Billionaire Investor Ray Dalio Says the Fed’s Measures haven’t Slowed Consumers Down, and the Government is Paying the Price (Fortune)
A government-engineered shift in wealth has protected the public from the worst of the Fed’s rate hikes, hedge fund veteran Ray Dalio believes, but added the move may have pushed the government to shoot itself in the foot. Writing on LinkedIn, Dalio, worth $19.1 billion, said there had been a “big government-engineered shift in wealth” from the public sector and government bondholders to the private sector. This has made the private sector “relatively insensitive” to the Fed’s rate hikes, Dalio adds: “As a result of this coordinated government maneuver, the household sector’s balance sheets and income statements are in good shape, while the government’s are in bad shape.”
Linklaters Partner Pansy Wong Joins Millennium as International General Counsel (Financial News)
New York-based hedge fund Millennium Management has appointed Linklaters partner Pansy Wong as international general counsel in its London office. In her new role, Wong will oversee Millennium’s legal matters in Europe and Asia and will report to the firm’s global general counsel Gil Raviv, according to a person familiar with the matter.
South Korea’s Rematch with Elliott is a Lose-Lose (Reuters)
South Korea’s dealmaking skeletons are back to haunt. The government plans to challenge a court ruling ordering it to pay $109 million to the world’s feistiest hedge fund; the dispute relates to a 2015 merger Samsung’s Lee family orchestrated to help it with succession planning. Win or lose, dragging out the battle will ensure Korea Inc pays a steep price. Paul Singer‘s Elliott opposed a $9 billion union eight years ago of Samsung C&T (028260.KS) and Chiel Industries. The U.S. fund argued the terms were unfair to minority shareholders; Elliott held roughly 7% of C&T but narrowly lost a bitter campaign – in which the Korean company resorted to handing out watermelons to shareholders – to stop the deal.
Phongphan/Shutterstock.com
Calculo’s Five-Year Trend-Following Journey in Commodities (Hedge Nordic)
Stockholm (HedgeNordic) – Over the past five years, financial markets have experienced significant ups and downs, influenced by a mix of economic trends, geopolitical events, a once-in-a-lifetime pandemic, and central bank policies. Specifically, the final quarter of 2018, the first quarter of 2020, and the entirety of 2022 posed significant challenges for many investors. However, Calculo Evolution Fund, a commodity-focused trend-following fund, has demonstrated resilience throughout all these episodes to reach its five-year anniversary on August 1 this year.
Greenvale Hedge Fund Takes €75 Million Short Bet Against Kerry Group (BusinessPost.ie)
Greenvale hedge fund takes €75 million short bet against Kerry Group. Greenvale Capital, a London-based hedge fund with nearly £1 billion worth of assets under management, has taken a nearly €75 million short bet against the shares in Kerry Group. New market filings show that Greenvale has taken a bet against 0.46 per cent of the company’s shares, which are currently trading at around €92 per share.
