Ray Dalio, Daymond John and Mellody Hobson on Building a Better Relationship with Money (CNBC)
Financial education has the ability to change people’s lives, but too often people receive inadequate education or no education at all. April is Financial Literacy Month and CNBC Invest in You is featuring weekly lessons from highly regarded business figures on building a better relationship with money and growing wealth. Legendary hedge fund manager Ray Dalio offers his three rules to success. “Shark Tank’s” Daymond John reflects on the lack of financial education he received as a student. And Mellody Hobson explains why the longest relationship of your life isn’t with another person, but with what is in your wallet.
Hedge Fund Oasis Says CVC Buyout Offer for Toshiba Too Low (Bloomberg)
Oasis Management Co. said CVC Capital Partners’ buyout proposal for Toshiba Corp. is too cheap, sending shares of the Japanese conglomerate higher. The Hong Kong-based hedge fund said the price of 5,000 yen per share mentioned in media reports is below fair value, which should be more than 6,200 yen a share. It urged Toshiba’s board to conduct a fair and open process for all parties interested in buying the company.
Billionaire Hedge-Fund Manager Steve Cohen Just Sold his New York City Penthouse After 8 Years and a 74% Discount (Business Insider)
After eight years and a 74% price chop, billionaire hedge funder Steve Cohen has finally sold his sprawling Manhattan penthouse. As Oshrat Carmiel first reported for Bloomberg, Cohen’s 9,000-square-foot duplex at 151 East 58th Street went into contract last week, according to an Olshan Realty market report. The sale price was not disclosed, but the penthouse was most recently listed for $29.5 million. Olshan Realty did not immediately respond to a request from Insider for more details on the sale.
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Billionaire Couple Pledges to Donate 5% of Wealth – Why that Still Riles Critics of Elite Philanthropy (Market Watch)
A billionaire couple who promised to give away most of their fortune a decade ago has made a new charity-related pledge: a commitment to donate 5% of their net worth every year. Former Enron trader and hedge fund manager John Arnold and his wife Laura, a former lawyer, made the 5%-per-year promise as part of a “Give While You Live” campaign created by Global Citizen, an international group that fights extreme poverty.
Wiltshire Liquid Alternative Index Returns 0.97 per cent in March (Hedge Week)
The Wiltshire Alternative Index, which provides a representative baseline for how the broad liquid alternative investment category performs, returned 0.97 per cent in March, outperforming the –0.06 per cent monthly return of the HFRX Global Hedge Fund Index. The Wiltshire Liquid Alternative Index family aims to deliver precise market measures for the performance of diversified liquid alternative investment strategies implemented through mutual fund structures, backed by a proprietary classification methodology.
Preqin Quarterly Update: Private Equity & Venture Capital, Q1 2021 (Preqin)
Financial markets began to show signs of normality in the first quarter of 2021, after a turbulent 2020. The pandemic caused a sharp correction in asset prices across the globe, with an equally steep recovery aided by unprecedented levels of government support. As the recovery has continued, a clear distinction has emerged between the winners and losers. Adoption of existing technological trends has been accelerated by the pandemic and investors are willing to bid up valuations of companies on the right side of this change – many of which are still in receipt of venture capital financing. As a result, venture capital deal value is soaring, reaching $126bn in Q1 2021, up 114% since the same period last year.
Billionaire Mike Novogratz’s Galaxy Digital is the 9th Firm to Apply for a Bitcoin ETF (Business Insider)
Galaxy Digital, a crypto asset bank run by billionaire Mike Novogratz, filed for approval to launch a bitcoin exchange-traded fund on Monday, according to a Securities and Exchange Commission filing. The submitted S-1 form is an initial registration filing used by companies that intend to publicly register their securities. Galaxy intends for its ETF to trade on the NYSE Arca, according to the filing. The fund has not yet named an ETF custodian, so it’s likely that amended filings will be submitted in due course. The firm already acts as a sub-advisor to a publicly-traded bitcoin ETF in Canada – the CI Galaxy Bitcoin ETF.
Nomura Tightens Hedge Fund Financing After Archegos Collapse (Bloomberg)
Nomura Holdings Inc. is beginning to tighten financing for some hedge fund clients following the Archegos Capital Management LP fiasco that may cost Japan’s biggest brokerage an estimated $2 billion, according to people familiar with the matter. The restrictions include curbing leverage for some clients previously granted exceptions to margin financing limits, one of the people said, declining to be identified as the details are private. A representative for the Tokyo-based firm declined to comment.
Melvin Capital Needs No Historic Short Squeeze To Lose A Bunch Of Money (Deal Breaker)
The average hedge fund just enjoyed its best start to a year in more than 20, rising 6.1% in the first quarter. Not only is that its best quarterly return since the turn of the century, it even managed what feels like a rarer feat: Beating the broader markets by nipping the S&P 500, which managed only a 5.8% Q1. Of course, that’s just the notional and ultimately imaginary average hedge fund. Other real-world hedge funds had a rather different experience, like this one we all remember so well from the first quarter.
Tuesday 4/13 Insider Buying Report: TPL, CYTH (Nasdaq.com)
On Thursday, Texas Pacific Land’s Director, Murray Stahl, made a $59,581 buy of TPL, purchasing 37 shares at a cost of $1610.29 each. Texas Pacific Land Corp is trading up about 0.9% on the day Tuesday. Before this latest buy, Stahl bought TPL on 60 other occasions during the past twelve months, for a total cost of $2.67M at an average of $1146.34 per share. And at Cyclo Therapeutics, there was insider buying on Monday, by Director Francis Patrick Ostronic who purchased 5,000 shares at a cost of $7.00 each, for a trade totaling $35,000. Before this latest buy, Ostronic made one other purchase in the past year, buying $22,600 shares at a cost of $7.53 each. Cyclo Therapeutics is trading up about 1% on the day Tuesday.
The Chairman of Board of Directors of Zumiez (NASDAQ: ZUMZ) is Selling Shares (Analyst Ratings)
Yesterday, the Chairman of Board of Directors of Zumiez (ZUMZ), Thomas Campion, sold shares of ZUMZ for $8.94M. Following Thomas Campion’s last ZUMZ Sell transaction on September 23, 2019, the stock climbed by 16.2%. In addition to Thomas Campion, 5 other ZUMZ executives reported Sell trades in the last month.
Agilent Technologies Inc (A) CEO and President Michael R. Mcmullen Sold $2 million of Shares (Guru Focus)
CEO and President of Agilent Technologies Inc, Michael R. Mcmullen, sold 15,095 shares of A on 04/08/2021 at an average price of $130.26 a share. The total sale was $2 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.
