Ken Griffin Buys Miami Compound for $106.9 Million, a New Record (Los Angeles Times)
Hedge-fund billionaire Ken Griffin has shattered the Miami price record, shelling out $106.875 million for a waterfront estate. It’s the most ever paid for a home in Miami-Dade County, and records show Griffin stole the record from himself. Last year, he set the previous all-time high when he dropped $75 million on a home on Star Island, a man-made island in Biscayne Bay. This one sits a few miles away in Coconut Grove, an affluent enclave where celebrities such as LeBron James and Sylvester Stallone have owned homes.
Kyle Bass Wants to Turn Texas Into Its Own Asset Class (Bloomberg)
The hedge fund manager who scored big gains against US housing has spent $90 million buying undeveloped property in the Lone Star State. Kyle Bass likes to bet big. So it’s fitting that the Dallas-based hedge fund manager, who shot to fame shorting mortgage debt in the lead up to the global financial crisis, is now fixated on the most abundant commodity in his home state: land. The market for Texas dirt, Bass said, “is big, and it’s real.”
FTX Ventures to Buy Stake in Anthony Scaramucci’s SkyBridge Capital – Report (Investing.com)
FTX Ventures, the investment arm of Sam Bankman-Fried’s FTX cryptocurrency exchange, is in talks to take a 30% stake in SkyBridge Capital, according to CNBC. CNBC said SkyBridge, owned by former White House spokesman Anthony Scaramucci, will use the funding to finance some $40 million of investments in crypto assets. The company had been reported in July to be planning a new Web3-dedicated fund.
Photo by Marga Santoso on Unsplash
Hedge Funds Shouldn’t Keep $500m Citi Paid Them by Mistake, Court Rules (Financial News)
Hedge funds shouldn’t be able to keep roughly $500m they were mistakenly paid by Citigroup on a loan owed by now-bankrupt cosmetics company Revlon, a federal appeals court ruled on 8 September. The US Second Circuit Court of Appeals said a lower court erred in allowing Revlon lenders including Brigade Capital Management, Symphony Asset Management and HPS Investment Partners to retain the “huge windfall” they collected from the bank’s back-office blunder.
Can Mike Novogratz’s Comeback Narrative Survive the Crypto Crash? (Institutional Investor)
By the time Michael Novogratz began his first-quarter earnings call with investors of Galaxy Digital Holdings – the company he founded in 2018 with the goal of creating the Goldman Sachs of cryptocurrencies – the price of Luna, one of his favorite coins, was already plunging. It was the morning of May 9, and the crypto world was headed for its biggest reckoning ever. TerraUSD, the stablecoin on the TerraForm Labs network that Galaxy had backed through its venture capital arm, had fallen below its $1 peg over the prior weekend, causing a run on the bank as traders shorted Luna, the sister coin that was supposed to help TerraUSD restore its peg.
Dubai Court Requests More Documents in Sanjay Shah Extradition Case (The National News)
Authorities in Denmark have been asked by the Dubai Court to provide additional documents related to the extradition case involving British hedge fund trader Sanjay Shah. The case was heard in court for the first time on August 8 but has been delayed several times due to Danish authorities failing to provide the additional documents. “We believe Denmark did not fully comply with the requirements of international extradition treaties and the UAE’s law No 39 on extradition,” a representative of Horizons & Co, the law firm representing Mr Shah, told The National on Thursday.
Hedge Funds Continue Positive Summer Run in August Following Torrid First Half (Hedge Week)
HFR’s Fund Weighted Composite Index – a broad-based index tracking the monthly returns of some 1400 single manager hedge funds across all strategy types – remains negative at -3.95% over the eight-month period to the end of August, as long/short equity hedge funds’ year-to-date losses hit double-digit territory. But last month’s 0.50% rise across all managers follows a July return of 1.27%, which reversed three months of consecutive losses between April and June for the industry. HFR President Kenneth Heinz said the industry has successfully traversed a sharp stock market slump, rising interest rates, inflation and the widely-predicted aggressive monetary policy to deliver “a strong, inversely correlated gain in August, extending the strong July surge.”
Bridgewater Surged in August (Institutional Investor)
Bridgewater Associates posted another round of very strong results in its main hedge fund in August.The world’s largest hedge fund firm’s macro fund, Pure Alpha 18 Percent — also known as PA II — jumped 6.6 percent last month, boosting its gain for the year to 27.4 percent…
Friday 9/9 Insider Buying Report: TERN, DISH (Nasdaq.com)
On Wednesday, Terns Pharmaceuticals’, Hongbo Lu, made a $2.16M purchase of TERN, buying 600,000 shares at a cost of $3.60 each. So far Lu is in the green, up about 51.4% on their buy based on today’s trading high of $5.45. Terns Pharmaceuticals is trading up about 22.9% on the day Friday. Before this latest buy, Lu made one other purchase in the past year, buying $6.98M shares at a cost of $2.66 each. And at DISH Network, there was insider buying on Tuesday, by James Defranco who bought 110,000 shares at a cost of $16.73 each, for a trade totaling $1.84M. Before this latest buy, Defranco bought DISH on 7 other occasions during the past twelve months, for a total cost of $37.01M at an average of $18.98 per share. DISH Network is trading up about 5.5% on the day Friday. Defranco was up about 12.6% on the buy at the high point of today’s trading session, with DISH trading as high as $18.84 at last check today.
Tricida 10% Owner Makes $7.92M Stock Purchase (Benzinga)
Venrock Healthcare Capital Partners II, L.P., 10% Owner at Tricida TCDA, reported a large insider buy on September 7, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Wednesday showed that L.P. purchased 686,712 shares of Tricida. The total transaction amounted to $7,918,744. Tricida shares are trading up 1.13% at $11.59 at the time of this writing on Thursday morning.
