How Hedge Fund Managers Can Meet Today’s Data Challenge (Hedge Week)
The best practices to intelligently collect and deploy accurate structured and unstructured data to minimise risks and drive investment success. By Stephen Hixon – In the highly competitive hedge fund community, the most productive use of information and data drives success. Managers must efficiently collect and process data to ensure its accuracy. The old saying, “GIGO” (garbage in-garbage out) is a constant risk. This is particularly true when it comes to unstructured data that is increasingly used in investment analysis and required for accurate investment recordkeeping. Structured data is generally easy to find and analyse, residing in databases, spreadsheets, formatted documents and the like.
Hedge Fund Set for Tax Breaks in Shift to Vegas Opportunity Zone (Bloomberg)
James Rosenwald, a veteran Los Angeles money manager, set up shop in a low-income neighborhood in Nevada to tap a lucrative tax break considered off limits to most Wall Street firms. Dalton Investments, the hedge fund firm he cofounded with childhood friend Steven Persky, took a series of steps to establish itself in an opportunity zone in Las Vegas, according to an October regulatory filing. Opportunity zones, created in 2017 under then-President Donald Trump’s tax overhaul, offer relief from taxes on certain capital gains to those who invest in distressed communities.
Rivian’s IPO Enriched Hedge Fund Third Point (Barron’s)
The Financial Times reported that Dan Loeb’s hedge fund Third Point has made hundreds of millions of dollars on its stake in electric-truck startup Rivian Automotive. Early investors making a mint isn’t all that surprising. But it does show the benefits of being a well-placed institutional investor. Third Point has made an estimated profit of as much as $300 million, according to the report. It isn’t clear if that is a realized gain – if Third Point has sold or is still holding Rivian (RIVN) shares. Third Point wasn’t immediately available to comment.
Elon Musk Sells Another $1B Worth Of Tesla Shares (Benzinga)
Tesla Inc (TSLA) CEO Elon Musk sold $1 billion worth of the automaker’s shares on Tuesday, as per filings made with the U.S. Securities and Exchange Commission. What Happened: The filings, made Tuesday, reveal that Musk exercised options to purchase 2.15 million stock options at $6.24 each and sold 934,091 shares. Tesla shares closed at $1,109.03 a share on Tuesday, which would value the sale at $1.03 billion.
A Director at Precigen (NASDAQ: PGEN) is Buying Shares (Analyst Ratings)
Yesterday, a Director at Precigen (PGEN), Randal Kirk, bought shares of PGEN for $3.63M. This recent transaction increases Randal Kirk’s holding in the company by 1.61% to a total of $232 million. The company has a one-year high of $11.10 and a one-year low of $3.42. PGEN’s market cap is $750 million and the company has a P/E ratio of -6.30. The Company has a Price to Book ratio of 36.77.
Los Gatos Banker Faces New Charges In Insider Trading Scheme (Patch.com)
LOS GATOS, CA — The U.S. Attorney’s office has filed more criminal charges against Mounir Gad, a former Silicon Valley Bank vice president who pleaded guilty to two counts of securities fraud in June as part of an insider trading scheme orchestrated with a friend from 2015-2016. In a federal courtroom Tuesday in San Jose, prosecutors added document tampering, identity theft and criminal contempt to the charges against the 35-year-old Gad, of Los Gatos.
