Watch the Full Interview with Paul Tudor Jones on the Election, Biden’s Tax Plan and Bitcoin (CNBC)
Legendary hedge fund manager Paul Tudor Jones said Thursday that he expects a Democratic sweep in November and that will send markets for a wild ride over the next 12 months. The founder and and chief investment officer of Tudor Investment Corporation joined CNBC’s “Squawk Box” to discuss the election’s impact on markets and his views on Bitcoin, which invested in earlier this year.
Saba Capital’s Boaz Weinstein Predicts Credit Chaos Around U.S. Election (Bloomberg)
Never in his 22-year career has Boaz Weinstein seen such a disconnect between the complacency of credit investors and the anxiety of equity investors, and he predicts it could unravel in an “incredible move” around the Nov. 3 U.S. election. While the stock market is pricing in turmoil with the CBOE Volatility Index close to 30, corporate bond spreads have almost recovered to pre-pandemic levels. To Weinstein, the founder of Saba Capital Management and one of the biggest winners in the pandemic selloff in March, something has to give.
Led by Macro and Relative Value Arbitrage Strategies, Hedge Funds Register $13bn Inflows in Third Quarter (Opalesque.com)
Investors allocated new capital to the hedge fund industry in the third quarter, the first quarterly net inflow since 1Q18, driven by strong performance through the coronavirus pandemic volatility and positioning for continued uncertainty around both the virus and t he upcoming US elections. Led by Macro and Relative Value Arbitrage strategies, hedge funds received an estimated net inflow of $13.0 billion in 3Q 2020, increasing total industry capital to $3.31 trillion, as reported today by HFR, the established global leader in the indexation, analysis and research of the global hedge fund industry.
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Sacramento County Moves $15 million to Venture Capital (Pensions&Investment)
Sacramento County (Calif.) Employees’ Retirement System committed $15 million to a venture capital fund and redeemed $150 million from a passive large-cap strategy, said an investment activity report posted on the $10.6 billion pension plan’s website. The retirement system committed $15 million to OrbiMed Private Investments VIII, a venture capital fund managed by OrbiMed Advisors.
Danes Launch Crypto Hedge Fund (Hedge Nordic)
Stockholm (HedgeNordic) – An all-Danish team is launching the first actively-managed regulated cryptocurrency-focused hedge fund in Cyprus, a country enjoying a growing cryptocurrency economy and a forward-looking regulatory regime. The Danish founders Ulrik Lykke and Mikkel Mөrch, supported by Jacob Skaaning and Marck Bertelsen, are launching a hedge fund called ARK36 to deliver risk-adjusted exposure to crypto-assets for professional investors. “The launch of ARK36 as an EU-regulated cryptocurrency hedge fund represents the culmination of two years of planning, market research and compliance work,” says ARK36’s Co-Founder, Ulrik Lykke. “We are excited to offer our digital asset investment services to professional investors looking to bridge the gap between traditional investment and this growing market, in a secure and risk-mitigated manner.”
Breakingviews – Could Bill Ackman’s SPAC Buy Bloomberg or Airbnb? (Reuters)
NEW YORK (Reuters Breakingviews) – The naming of names for Bill Ackman’s special purpose acquisition company just got more interesting. On Tuesday, the New York Post reported that the hedge fund manager’s blank-check vehicle wanted to take a stake in the former New York mayor Mike Bloomberg’s eponymous media empire, something Bloomberg LP dismisses. It’s true that Ackman’s $5 billion war chest can hook a big fish by taking a small stake in a company. But large, well-known private firms don’t need a SPAC to go public.
Paul Singer’s Elliott Management to Open offices in Florida and Connecticut (Reuters)
Oct 21 (Reuters) – Elliott Management Corp., one the world’s busiest activist investors, plans to open two new offices – one in Florida and one in Connecticut – to give staff more flexibility when the threat of COVID-19 ebbs and employees return to the office, a source said on Wednesday. Paul Singer’s $41 billion hedge fund will keep its office in midtown Manhattan and add two new locations in West Palm Beach, Florida and Greenwich, Connecticut at some point next year, the person who was not authorized to speak about the private firm’s plans said.
Industry Innovators: How CTA Veteran David Gorton’s Quant Firm DG Partners is Thriving Amid Trend-Following Turmoil (Hedge Week)
The aim of London-based systematic managed futures hedge fund manager DG Partners is simple, says founder and chief investment officer David Gorton: “To be the best trend-follower we can be in the business.” Established in 2002 by Gorton – a former JP Morgan prop trading chief and 30-year industry veteran who later launched a joint venture between DG Partners and hedge fund giant Brevan Howard – the firm today manages around USD1.5 billion in assets, with its flagship quantitative managed futures strategy running about USD850 million. DG Partners only manages assets for professional clients. Despite rapid shifts in markets and technology, which have dramatically altered trend-following techniques in the past two decades, the firm has maintained a creditable track record in the industry which stems from a “strategic choice” to avoid any style drift, explains Gorton.
Making the Much-Craved Leap (Hedge Nordic)
Stockholm (HedgeNordic) – A Danish serial entrepreneur, author and investor is awaiting the go-ahead from regulators to launch his own hedge fund. Lars Tvede, a Danish citizen who has been living in Switzerland for many years, is launching a Luxembourg-domiciled hedge fund set to be managed by a Switzerland-based investment management firm. “For long periods over the last 30 years, I have made hedge fund-like investments for myself. In the years 2000 to 2006, I did pretty much nothing else.
Warren Buffett’s 5 Best Investing Tips for People Who Don’t Follow the Stock Market (The Motley Fool)
Want an investment strategy that the Oracle of Omaha would approve of? You don’t need to spend hours scouring financial statements. Warren Buffett has a pretty simple strategy that he thinks is the best way for the overwhelming majority of people to invest. Here’s how the legendary chairman of Berkshire Hathaway (NYSE:BRK-A) (NYSE:BRK-B) thinks you should invest, even if you don’t follow the stock market.
Twilio Inc (TWLO) CEO Jeff Lawson Sold $16.5 million of Shares (Guru Focus)
CEO of Twilio Inc, Jeff Lawson, sold 49,500 shares of TWLO on 10/19/2020 at an average price of $333.69 a share. The total sale was $16.5 million. Twilio Inc provides a cloud communications platform that enables developers to build, scale and operate communications within software applications through the cloud as a pay-as- you-go service.
The Divisional Executive Vice-President of Aritzia (Other OTC: ATZAF) is Selling Shares (Analyst Ratings)
Today, the Divisional Executive Vice-President of Aritzia Inc (OTCMKTS: ATZAF), Philippa Morgan, sold shares of ATZAF for $195K. The company has a one-year high of $19.76 and a one-year low of $6.45. The Company has a Price to Book ratio of 26.41. Based on 6 analyst ratings, the analyst consensus is Strong Buy with an average price target of $18.93, reflecting a -8.9% downside.
Insider Trading and Congress: How Lawmakers Get Rich from the Stock Market (CNBC)
Four U.S. senators were accused in March of using insider information about the coronavirus pandemic to profit in the stock market. A couple of months later, the investigations into Sens. Kelly Loeffler, R-Ga., Dianna Feinstein, D-Calif., and James Inhofe, R-Okla., were closed. Sen. Richard Burr, R-N.C., stepped down as chairman of the Senate Intelligence Committee amid the allegations.
