Greenlight’s Back in the Red (Institutional Investor)
Why David Einhorn’s value fund posted a large loss in September. It was a September that Greenlight Capital probably wishes it could not remember.The value-driven hedge fund headed by David Einhorn lost 6.7 percent for the month, according to a person familiar with the results. As a result, Greenlight fell back into the red, down 5.6 percent for the year.
Bill Hwang Acolyte Tao Li Draws Scrutiny After Loss on Big China Bet (Bloomberg)
They were two investing whales, well known to each other but invisible in the market except for the price moves in their wakes — sometimes as they snapped up the same stocks. One of their names became famous this year: Bill Hwang, whose Archegos Capital Management spectacularly collapsed amid revelations that it had borrowed enough to wield more than $100 billion in market clout.
Hedge Fund ExodusPoint’s London Layoffs Laid Bare (eFinancialCareers)
Most multistrategy hedge funds had a good 2020. ExodusPoint, the hedge fund founded by Michael Gelband in 2017 is no different, but not all of its London staff shared in the bounty. Accounts just released by Companies House for ExodusPoint Services UK Ltd, the company behind ExodusPoint Capital Management LLP – the UK-based arm of hedge fund – reveal that profits increased dramatically last year. In 2019, profits available for distribution between the partners at ExodusPoint in London were £48.5m, up from £22.4m the year before. The fund had nine members during the year, up from five in 2019, and one member (a corporate entity) received £25m, so the remaining eight human partners may not have been better off.
Pressmaster/Shutterstock.com
Soon-to-be divorced billionaire hedge funder John Paulson whisks away his new… (Mogaznews)
Soon-to-be divorced hedge fund billionaire John Paulson has whisked away his new Instagram guru girlfriend to Italy for a friend’s wedding. Paulson, 65, and Alina de Almeida, 33, were spotted attending the event on the shores of Lake Como days after the hedge funder announced his high-profile divorce from his wife Jenny, 50. The couple flew in for the nuptials of Blackstone executive Mark Moffat and Sarah Mintz in lakeside Villa d’Este on September 25 and were ‘inseparable’ and ‘canoodled all day and night’, Page Six reported.
All-Weather Sailing (Hedge Nordic)
Stockholm (HedgeNordic) – It is inherently essential to catch the upside, but arguably, even more important to protect the downside to achieve long-term wealth accumulation. Downside protection allows a portfolio to spend more time compounding instead of playing catch up by recovering from losses. “The most solid way to improve long-term compounding is by focusing on mitigating the effects of rough downturns on investor portfolios,” says Martin Estlander, the founder of Finnish systematic asset manager Estlander & Partners. “If you invest and lose 50 percent, you have to gain a hundred percent to make up for the losses,” continues Estlander. “To achieve a good compounding rate of return, you better take care of your dips. That is where you can really make the difference.”
Sharon Osbourne Says Ozy Media Founder Carlos Watson Lied When He Claimed the Osbournes Invested in his Company (CNBC)
Ozy Media founder Carlos Watson boasted on CNBC in 2019 that Ozzy Osbourne and Sharon Osbourne had invested in his company. It was a lie, according to Sharon Osbourne. Watson’s Ozy Media has been under fire following several reports about alleged misconduct by the company. Osbourne told CNBC her story as Marc Lasry, an investor and hedge fund honcho, quit as Ozy chairman after just three weeks on the job.
