Michael Burry Says He was Subpoenaed by the SEC as GameStop Saga Drags on (CNBC)
Famed investor Michael Burry revealed on Twitter that he received a subpoena from the SEC in connection with its investigation into GameStop. “So, who got an SEC subpoena over $GME? Actually, I know who, they’re on my subpoena. With all that’s going on in the world…” he said in a now-deleted tweet on Friday. Burry, who leads Scion Asset Management, shot to fame by betting against mortgage securities before the 2008 crisis and was depicted in Michael Lewis’ book “The Big Short” and the subsequent Oscar-winning movie.
Two Sigma’s Top Cloud Execs Detail the $58 Billion Quant Fund’s Multi-Cloud Strategy that will See it Hire Hundreds of Engineers in the Coming Years (Business Insider)
Two Sigma had a big problem in 2014: the compute power needed for the quantitative fund’s research workflows was 10 times greater than what its data centers could provide. “We said, ‘You know what, we’re not going to build out a 10x physical presence. That’s just enormous, that feels wrong to us,” Camille Fournier, Two Sigma’s head of platform engineering, told Insider.
Pay for Elliott Hedge Fund Staff is Up by Fifth in a Year (The Times)
The British division of one of America’s leading activist hedge funds paid its staff in London £113.3 million last year despite recording a pre-tax loss after paying a £13.5 million fine in France. The salaries for Elliott Advisors’ workforce of just over 100 people rose by more than 20 per cent in 2020, while its three directors were paid £17.8 million, up from £11.4 million in 2019.
Photo by Austin Distel on Unsplash
Hedge Fund Balyasny Asset Management Doubled Pay in 2020 (eFinancialCareers)
Accounts have been published for Balyasny Europe Asset Management for the year ending December 2020, and they confirm what was known already: Balyasny pays very well indeed. Last year, Balyasny spent £122m remunerating its 94 UK employees (after deducting social security payments), which amounts to an average payment of £1.3m ($1.8m) per head. This is generous, even by hedge fund standards, and was an increase of 103% on Balyasny’s average London pay for 2019.
Live and Let Fly: Short Sellers Trounced as ‘James Bond Effect’ Sends Cineworld Shares Soaring (Hedge Week)
Hedge fund short sellers betting against Cineworld have seen their bearish positions tank after the global cinema chain’s share price rocketed on the back of the new James Bond movie release. AHL Partners, Polygon Global Partners, New Holland Capital and Adelphi Capital are among the hedge funds currently holding negative wagers against the London-headquartered FTSE 250-listed firm, according to regulatory disclosures made to the Financial Conduct Authority. Highbridge Capital Management is also holding a 1.14 per cent net short bet, while Whitebox Advisors is positioned short by some 1.40 per cent.
The President & COO of Nexstar Media Group (NASDAQ: NXST) is Selling Shares (Analyst Ratings)
On September 24, the President & COO of Nexstar Media Group (NXST), Thomas Carter, sold shares of NXST for $385.5K. Following Thomas Carter’s last NXST Sell transaction on March 23, 2021, the stock climbed by 10.4%. In addition to Thomas Carter, 5 other NXST executives reported Sell trades in the last month. Based on Nexstar Media Group’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $1.13 billion and quarterly net profit of $200 million.
Warren Buffett has Dumped Banks and Placed Surprising Bets on Japanese and Pharma Stocks. Veteran Professor Erik Gordon Analyzes the Investor’s Strategy, and Explains Why He Embraced Apple. (Business Insider)
Veteran professor Erik Gordon analyzed Warren Buffett’s surprising moves during the pandemic, explained why the tech-skeptical investor embraced Apple, and discussed Bill Ackman and Michael Burry in a recent interview with Insider. Gordon, a professor at the University of Michigan’s Ross School of Business, counts hedge funds, financial markets, and technology among his research interests.
Chinese Australian Man Sentenced to 7 ½ Years in Prison for Crypto Hedge Fund Fraud (The Epoch Times)
New York-based cryptocurrency hedge fund manager Stefan He Qin was sentenced to seven and a half years in prison for fraud on Sept. 15. U.S. District Judge Valerie E. Caproni also ordered the confiscation of $54,793,532. The 24-year-old Qin was accused of misreporting the proceeds of the $90 million fund he managed and embezzled investor funds to pay for his extravagant living expenses.
Insider Trading: September 27, 2021 (BIV)
Insider Pierre Lassonde, 10% owner. Company: Prime Mining Corp. (TSX-V:PRYM). Shares owned: 10,670,978. Trade date: September 13. Trade total: $4,170,000. Trade: Acquisition of 1,000,000 shares at a price of $4.17 per share. Insider Peter Lawrence Gianulis, director. Company: Orea Mining Corp. (TSX:OREA). Shares owned: 1,095,000. Trade date: September 10. Trade total: $115,000. Trade: Sale of 500,000 shares at a price of $0.23 per share.
Monday 9/27 Insider Buying Report: EVRG, ADC (Nasdaq.com)
On Thursday, Evergy’s CEO, David A. Campbell, made a $499,699 purchase of EVRG, buying 7,850 shares at a cost of $63.66 each. Evergy is trading up about 1.6% on the day Monday. Before this latest buy, Campbell made one other buy in the past year, purchasing $529,195 shares at a cost of $52.92 a piece. And on Friday, CEO Joey Agree bought $247,945 worth of Agree Realty, buying 3,670 shares at a cost of $67.56 each. Before this latest buy, Agree purchased ADC at 2 other times during the past twelve months, for a total investment of $1.51M at an average of $64.98 per share. Agree Realty is trading up about 0.8% on the day Monday.
Notable Hyliion Holdings Insider Makes $1.68 Million Sale (Benzinga)
Thomas J Healy, Chief Executive Officer at Hyliion Holdings (NYSE:HYLN), made a large insider sell on September 22, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Wednesday showed that Healy sold 200,000 shares of Hyliion Holdings at a price of $8.41. The total transaction amounted to $1,682,980.
