Bridgewater’s Ray Dalio Warns Of Stagflation, Calls Fed ‘Naïve And Inconsistent’ For Raising Interest Rates (Benzinga)
Billionaire hedge fund manager and Bridgewater Associates founder Ray Dalio on Tuesday offered his take on whether raising interest rates could help improve the economy. Higher Interest Rates Are Not A Solution: It’s “naïve and inconsistent” to think that the Federal Reserve needs to raise interest rates to control inflation, Dalio said in a LinkedIn post. Dalio noted that prices rise when “the amount of spending increases by more than the quantities of goods and services sold increase.”
Crypto broker Voyager Likely to Issue Default Notice to Three Arrows (Reuters)
June 22 (Reuters) – Crypto broker Voyager Digital Ltd said on Wednesday its subsidiary may issue a default notice to Three Arrows Capital Ltd if the cryptocurrency hedge fund fails to repay its loan. Voyager’s total exposure to Three Arrows Capital consists of 15,250 bitcoin (nearly $310 million) and $350 million USD Coin (USDC), it said.
GIC, B Capital Lead $150M Funding for Crypto Platform FalconX (Investing.com)
Investing.com — The crypto winter hasn’t – yet – stopped the flow of institutional money into the digital currency space. Crypto platform FalconX, which specializes in offering digital asset-themed services to institutional investors, said on Wednesday it had attracted $150 million in fresh capital, through a Series D fundraising led by Singapore’s sovereign wealth fund GIC and B Capital at a valuation of $8 billion.
Rawpixel.com/Shutterstock.com
Top ESG Fund Manager Trounces Peers by Hoarding ‘Unloved’ Assets (Bloomberg)
One of this year’s top-performing managers of so-called sustainable funds has relied on assets that aren’t normally associated with environmental, social and governance investing, in a strategy that’s ended up trouncing his peers. The Eurizon Azioni Energie E Materie Prime (ticker CARENMP@IM) booked a return of 15.7% this year as of Friday, according to data compiled by Bloomberg. Its main holding is ConocoPhillips, followed by Valero Energy Corp. and Exxon Mobil Corp.
Hedge Funds Performance Monitor: May 2022 (Preqin)
The current economic climate is impacting not just traditional asset classes but also alternatives. All fund structures tracked by Preqin were in negative territory during May. Notably, CTAs’ streak of consistently outperforming all other structures was broken by the first negative month (-0.19%) of 2022. The Preqin All-Strategies Hedge Fund Benchmark continued to decline, falling by -1.41% in May, which pushed the year-to-date return to -5.72%.
Bitcoin Billionaire Sam Bankman-Fried Bails Out Embattled Crypto Firms BlockFi and Voyager (CNBC)
FTX, Bankman-Fried’s crypto exchange, agreed to provide crypto lender BlockFi with a $250 million revolving credit facility. Alameda, Bankman-Fried’s quantitative trading firm, committed $500 million in financing to Voyager Digital, a crypto brokerage. Bankman-Fried has emerged as something of a savior for the $900 billion crypto market as it faces a deepening liquidity crunch.
Cathie Wood & Ark: Insiders Aren’t Buying The Hype (MenaFN.com)
(MENAFN- DailyFX) After 12 years as chief investment officer of global thematic strategies at investment giant AllianceBernstein, Cathie Wood founded ARK (Active Research Knowledge) Funds in 2014. Its thematic investment funds target disruptive and innovative high-growth companies, the technological forces altering economies and consumer behavior.
All-America Research Providers – Hedge Fund Cut (Institutional Investor)
Overview: As the hedge fund industry has grown, so have managers’ demands on equity research providers. “Over the last decade, the skew of demands on our department has meant that our time spent with hedge funds has consistently grown,” said David Adelman, director of equity research for the Americas at Morgan Stanley. “It has grown before, through and post-Covid.”
World’s Biggest Hedge Fund Is Betting $9.5B Against These Stocks (TipRanks)
So far in 2022, the S&P 500 index (SPX) has dropped 21.5% and the Dow Jones Industrial Average (DJIA) is down 16.5%. Although the markets are just entering bear territory, the latest moves by one of the biggest names on Wall Street, Ray Dalio, may indicate the correction may extend further. With nearly 26 short positions, Dalio’s Bridgewater Associates has now become the largest short position holder on European stocks. Bridgewater has upped its total shorts by nearly 5 times, to around $9.5 billion.
Wednesday 6/22 Insider Buying Report: OKE, BLFY (Nasdaq.com)
On Friday, ONEOK’s CEO, Pierce Norton, made a $498,462 buy of OKE, purchasing 8,975 shares at a cost of $55.54 each. Investors can bag OKE at a price even lower than Norton did, with the stock changing hands as low as $52.72 at last check today — that’s 5.1% under Norton’s purchase price. ONEOK is trading down about 3.9% on the day Wednesday. This purchase marks the first one filed by Norton in the past year. And also on Friday, Director Kenneth Grimbilas purchased $200,485 worth of Blue Foundry Bancorp, purchasing 17,065 shares at a cost of $11.75 a piece. This purchase marks the first one filed by Grimbilas in the past twelve months. Blue Foundry Bancorp is trading off about 0.3% on the day Wednesday. Grimbilas was up about 3.2% on the buy at the high point of today’s trading session, with BLFY trading as high as $12.12 at last check today.
Cluster Of Insiders Purchase Carvana, An E-commerce Platform For Buying And Selling Used Cars – Big Insider Trades (Benzinga)
1. Carvana Co. (CVNA) $24.27: Shares of this e-commerce platform for buying and selling used cars were acquired by 4 insiders: 10% Owner Ernest C. Garcia acquired 1,985,258 shares, paying $21.18 per share for a total amount of $42.05 million. These shares were purchased indirectly by Verde Investments, Inc. Chief Product Officer Daniel J. Gill acquired 94,000 shares, paying $21.77 per share for a total amount of $2.05 million. Mr. Gill increased his stake by 253.90% to 131,023 shares with this purchase.
Former Rite Aid Compliance Exec Fined $305K Over Insider Trading Case (Compliance Week)
A former Rite Aid compliance executive agreed to pay a civil penalty of $305,129 to settle insider trading charges regarding sale of company stock. The U.S. District Court for the Middle District of Pennsylvania entered final judgment Friday against Steven Sheinfeld, who served as vice president of internal assurance services at Rite Aid until departing the company in April 2017. Sheinfeld, who was charged by the Securities and Exchange Commission (SEC) in September 2020, agreed to pay his fine in three installments without admitting or denying the allegations and waived any right to an appeal.
Britain’s FCA Seeks Retrial of Insider Trading Case (Reuters)
June 22 (Reuters) – Britain’s Financial Conduct Authority (FCA) said on Wednesday it would seek a retrial of two individuals accused of insider dealing, weeks after a court in London was unable to reach a verdict. Stuart Bayes, a former general manager at RPC Group, and Jonathan Swann, a tenancy support officer, were accused of trading shares of British Polythene Industries (BPI) between May 2, 2016 and June 10, 2016, ahead of an announcement that RPC Group would buy BPI.
