006.
Biggest Brazilian Fraud (Allegedly) Produces Massive 0.14% Loss For Angry Hedge Fund (Deal Breaker)
Like angry, delusional rioters impotently rampaging through the streets and government buildings of Brasília, the scandal engulfing retailer Americanas is roiling Brazil. How, exactly, nearly $4 billion disappeared, threatening a century-old institution and the jobs of the tens of thousands of people who work for it, remains unclear. Americanas refers to the situation as a matter of accounting “inconsistencies”—we’re looking in your direction again, PwC! Others suggest that perhaps the board should have been a bit more prying. Still others—shareholders, mainly—are using another word.
Billionaire Ken Griffin is Raising Alarm Over His Desire to Move a 100-Year-Old Home off His $107 Million Miami Estate (Business Insider)
The billionaire Ken Griffin bought a historic Miami property for about $107 million in September. The financier is said to be mulling moving an early-1900s home from the site to city-owned land. Local preservationists are pushing back against the idea, saying it is like “redacting history.” A battle is brewing in Miami’s exclusive Coconut Grove community between the billionaire financier Ken Griffin and local preservationists.
Millennium Taps Another JPMorgan MD (Hedge Week)
Daniel McNeill, the former head of AM derivatives at JPMorgan in London has become the latest managing director to jump ship and defect from the investment bank to London-based multi-strategy hedge fund Millennium, according to a report by eFinancial careers. The appointment of McNeill, who will reportedly soon be installed as Millennium’s new risk chief operating officer based in London, comes hot on the heels of Millennium’s capture of another former JPMorgan MD, Jack Yang, who last month took up a credit strategy role based in New York.
Tuesday 2/7 Insider Buying Report: NEE, PDLB (Nasdaq.com)
On Monday, NextEra Energy’s CFO, Terrell Kirk Crews II, made a $200,053 buy of NEE, purchasing 2,672 shares at a cost of $74.87 each. NextEra Energy Inc is trading down about 0.4% on the day Tuesday. This buy marks the first one filed by Crews II in the past twelve months. And on Friday, CEO Carlos P. Naudon bought $141,180 worth of Ponce Financial Group, buying 15,000 shares at a cost of $9.41 each. Before this latest buy, Naudon made one other buy in the past year, purchasing $14,295 shares for a cost of $9.53 a piece. Ponce Financial Group is trading up about 0.2% on the day Tuesday. Bargain hunters can snag PDLB even cheaper than Naudon did, with the stock changing hands as low as $9.24 at last check today which is 1.8% under Naudon’s purchase price.
$10 Million Bet On This Healthcare Stock? Check Out These 4 Penny Stocks Insiders Are Buying (Benzinga)
GeneDx Holdings: The Trade: GeneDx Holdings Corp. (WGS) 10% owner Mount Sinai Health System Inc acquired a total of 28,571,428 shares at an average price of $0.35. To acquire these shares, it cost around $10 million. CURO Group: The Trade: CURO Group Holdings Corp. (CURO) CEO Douglas Clark acquired a total of 40,000 shares at an average price of $3.82. The insider spent $152.95 thousand to buy those shares.
