Chinese Yuan will Become a Top Reserve Currency Sooner than Expected, Says Ray Dalio (CNBC)
The Chinese yuan will become a global reserve currency sooner than most people expect, said billionaire investor Ray Dalio. The U.S. dollar is currently the world’s reserve currency, but billionaire hedge fund manager Dalio said the yuan’s role could grow much bigger in the next few years.
Boomer Sentiments Continue: Bill Ackman and Brett Heath Join the Yelling Parade (Investing.com)
Cryptocurrency critics have further asserted their concerns over the future of Bitcoin and other cryptocurrencies. According to the CEO of Metalla Royalty and Streaming, cryptocurrencies will be responsible for the next financial crisis. Similarly, Bill Ackman posits that he is not investing in Bitcoin because he perceives it as a purely speculative asset. The billionaire has not written off cryptocurrencies entirely, citing Helium, a project aiming to develop decentralized wireless networks, as having potential.
Hedge Fund Owner Builds €1 Billion Stake in Ryanair (Business Post)
Edoardo Mercadante, the owner of the British hedge fund Parvus Asset Management, has built a near billion euro position in Ryanair through financial derivatives known as equity swap, stock exchange filings show. At the close of trading last Friday, Mercadante’s firm held 4.98 per cent of the economic interest in Ryanair, which is equivalent to nearly €940 million worth of shares at the current price of €16.85.
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Is Infamous Hedge Fund Stripping or Saving Papers? And Murphy’s Awful Advice (Journal Inquirer)
Nearly everyone wanted Tribune Publishing Co. to be purchased by someone other than Alden Global Capital, since the hedge fund is seen as an “asset stripper.” Indeed, months before acquiring the shares of Tribune it didn’t already own, Alden had managed the neat trick of stripping the Hartford Courant of its own building, leaving Connecticut’s largest newspaper homeless.
This Hedge Fund Manager Sees Sea Limited At Over $600 A Share (Forbes)
At the recent Sohn Hong Kong conference, hedge fund managers from Asia presented new ideas for investors. Among the presenters was Rashmi Kwatra, founder and CIO, Sixteenth Street Capital, who presented her thesis for Sea Limited, a conglomerate in Southeast Asia. Sixteenth Street first invested in Sea at the end of 2018 when it was trading at $13 per share, but now it trades at more than $200 per share. Kwatra sees a pathway to more than $600 per share in the next few years. Rashmi describes Sea as a “phenomenal business with access to the leaders in Southeast Asia’s consumer digital spaces.”
Opalesque Roundup: Q1 2021 Generated a $150bn Increase in Global Hedge Fund AUM: Hedge Fund News, Week 21 (Opalesque)
In the week ending May 28th 2021, HFM reported that April gains fortify a strong six months for multi-strategy: The average multi-strategy hedge fund gained 1.3% in April as multi-discipline managers continued to build a strong six months following a challenging start to the pandemic period. HFM’s Multi-strategy Composite Index currently leads the global composite YTD (7.5% to 7.4%) and on a three-year annualised basis (8.6% to 8.2%) but trails over 12 months (24.6% to 25.9%). Investors allocated a further $10.93bn to the asset class, which, in tandem with the Preqin All-Strategies Hedge Fund benchmark return of +6.89%, generated a $150bn increase in AUM; a 3.8% increase since the end of 2020 overall
Notable Insider Buys Of The Last Week: Bumble, Coty, Peloton Interactive, More (Benzinga)
A 10% owner of crafting machine maker Cricut Inc (CRCT) indirectly bought 467,000 shares last week. At prices ranging from $27.40 to $31.88 per share, and that cost that owner more than $13.7 million. Note that the same owner purchased less than 17,000 shares in the previous week too. The purchase of over 200,700 more PennyMac Financial Services Inc (PFSI) shares by a director (and frequent buyer) for $61.22 to $63.10 per share totaled almost $12.53 million. The latest buys raised that director’s stake to more than 2.78 million shares. The director added nearly 221,000 shares in the prior week.
The Chairman & Founder of Linamar (Other OTC: LIMAF) is Selling Shares (Analyst Ratings)
Today, the Chairman & Founder of Linamar (LIMAF), Frank Hasenfratz, sold shares of LIMAF for $7.56M. Following Frank Hasenfratz’s last LIMAF Sell transaction on December 08, 2014, the stock climbed by 10.6%. This is Hasenfratz’s first Sell trade following 5 Buy transactions.
Insider Trading: May 31, 2021 (BIV.com)
Insider Wood Blake, 10% Owner. Company: RE Royalties Ltd. (TSX-V:RE). Shares owned: 1,231,438. Trade date: May 18. Trade total: $2,224,890. Trade: Sale of 2,472,100 shares at a price of $0.90 per share. Insider Eric S. Sprott, 10% owner. Company: New Found Gold Corp. (TSX-V:NFG). Shares owned: 27,001,200. Trade date: May 14, 17. Trade total: $1,734,000. Trade: Sale of 200,000 shares at prices from $8.60 to $8.74 per share.
Boyd Gaming Corp (BYD) President & CEO Keith Smith Sold $6.2 million of Shares (Guru Focus)
President & CEO of Boyd Gaming Corp, Keith Smith, sold 100,068 shares of BYD on 05/26/2021 at an average price of $61.49 a share. The total sale was $6.2 million.
