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.
OPNX Exchange Touted by Three Arrows Founders Bids for Ailing Crypto Lender Hodlnaut (The Financial Express)
A digital-asset exchange linked to the founders of failed hedge fund Three Arrows Capital is seeking to take control of ailing crypto lender Hodlnaut, whose restructuring is being overseen by a court in Singapore. The exchange, OPNX, has offered to inject the equivalent of $30 million in FLEX digital tokens into Hodlnaut to fund a partial creditor payout to finalize claims, according to a person familiar with the matter who asked not to be identified discussing private information, and a term sheet seen by Bloomberg News.
Aussie Short Sellers are Going Where This Wall Street Icon Won’t (AFR.com)
Dan Loeb says meme stock mania has made shorting single companies too risky. But Australian short sellers see it differently. Wall Street titan Dan Loeb goes by many titles: hedge fund legend, famed activist investor and generous philanthropist. But it seems the founder and chief investment officer of $US25 billion ($38 billion) investment giant Third Point is set to scratch one title off his resume: feared short seller. In his latest letter to investors, Loeb declares the environment for short selling is “much more challenging than it has been historically” because of the army of retail traders who are buying into struggling companies en masse and squeezing their share prices higher. These so-called meme stocks are often the subject of much discussion on social media.
$5,500,000,000,000 in Cash Waiting To Be Pulled In To Stock Market, Says Fundstrat’s Tom Lee (The Daily Hodl)
Hedge fund veteran Tom Lee remains bullish on the stock market despite its corrective moves to start the month of August. In a new CNBC interview, the Fundstrat Global Advisors’ managing partner says this his company believes that equities are likely in the process of carving a bottom for the month. Lee says that a few macro factors are starting to look favorable for the stock market. “I think there are some constructive things that happened (on Friday) that make myself and Mark Newton, our head of technical strategy, think we’re actually in a bottoming possibly for the month of August.
Over $20M Bet On This US Energy Giant? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Exxon Mobil: The Trade: Exxon Mobil Corporation (XOM) Director Jeffrey W Ubben acquired a total of 192,000 shares at an average price of $106.44. To acquire these shares, it cost around $20.44 million. Crocs: The Trade: Crocs Inc. (CROX) Director Thomas Smach acquired a total of 10,000 shares an average price of $105.85. To acquire these shares, it cost around $1.06 million. The company’s other Director Douglas Treff also bought the company’s shares.
Insiders Buy the Holdings of DHS ETF (Nasdaq.com)
A look at the weighted underlying holdings of the WisdomTree U.S. High Dividend Fund (DHS) shows an impressive 10.1% of holdings on a weighted basis have experienced insider buying within the past six months. Citizens Financial Group Inc (Symbol: CFG), which makes up 0.33% of the WisdomTree U.S. High Dividend Fund (DHS), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The ETF holds a total of $3,836,219 worth of CFG, making it the #57 largest holding.
