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.
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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.
Glenn Stevens-Advised Hedge Fund has Licence Suspended (AFR.com)
A Perth-based hedge fund that counts former Reserve Bank governor Glenn Stevens on its investment committee has had its licence suspended by the corporate regulator for holding insufficient assets. The Australian Securities and Investments Commission has suspended NWQ Capital Management’s financial services licence until January 25, 2024. “ASIC suspended the licence because NWQ failed to maintain financial requirements required of an AFS licence holder by not having sufficient net assets to meet the conditions of its licence,” the regulator said in a statement.
Tom Brady Should Get Tax Break From Investing In Birmingham City FC (Forbes)
Tom Brady has become a minority owner of the English soccer team Birmingham City FC, which, along with its stadium, was acquired by hedge fund manager Tom Wagner last month. Forbes estimates that Brady got paid more than $530 million over his 23 NFL seasons: $333 million from playing contracts, according to Spotrac, and roughly $200 million from his endeavors off the field.
Billionaire Investor Ackman Says He is Shorting 30-Year Treasuries (Reuters)
Billionaire investor William Ackman on Wednesday said his hedge fund Pershing Square Capital Management has placed a bet against U.S. 30-year Treasuries, calling it both a hedge on the impact of higher long-term rates on stocks and a good standalone bet. “We are short in size the 30-year T,” Ackman wrote on messaging platform X, formerly known as Twitter. He argued that if long-term inflation is 3% not 2%, the 30-year Treasury yield could rise to 5.5%, adding “and it can happen soon.” On Wednesday, the yield on the 30-year Treasurys climbed to 4.16%, the highest close of the year.
Odey AM Lowers Risk Profile of Odey European Inc Fund – Reports (Investmentweek.co.uk)
Odey Asset Management has lowered the risk profile of its flagship hedge fund, Odey European Inc. The fund was handed to fund manager Freddie Neave after Crispin Odey was ousted from the firm in June in the wake of sexual misconduct allegations against him. According to a report by Reuters, Neave said in an investor letter that he had reduced the hedge fund’s investments in stocks and bonds. In June, he also sold out of the fund’s gold futures and increased its amount of cash in hand in a bid to increase liquidity.
Thursday 8/3 Insider Buying Report: XOM, ADC (Nasdaq.com)
On Monday, Exxon Mobil Corp (XOM)’s Director, Jeffrey W. Ubben, made a $48.97M purchase of XOM, buying 458,000 shares at a cost of $106.93 a piece. Investors can snag XOM even cheaper than Ubben did, with shares changing hands as low as $105.30 at last check today — that’s 1.5% under Ubben’s purchase price. Exxon Mobil Corp is trading up about 0.7% on the day Thursday. Before this latest buy, Ubben made one other buy in the past twelve months, purchasing $88.45M shares for a cost of $88.45 a piece. And at Agree Realty Corp. (ADC), there was insider buying on Wednesday, by Richard Agree who bought 11,751 shares for a cost of $62.95 each, for a total investment of $739,725. This purchase marks the first one filed by Agree in the past twelve months. Agree Realty Corp. is trading up about 2.4% on the day Thursday. Agree was up about 2.7% on the purchase at the high point of today’s trading session, with ADC trading as high as $64.63 at last check today.
M&T Bank, Yelp And 2 Other Stocks Insiders Are Selling (Benzinga)
Snap: The Trade: Snap Inc. (SNAP) Chief Technology Officer Robert Murphy sold a total of 1,298,803 shares at an average price of $10.56. The insider received around $10.56 million from selling those shares. Carlisle Companies: The Trade: Carlisle Companies Incorporated (CSL) President, CIT John E Berlin sold a total of 3,966 shares shares at an average price of $275.99. The insider received around $1.09 million from selling those shares.
UK Hedge Fund Trader Shah, Key ‘Cum-ex’ Suspect, Seeks to Block Extradition to Denmark (Reuters)
Sanjay Shah, a British hedge fund trader accused of masterminding a $1.8 billion dividend-tax fraud, is attempting to overturn a decision to extradite him from Dubai to face criminal charges in Denmark, a London court heard on Thursday. Nigel Jones, a lawyer for Shah and linked defendants in a complex, parallel civil case brought by Denmark’s tax authority in London, told the High Court that Shah had launched an appeal – but that a decision had been repeatedly deferred since June 6.
