Paul Tudor Jones Says a Stock Market that’s 220% of GDP is Making Him Nervous (CNBC)
Billionaire investor Paul Tudor Jones said Monday that the high stock-market valuation makes him uneasy and warned the Federal Reserve could be adding to financial instability with its aggressive policy stance. The hedge fund veteran told CNBC’s Andrew Ross Sorkin on “Squawk Box” that the stock market appeared richly valued relative to the broader economy, comparing it to the top of previous market cycles before significant corrections in recent decades.
Crispin Odey Believes Inflation will Bring a ‘Golden Period’ for M&A. He Highlights Why His Bet on Distell could be a Big Winner. (Business Insider)
Inflation is on every investor’s mind, and for $2.5 billion one hedge fund manager, a rise in prices is welcomed. Crispin Odey, the British founder of the Odey Asset Management, wrote to investors in his $71 million Odey Special Situations fund that inflation is here to stay, despite “the stipulation by the US Federal Reserve… that the recent pick up in inflation is related to the post-covid reopening trajectory and therefore is likely to be temporary in nature.”
Marshall Wace and Citadel Among Funds Shorting £1bn of UK Stock in Bearish Bonanza (Financial News)
Marshall Wace topped a list of short-sellers targeting the London stock market in early June, leading the pack during a week of outsized activity for betting against UK equities. The London hedge fund took out the largest short position made in the City last week with a £141.6m bet against cruise operator Carnival, based on a Financial News analysis of documents filed with the Financial Conduct Authority.
Pixabay/Public Domain
Loeb’s Third Point Has Built Substantial Position in Vivendi (Bloomberg)
Dan Loeb’s Third Point has built a substantial position in Vivendi SE and is examining the French media company’s plan to sell a 10% stake in its Universal Music Group to fellow activist investor Bill Ackman, according to people familiar with the matter. The New York-based hedge fund has held the position in Vivendi for several months, and has yet to voice an opinion on whether it would support the UMG transaction, the people said, asking not to be identified because the matter is private. The exact size of Third Point’s stake or its rationale for buying it could not be determined.
Leaving Nordic Cross for Norron (Hedge Nordic)
Stockholm (HedgeNordic) – Sebastian Uddén, one of the partners and co-founders of Nordic Cross Asset Management, has joined Norron Asset Management as Head of Sales in Sweden. Uddén embarks on a new journey following five years since co-founding Stockholm-based Nordic Cross, which runs four hedge funds part of the Nordic Hedge Index. “Five years ago, almost to the day, I, together with some colleagues from Catella Fonder, decided to launch Nordic Cross Asset Management. It has been a fantastic, exciting, educational and challenging period with a nice result,” Uddén writes in a LinkedIn post. “Now is the time to develop and challenge myself further.
A $42 Billion Fund in Sweden Sides With the Fed on Inflation (Bloomberg)
One of Sweden’s biggest pension funds has arranged its inflation strategy around the Federal Reserve’s view that price spikes will prove transitory, and says that, with a bit of hedging here and there, the approach has worked well. Kristin Magnusson Bernard, the chief executive of Sweden’s AP1 pension fund, says inflation will “also end up being a headache for central banks for a while.” But for now, consumer price growth is “more difficult from a political view point” than from a monetary policy stance, she said in an interview in Stockholm.
Last Week’s Notable Insider Buys: Lululemon Athletica, Opendoor Technologies And More (Benzinga)
A former director of special purpose acquisition company ARYA Sciences Acquisition III Corp (ARYA) returned to indirectly buy 5.50 million additional shares last week. At $10.00 per share, that cost that owner $55.00 million. Note that this SPAC is merging with Nautilus Biotechnology Inc (NAUT). Two Enviva Partners LP (EVA) directors took advantage of a secondary offering to acquire almost 912,100 shares altogether of this producer of utility-grade wood pellets. At the offering price of $45.50 per share, these transactions added up to nearly $41.50 million. Shares were last seen at $49.10.
Insider Trading: June 14, 2021 (BIV.com)
Insider Eric S. Sprott, 10% owner. Company: New Found Gold Corp. (TSX-V:NFG). Shares owned: 27,551,200. Trade date: May 28. Trade total: $1,118,000. Trade: Sale of 100,000 shares at a price of $11.18 per share. Insider Rui Feng, director. Company: Silvercorp Metals Inc. (TSX:SVM). Shares owned: 5,618,000. Trade date: May 28. Trade total: $232,200. Trade: Sale of 30,000 shares at a price of $7.74 per share.
Monday 6/14 Insider Buying Report: ROP, REVG (Nasdaq.com)
On Thursday, Roper Technologies’s Director, Richard F. Wallman, made a $906,500 buy of ROP, purchasing 2,000 shares at a cost of $453.25 each. Wallman was up about 1.8% on the purchase at the high point of today’s trading session, with ROP trading as high as $461.58 in trading on Monday. Roper Technologies is trading up about 0.1% on the day Monday. And at REV Group, there was insider buying on Friday, by Chief Executive Officer Rodney M. Rushing who purchased 19,292 shares for a cost of $15.87 each, for a trade totaling $306,164. Before this latest buy, Rushing made one other buy in the past twelve months, purchasing $301,165 shares for a cost of $17.98 a piece. REV Group is trading up about 4.5% on the day Monday. So far Rushing is in the green, up about 5.5% on their purchase based on today’s trading high of $16.74.
The Chairman of Canadian Natural (NYSE: CNQ) is Selling Shares (Analyst Ratings)
Today, the Chairman of Canadian Natural (CNQ), Norman Murray Edwards, sold shares of CNQ for $10.77M. In addition to Norman Murray Edwards, 9 other CNQ executives reported Sell trades in the last month.
Fisker Inc (FSR) President & CEO Henrik Fisker Sold $10 million of Shares (Guru Focus)
President & CEO of Fisker Inc, Henrik Fisker, sold 561,956 shares of FSR on 06/11/2021 at an average price of $17.83 a share. The total sale was $10 million.
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