Coronavirus is Unleashing an ‘Economic Shock Wave’ Not Felt Since the 1930s, Hedge Fund Manager Mark Yusko Warns (CNBC)
Hedge fund manager Mark Yusko is telling investors to brace for a nearly once in a lifetime downturn. The Morgan Creek Capital Management CEO and CIO sees the Great Depression as the closest comparison to what’s happening to the coronavirus ravaged economy. “The economic shock wave that’s coming is going to be like nothing that any of us has ever experienced because it’s going to be very similar to the 1930s,” he told CNBC’s “Trading Nation” on Thursday.
Bridgewater’s Main Hedge Fund Loses About 20% in First Quarter (Bloomberg)
Ray Dalio’s flagship hedge fund at Bridgewater Associates ended the first quarter down about 20%, according to people with knowledge of the matter. Bridgewater extended this year’s decline after getting caught on the wrong side of the market sell-off that began in late February as a result of the rapidly spreading coronavirus. The firm’s Pure Alpha II strategy fell about 16% in March after posting smaller losses in the first two months of the year, said the people, who asked not to be identified because the information isn’t public.
Hedge Fund Glenview off 30% as Coronavirus Weighs on Portfolio (Reuters)
BOSTON (Reuters) – Glenview Capital Management, the hedge fund run by Larry Robbins, has lost roughly 30% in the first three months of 2020 as the spread of the new coronavirus hurt the healthcare facilities and hospital operators the firm has invested in. The $6.7 billion firm, which invests heavily in healthcare stocks, said this week that its Glenview Capital Partners fund tumbled 19.5% in March, leaving it down 30.48% in the first three months of the year, according to data compiled by investment firm HSBC and seen by Reuters.
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Billionaire Hohn’s Hedge Fund Suffers Record Monthly Loss of 19% (Bloomberg)
Billionaire activist investor Christopher Hohn’s hedge fund suffered its steepest ever monthly decline in March as the global market turmoil hit his stock bets. The Children’s Investment Fund lost about 19% during the month, the worst since it started in 2004, according to people with knowledge of the matter. The decline pushed the fund’s first-quarter loss to about 23%, the people said, asking not to be identified because the information is private.
Lone Pine’s Hedge Fund Posts Small Quarterly Loss (Institutional Investor)
Lone Pine Capital’s short book came through once again.While March was a tough month for Lone Pine, the firm’s Lone Cypress fund, the Tiger Cub’s long-short equity hedge fund, fared much better than its long-only counterpart. Lone Cypress posted a 6 percent loss in the first quarter, according to an…
Wharton – the Prestigious Business School that Minted Stock-Pickers Like Warren Buffett, Steve Cohen, and Joel Greenblatt – is Rolling Out the Red Carpet for Quants (Business Insider)
A university that has minted some of Wall Street’s most well-known investors and dealmakers is launching a new program that’s a departure from what has proved to be its bread-and-butter. The Wharton School of the University of Pennsylvania, whose alumni include Berkshire Hathaway‘s Warren Buffett and Point72‘s Steve Cohen, said on Thursday it was launching of a quantitative finance major within its prestigious MBA program.
Atlant Fonder Buys the Dips (Hedge Nordic)
Stockholm (HedgeNordic) – Liquidity strains have impacted all parts of the Nordic corporate bond market, even the higher-quality segments. “For several years we have warned of the poor liquidity in the corporate bond market and asked ourselves who would buy when everyone needs to sell,” says Michael Ekelund, the CEO of Stockholm-based asset manager Atlant Fonder. “Now that everyone needs to sell, the prices of some bonds are unsatisfyingly low.” After hoarding larger cash piles at its range of funds over time, Atlant Fonder “can now act as a buyer and acquire attractively-priced bonds with short maturities issued by stable companies,” says Ekelund.
The Group VP of Pool (NASDAQ: POOL) is Selling Shares (Analyst Ratings)
Yesterday, the Group VP of Pool (POOL), Arthur Cook, sold shares of POOL for $975.6K. Following Arthur Cook’s last POOL Sell transaction on March 22, 2019, the stock climbed by 40.5%. In addition to Arthur Cook, 3 other POOL executives reported Sell trades in the last month.
Friday 4/3 Insider Buying Report: UNP, AGO (Nasdaq.com)
At Union Pacific, a filing with the SEC revealed that on Tuesday, Director William J. Delaney III bought 15,000 shares of UNP, at a cost of $138.20 each, for a total investment of $2.07M. So far Delaney III is in the green, up about 3.1% on their purchase based on today’s trading high of $142.55. Union Pacific is trading down about 0.2% on the day Friday. Before this latest buy, Delaney III made one other purchase in the past twelve months, buying $870,300 shares at a cost of $174.06 each. And at Assured Guaranty, there was insider buying on Monday, by Director Thomas W. Jones who purchased 5,000 shares at a cost of $27.60 each, for a trade totaling $137,990. This purchase marks the first one filed by Jones in the past year. Assured Guaranty is trading down about 1% on the day Friday. Investors are able to bag AGO at a price even lower than Jones did, with the stock changing hands as low as $22.66 at last check today — that’s 17.9% below Jones’s purchase price.
Insiders Roundup: NGM, Legg Mason (Guru Focus)
NGM Biopharmaceuticals: Directors and 10% owners Peter Svennilson and David V. Goeddel and 10% owner Column Group LP bought a combined 1 million shares of NGM Biopharmaceuticals Inc. (NGM) for an average price of $12.40 per share on April 2. Shell Midstream Partners: 10% owner Shell Pipeline Co. LP bought 180 million shares of Shell Midstream Partners LP (SHLX) for an average price of $1.66 per share on April 1. The operator of oil and gas midstream assets has a market cap of $2.42 billion and an enterprise value of $4.88 billion. It has institutional ownership of 26.35% and insider ownership of 0.05%. Over the past 12 months, the stock has declined 53%. As of Friday, it was trading 55.77% below its 52-week high and 76.14% above its 52-week low.
SEBI Bars Company Promoters and Insiders from Buying Company Shares till June 30 (The News Minute)
In a bid to curb insider trading, security market regulator, Sebi has reportedly prohibited promoters and insiders from buying company shares till June 30, as companies have been given extra time to report earnings with the stock exchanges. Companies have received additional time to submit their quarterly and annual results in view of the coronavirus crisis and the ongoing lockdown. It means the trading window will have to be closed for promoters and the management from April 1 till 48 hours after declaration of quarterly results.
