What Ray Dalio Got Wrong (and What Happens Next) (AFR.com)
Ray Dalio’s retirement last year from the hedge fund he founded, Bridgewater Associates, has given the billionaire more time to indulge his other great passion: history. Dalio has made a study of economic cycles over the last few centuries and credit cycles over the last 100 years, frequently warning that the build-up in debt seen across Western economies will eventually spark a major crisis.
Hedge Fund Point72 Boosts Singapore Staff to 100: Source (Straits Times)
SINGAPORE – Point72 Asset Management has grown its Singapore team by more than 50 per cent since early 2022 to 100 people, according to a person familiar with the matter. The Singapore office’s hiring picked up around the end of 2022 and accelerated in the past six months, the person said, requesting not to be named because the matter is private. The firm also brought on former Marshall Wace analyst Wei Lim as a portfolio manager focusing on long-short equity, the person said.
Hedge Fund Brevan Howard’s Hiring Spree Adds Veteran Tech Lead (eFinancialCareers.com)
Brevan Howard has been busy in 2023, very busy. It’s recruited a swathe of senior officials from a variety of places, from Goldman Sachs VPs to top buy-side strats. The newest addition to the list is Steven Kordik, a technologist with an extensive history in both hedge funds and investment banks. Kordik joins from another hedge fund, Schonfeld, where he was North American head of platform support for two and a half years. Among his accomplishments in that role, he notes that he “proposed and secured funding and headcount approvals to establish a new L1 support function,” giving junior technologists with aspirations of working at Brevan Howard a reason to be hopeful.
Source: pexels
Bill Ackman Takes on ETF Investors with Latest Short Bet (ETF Stream)
One of the world’s most famous hedge fund managers is at odds with ETF investors. Earlier this week, Bill Ackman, the outspoken billionaire hedge fund manager and founder of Pershing Square Capital Management, said that he is shorting the 30-year Treasury bond. The short position, which was revealed in a lengthy tweet, runs counter to the view of the many exchange-traded fund investors who have collectively plowed billions of dollars into the iShares 20+ Year Treasury Bond ETF (TLT).
Meet the Hedge Fund with No Portfolio Managers ‘Capable of Quadrillions of Floating Point Calculations Per Second’ (Financial News)
Castle Ridge executives said that AI has evolved enough to adapt and make investment decisions better than human portfolio managers. Hedge funds such as Brevan Howard, Millennium and Marshall Wace are spending millions in a bidding war to bring in the world’s top portfolio managers. But at Castle Ridge, most of the key investment decisions are made by just one employee: Wallace.
Hedge Fund Net Outflows Continued in June as Overall Volume of Flows Rise (Opalesque)
Opalesque Industry Update – June marked the 13th consecutive monthly net outflow for the hedge fund industry, said eVestment. Compared to prior Junes’ data, however, the redemptions in June 2023 were relatively light and what inflows the industry did see during the month were less concentrated, which is a generally positive theme. Still, no matter how one slices it, the industry continues to face aggregate negative investor sentiment. Investors continued to redeem from equity-focused strategies and the recent pillars of support, multi-strategy and managed futures, have each faced some headwinds.
