Novogratz Predicts $20,000 Bitcoin Price as Inflation Gears Up (Invezz.com)
Renowned investor and former Wall Street hedge fund manager, Mike Novogratz recently predicted that Bitcoin could break the $10,000 make and skyrocket to even $20,0000, going by current indices. He also stated that the present digitalization of money is going on throughout the world, and China is currently leading the line in the currency digitalization front. As a result, the U.S. needs to speed things up to catch up with China. Towards the end of 2019, Bitcoin fell short in value. Novogratz made a forecast that the major cryptocurrency is likely going to finish the year stronger. He predicted that Bitcoin could rise to $12,000 before the end of the year.
Three Year Old Amtek Auto Case Nears Completion (Economic Times)
The three year old case for the resolution of bankrupt Amtek AutoNSE 0.00 % could finally see completion this week after the Supreme Court (SC) refused to give more time for US based hedge fund Deccan Value Investors LP (DVIL) to assess the impact of the economic contraction caused by the Covid-19 virus. Amtek was among the 12 debt laden companies taken to the National Company Law Tribunal (NCLT) on the directions of the Reserve Bank of India (RBI). The auto parts maker owes lenders Rs 12,700 crore and has been awaiting resolution under the bankruptcy process since 2017. In February lenders led by IDBI BankNSE 4.69 % and State Bank of India (SBI) agreed to the Rs 2,700 crore offer from the US-based investor, a 80% haircut to the total dues from the company.
ValueAct’s Founder Steps Down From CEO Role (Institutional Investor)
Jeff Ubben will stay on as chairman and will still run the firm’s socially responsible fund. ValueAct Capital’s founder Jeff Ubben is stepping down as chief executive officer at the activist hedge fund firm amid a bevy of top-level management changes. Ubben, who founded the San Francisco firm in 2000, will remain on as chairman, while ValueAct’s president, Mason Morfit, will be promoted to chief executive officer, according to a letter sent to investors Tuesday. The Financial Times first reported the news on Tuesday evening.
Rawpixel.com/Shutterstock.com
Bill Ackman’s New Blank Check Company May Be a $4 Billion Bet on a So-Called Mature Unicorn (CNBC)
Billionaire investor Bill Ackman, who made a killing this year by nailing the market bottom, on Monday disclosed plans for an initial public offering of a $4 billion blank check company, which may target so-called “Mature Unicorns.” The new investment vehicle named Pershing Square Tontine Holdings plans to offer 150 million shares at $20 apiece, according to a Securities and Exchange Commission filing. Ackman’s hedge fund, Pershing Square Capital, will invest a minimum of $1 billion in the blank check company, while having the option to bring the total value to $6.45 billion, the filing said.
The Aggressive High-Quality Investor (Hedge Nordic)
Stockholm (HedgeNordic) – Many hedge fund managers steer clear of large- and mega-cap stocks and mostly go for the under-researched corners of equity markets in pursuit of alpha. Bård Johannessen and Oddmund Nicolaisen Enæs, who manage long-biased equity long/short fund Pareto Total out of Oslo, find attractive risk-reward opportunities even among the biggest of all mega-caps. The common belief that “there are no opportunities in large- and mega-caps” is misplaced, reckons Enæs. “Opportunities arrive both in large-caps and mega-caps if you have patience.”
Investors Bet Against Pound as Focus Returns to Brexit (The Wall Street Journal)
Traders’ sentiment toward the British pound has reached its lowest since the run-up to last year’s election, as attention shifts from the coronavirus pandemic to stalled Brexit negotiations. Hedge funds and traders using borrowed money to make speculative bets have taken the most positions against the pound since November, according to FactSet, signaling that they expect it to drop further.
April Hedge Fund Redemptions Totalled USD38.1bn, Says Backstop BarclayHedge (Hedge Week)
The Covid-19 pandemic’s impact on hedge fund redemptions continued in April as the industry experienced USD38.1 billion in outflows. While a sizeable sum, the net redemption total was less than half of March’s USD85.6 billion redemption total. April’s redemptions represented 1.3 per cent of industry assets, according to the Barclay Fund Flow Indicator published by BarclayHedge, a division of Backstop Solutions. A positive note was a USD101.2 billion monthly trading profit fuelled by an April stock market rally, bringing total hedge fund industry assets to more than USD2.99 trillion as April ended, up from USD2.86 trillion at the end of March.
Tuesday 6/23 Insider Buying Report: DMLP, EDI (Nasdaq.com)
At Dorchester Minerals, a filing with the SEC revealed that on Thursday, Chief Operating Officer Bradley J. Ehrman purchased 4,000 shares of DMLP, for a cost of $11.13 each, for a total investment of $44,520. So far Ehrman is in the green, up about 7.8% on their purchase based on today’s trading high of $12.00. Dorchester Minerals is trading up about 2.7% on the day Tuesday. Before this latest buy, Ehrman bought DMLP at 2 other times during the past year, for a total investment of $55,922 at an average of $13.28 per share. And at Stone Harbor Emerging Markets Total Income Fund, there was insider buying on Thursday, by Executive Vice President James E. Craige who purchased 5,555 shares for a cost of $7.53 each, for a total investment of $41,829.
Zoom Video Communications Inc (ZM) CFO Kelly Steckelberg Sold $2.7 million of Shares (Guru Focus)
CFO of Zoom Video Communications Inc, Kelly Steckelberg, sold 11,066 shares of ZM on 06/18/2020 at an average price of $240.49 a share. The total sale was $2.7 million. Zoom Video Communications Inc has a market cap of $70.88 billion; its shares were traded at around $251.27 with a P/E ratio of 1478.05 and P/S ratio of 89.01.
The Co-President & Co-COO of Virtu Financial (NASDAQ: VIRT) is Selling Shares (Analyst Ratings)
Yesterday, the Co-President & Co-COO of Virtu Financial (VIRT), Joseph Molluso, sold shares of VIRT for $2.39M. In addition to Joseph Molluso, one other VIRT executive reported Sell trades in the last month.
Canadian Securities Violations Led to $45M in Fines, About 19 Years Jail Time in Past Year (CBC.ca)
Canadian Securities Administrator investigations into fraud, market manipulation, insider trading and other violations resulted in more than $45 million worth of sanctions in the year ending March 2020. The organization of provincial and territorial securities regulators said in that time period, four individuals received a total of 18 years and 11 months of jail terms for criminal cases, while eight people received 10 years and eight months of prison time for quasi-criminal cases. The CSA concluded 23 fraud cases resulting in more than $3.3 million in penalties.
