Paul Tudor Jones Says This ‘Crazy’ Stock Market Run Reminds Him a Lot of Early ’99 (CNBC)
Billionaire investor Paul Tudor Jones said the stock market today is reminiscent of the latter stages of the bull market in 1999 that saw a giant surge that ultimately ended with the popping of the dot-com bubble. “We are just again in this craziest monetary and fiscal mix in history. It’s so explosive. It defies imagination,” Jones said on CNBC’s “Squawk Box” on Monday at the World Economic Forum in Davos, Switzerland. “It reminds me a lot of the early ’99. In early ’99 we had 1.6% PCE, 2.3% CPI. We have the exact same metrics today.”
Elliott Sends Letter to Evergy Pushing for Improved Performance or Merger (Reuters)
BOSTON (Reuters) – Elliott Management sent a letter to Evergy Inc (EVRG.N) on Tuesday urging the utility to improve its performance or consider a merger, moves the hedge fund said could create as much as $5 billion in value. Elliott, which has an economic interest of 11.3 million shares, made its letter public after having held private discussions with management for three months. “A high-performance path can be achieved either on a standalone basis with enhanced Board oversight and management expertise or through a transaction with a respected partner,” Elliott said in the letter.
Greenlight Capital’s David Einhorn Tells Investors Why He’s Adding to His Bet Against Netflix, and Say He’s Shorting Corporate Credit Because Ratings Agencies have been ‘Complacent’ (Business Insider)
Netflix’s stock bump at the end of 2019 – it’s jumped more than 20% since the end of October — gave David Einhorn another chance to short it. Einhorn’s Greenlight Capital told investors in its fourth-quarter letter that the firm still thinks the streaming service is overvalued thanks to the entrance of new streaming services like Disney Plus, and the loss of series like “Friends” and “The Office.”
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Exclusive: Hedge Fund HG Vora Wants Tegna to Consider a Sale or Merger – Sources (Reuters)
BOSTON (Reuters) – Another large investor in Tegna Inc (TGNA.N) wants the U.S. regional TV station operator to pursue a merger or sale, arguing a tie-up could be very valuable at a time the industry is facing a wave of consolidation, two people familiar with the matter said. Hedge fund HG Vora Capital Management, which owns about 4% of Tegna’s stock, is the third investor to push for changes at Tegna. Standard General has laid the groundwork for a proxy contest and Donerail also wants changes to be made.
Hedge Funds Not Led by White Men Outperform Nearly 2 to 1 (Bloomberg)
Hedge funds not controlled by white men had returns almost double their peers the last three years, according to a Bloomberg analysis of hedge fund data. Within Bloomberg’s database of 2,935 funds, the analysis found 35 managed by minorities or women and compared them with 908 peer funds. The database includes over 65% of the industry’s top 1,500 managers by assets under management.
Hedge Funds Up 8.74 per cent in 2019, Says Eurekahedge (Hedge Week)
The Eurekahedge Hedge Fund Index returned 8.74 per cent in 2019, supported by the risk-on sentiment among investors and positive geopolitical developments throughout the year. Roughly 44.6 per cent of the hedge fund managers comprising the index have recorded double-digit gains over the year. The global hedge fund industry AUM has increased by USD9.9 billion in 2019. Investor redemptions totalling USD126.2 billion have been recorded throughout the year, a level the industry has not seen post-crisis.
Alcur Select Bagged the Top Spot (Hedge Nordic)
Stockholm (HedgeNordic) – Long-biased small-cap-focused equity fund Alcur Select bagged the top spot in the list of best performing Nordic hedge funds of 2019. The fund managed by Wilhelm Gruvberg out of Stockholm returned around 51 percent last year and almost 59 percent since launching in May of 2018. Despite netting a return above 50 percent last year, which is a great achievement by any standards, Gruvberg points out that “investors need to take into consideration the risk and return objectives of the fund.”
Warren Buffett Tops List of America’s Biggest Givers After Donating Nearly $15 Billion in 5 Years (Business Insider)
Warren Buffett gave nearly $15 billion to charitable causes between 2014 and 2018, topping a list of America’s 25 biggest givers compiled by Forbes and SHOOK Research. The famed investor and Berkshire Hathaway boss led the pack in all five years, giving mostly to causes chosen by the Bill and Melinda Gates Foundation. The high-profile philanthropist couple took second place, followed by hedge-fund manager George Soros, former New York City mayor and Democratic presidential candidate Michael Bloomberg, and Walmart founder Sam Walton’s family.
Hedge Funds Amass $3.3T Cash Hoard to Start Roaring ’20s (Fox Business)
Hedge funds are beginning the new decade with more than $3.3 trillion in their coffers – a record high, thanks to the strongest performance in 10 years, according to new data. “The hedge fund industry concluded a historic decade of growth, which began in the aftermath of the financial crisis and saw total capital double in size,” Kenneth J. Heinz, president of industry-tracking firm Hedge Fund Research, said in a statement on Tuesday.
Appeal Court’s Rush On Insider Trading Decision Will Hurt Wall Street (Forbes)
There is no clear law defining insider trading and the US Congress has done little to try to clear things up. Meanwhile, defendants are hauled into courtrooms where judges, prosecutors and defense attorneys fight it out to clarify the law. One case in New York took a new look at insider trading and the appellate judges appear to have hurried their decision. The repercussions of this ruling could give prosecutors even more power to bring insider trading cases … and that would be a shame. Prosecutors alleged that defendants David Blaszczak (a political intelligence consultant for hedge funds) got material non-public information from Christopher Worrall, who worked for the federal agency Centers for Medicare & Medicaid Services (ʺCMSʺ).
The President & CEO of Cantel Medical (NYSE: CMD) is Buying Shares (Analyst Ratings)
Today, the President & CEO of Cantel Medical (CMD), George Fotiades, bought shares of CMD for $305.8K. This recent transaction increases George Fotiades’ holding in the company by 4.4% to a total of $7.41 million. Based on Cantel Medical’s latest earnings report for the quarter ending October 31, the company posted quarterly revenue of $257 million and quarterly net profit of $5.77 million.
The VP & CFO of Olin (NYSE: OLN) is Buying Shares (Analyst Ratings)
Today, the VP & CFO of Olin (OLN), Todd A. Slater, bought shares of OLN for $254.8K. Following this transaction Todd A. Slater’s holding in the company was increased by 17.31% to a total of $1.71 million.
Insider Buying And Operational Improvements Make Destination XL A Strong Buy (Seeking Alpha)
Destination XL (DXLG) is a Boston-based specialty retailer focused on men’s big & tall clothing. The company operates 332 retail stores across the United States as of Feb. 2, 2019 (page 24 of 10-K) and also sells clothing direct-to-consumer via its website (DXL.com). The company’s store count has declined gradually in recent years as management has eliminated the stores with the lowest sales and weakest profitability in an effort to streamline operations.
