Ken Griffin Says Dow Drop ‘Modest’ as Geithner Looks Back on ’08 (Bloomberg)
Organizers of the annual gala for the Museum of American Finance said they were glad it hadn’t been scheduled for Monday, when the Dow plunged 1,175 points. Instead, on Tuesday at Cipriani Wall Street, guests opined on the stock market with a day’s perspective. Ken Griffin said the drop was a “modest correction in what has been a fairly frothy stock market,” and it’s “probably constructive” because it will change how investors behave. “A little less growth frenzy, and a little more need to protect, tends to be good in the long run,” Griffin said in an interview. “To the extent this takes some of the wind out of the speculative frenzy, that’s good for the economy.” The founder of Citadel Investment Group, a hedge fund with $27 billion in assets under management, and Citadel Securities, the New York Stock Exchange’s largest designated market maker, also interpreted what went down just after 3 p.m., when the Dow dropped 800 points in 10 minutes.
The Crypto Comeback Of Former Hedge Fund Billionaire Michael Novogratz (Forbes)
A well-known macro hedge fund manager, Michael Novogratz, who hit the Forbes billionaires list in 2007 before the ensuing economic meltdown, seems to have pulled off a nifty comeback. He began investing in crypto in 2013 and left Fortress Investment Group in 2015 to focus on the space. Given his background, Novagratz approached crypto as a trader. “The guys who have done the best are the true believers who don’t have the speculative DNA,” says Novogratz, 53. “If I had literally not sold my Ethereum when it was at $15, I probably would have made–I can’t tell you how much because it would make me sick.”
Rawpixel.com/Shutterstock.com
Paul Tudor Jones Says We Are in the ‘Throes of a Burgeoning Financial Bubble’ (CNBC)
Hedge fund billionaire Paul Tudor Jones, who called the October 1987 crash, believes markets are in a dangerous financial bubble thanks to Federal Reserve’s “obsession” with inflation targeting. The investor lambasted what he called an “arbitary” 2 percent inflation target set by the central bank, a goal he views as both outdated and dangerous. “We are in the throes of a burgeoning financial bubble,” Jones warned clients in a note obtained by CNBC. “In the U.S., this obsession on inflation targeting has lately been taken to a new level as former Fed Chair Ben Bernanke has floated the idea of a price-level targeting mandate for the Fed. That means the central bank would allow inflation to remain above 2 percent to ‘make up’ for periods when inflation is too low.”
Chipotle Expects Fewer Restaurant Customers Through July, Shares Fall (Reuters)
(Reuters) – Chipotle Mexican Grill Inc (CMG.N) said on Tuesday the number of visitors to its restaurants fell in the fourth quarter and would continue to decline through the middle of the year, sending shares of the burrito chain down 5 percent. Chipotle’s latest earnings performance is likely to test investor patience, especially that of its largest one Pershing Square Capital Management, a $9 billion hedge fund run by William Ackman that has a 10 percent stake in the chain.
Blockchain Project Raises $61 Million from Andreessen Horowitz, U.S. Hedge Fund (Reuters)
NEW YORK (Reuters) – A non-profit organization that wants to develop a more decentralized internet using blockchain has raised $61 million in funding from U.S. venture capital firm Andreessen Horowitz and hedge fund Polychain Capital, it said on Wednesday. DFINITY Stiftung wants to create what it calls an “internet computer,” an open network that serves as a large virtual mainframe computer in cyberspace. That would allow decentralized versions of many online technology services such as Uber, Dropbox, and eBay, according to a company statement.
Insider Buying: FTS International Inc (FTSI) CEO Buys 10,000 Shares of Stock (TrueBlueTribune)
FTS International Inc (NYSE:FTSI) CEO Michael J. Doss bought 10,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were acquired at an average cost of $18.00 per share, for a total transaction of $180,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission.
Opko Health Inc. (NASDAQ:OPK) CEO Phillip Md Et Al Frost Purchases 100,000 Shares (The Ledger Gazette)
Opko Health Inc. (NASDAQ:OPK) CEO Phillip Md Et Al Frost bought 100,000 shares of the stock in a transaction dated Monday, January 22nd. The shares were acquired at an average price of $4.40 per share, for a total transaction of $440,000.00. Following the completion of the purchase, the chief executive officer now directly owns 3,068,951 shares in the company, valued at $13,503,384.40. The purchase was disclosed in a document filed with the SEC.
Insider Buying: Intrexon Corp (NYSE:XON) CEO Acquires 1,000,000 Shares of Stock (Dispatch Tribunal)
Intrexon Corp (NYSE:XON) CEO Randal J. Kirk purchased 1,000,000 shares of Intrexon stock in a transaction dated Friday, January 19th. The shares were purchased at an average cost of $12.50 per share, with a total value of $12,500,000.00. The transaction was disclosed in a document filed with the SEC.
Insider Selling: William Lyon Homes (NYSE:WLH) Major Shareholder Sells 34,300 Shares of Stock (WeekHerald)
William Lyon Homes (NYSE:WLH) major shareholder Gmt Capital Corp sold 34,300 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $29.23, for a total value of $1,002,589.00. Following the completion of the transaction, the insider now owns 3,495,417 shares in the company, valued at $102,171,038.91. The transaction was disclosed in a document filed with the SEC.
Insider Buying: Legacy Reserves LP (LGCY) Major Shareholder Purchases 121,641 Shares of Stock (TheLincolnianOnline)
Legacy Reserves LP (NASDAQ:LGCY) major shareholder Baines Creek Capital, Llc purchased 121,641 shares of Legacy Reserves stock in a transaction that occurred on Monday, January 22nd. The stock was acquired at an average cost of $2.23 per share, with a total value of $271,259.43. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.
