Ray Dalio, the Hedge Fund Manager Decrying Wealth Inequality, Made $2 billion Last Year (CNBC)
Ray Dalio, the founder of the biggest hedge fund in the world, was the highest-paid hedge-fund manager in the world last year. According to Institutional Investor’s annual Rich List, the Bridgewater Associates founder made $2 billion in 2018. That’s up from $1.3 billion in 2017. Dalio earned about $5.5 million every day, Institutional Investor calculated. Dalio, who is one of the wealthiest people in the world, recently declared the increasing of wealth inequality a national emergency. In an interview with CNBC’s “Squawk Box ” on April 8, he said: “We have to make it a fair game.”
Highland Capital Management Appoints Co-Chief Investment Officer (HedgeWeek)
Highland Capital Management has named Joe Sowin co-chief investment officer (CIO). In the role, Sowin will oversee investment activities for the firm’s multibillion-dollar alternative investment platform with a focus on driving information flow across investment teams and with the firm’s counterparties. Sowin previously served as head of global equity trading. He will continue to manage the firm’s trading operations as co-CIO. “The trading desk functions as a vital information hub,” says Jim Dondero, co-founder and president of Highland Capital Management. “Throughout Joe’s career at Highland, he has excelled at facilitating relationships with trading and research counterparties to maximize that function. This is a well-deserved promotion and a natural progression for Joe that streamlines investment operations to generate alpha for the benefit of our clients.”
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Alphabet is a ‘Black Box’ and Isn’t Being Straight with Investors, Says Hedge-Fund Manager Dan Niles (CNBC)
Hedge-fund manager Dan Niles said on Tuesday that the problem with Alphabet isn’t just that it fell way shy of revenue numbers, but that the company didn’t give investors enough of an explanation for the miss. “It’s a black box,” Niles, founding partner at AlphaOne Capital Partners, told CNBC’s Halftime Report. “When something goes wrong, you want an explanation. You’re not getting one.”
Hedge Fund Vor Capital Secures Investment from Borealis Strategic: Sources (Reuters)
BOSTON (Reuters) – Borealis Strategic Capital Partners, which invests in new hedge funds, has written its first check to commit capital to Europe-oriented stock fund Vor Capital, two people familiar with the matter said on Friday. Vor Capital launched a year ago with a plan to invest in mid-sized European internet companies. It is run by Brant Rubin, who previously worked for hedge fund Luxor Capital. Borealis did not answer a call for comment. Vor did not return an email seeking comment.
Exclusive: Shareholders Are King As Activist Cruiser Warns Boards Are Broken (Forbes)
American activist Cruiser Capital has a message for CEO’s and board directors across the country: shareholders are king. Straight-talking Chief Investment Officer Keith Rosenbloom insists boards have forgotten who they are there to represent. And he says the entire system is “broken” due to a lack of “ownership mentality.”
A Corporate Jet Suggested Buffett’s Energy Deal Was in Works Days Before It Was Announced (CNBC)
Warren Buffett took the market by surprise on Tuesday with the announcement that Berkshire Hathaway would take a $10 billion preferred share stake in Occidental Petroleum, contingent on its acquisition of Anadarko Petroleum succeeding. But investors didn’t need to be surprised – they could have made an educated guess the deal was coming since this past weekend, when a corporate jet tracker spotted an Occidental plane landing in Omaha.
SEC Charges Hedge Fund Manager with Misappropriation of $700K (AI-CIO.com)
The SEC has charged a Synchrony Capital hedge fund manager with stealing from the hedge fund to pay for Broadway shows, clothing, jewelry, vacations, and kids’ summer camp fees, among other luxury expenses. According to the charges, which were filed in the US District Court for the District of Massachusetts, Eric Lyons misappropriated approximately $570,000 from the hedge funds he managed. Lyons is also accused of engaging in a fraudulent offering of securities, in which he obtained $300,000 from an investor based on false and misleading statements, in order to replace some of the misappropriated money. In total, the SEC alleges that Lyons raised approximately $700,000 from the misappropriation and securities offering fraud schemes.
Stanley Black & Decker Inc (SWK) President & CEO James M Loree Sold $8.2 million of Shares (GuruFocus)
President & CEO of Stanley Black & Decker Inc (NYSE:SWK) James M Loree sold 56,699 shares of SWK on 04/26/2019 at an average price of $145.14 a share. The total sale was $8.2 million. Stanley Black & Decker Inc provides hand tools, power tools and accessories, mechanical access solutions, electronic security and monitoring systems, healthcare solutions, engineered fastening systems and products for various industrial applications. Stanley Black & Decker Inc has a market cap of $21.99 billion; its shares were traded at around $145.15 with a P/E ratio of 34.07 and P/S ratio of 1.54. The dividend yield of Stanley Black & Decker Inc stocks is 1.80%. Stanley Black & Decker Inc had annual average EBITDA growth of 9.80% over the past ten years. GuruFocus rated Stanley Black & Decker Inc the business predictability rank of 3-star.
Tuesday 4/30 Insider Buying Report: HY, PKBK (Nasdaq.com)
At Hyster-Yale Materials Handling (HY), a filing with the SEC revealed that on Friday, Corbin Rankin purchased 418 shares of HY, at a cost of $64.99 each, for a total investment of $27,166. Rankin was up about 1.8% on the purchase at the high point of today’s trading session, with HY trading as high as $66.17 in trading on Tuesday. Hyster-Yale Materials Handling is trading up about 0.3% on the day Tuesday. Before this latest buy, Rankin bought HY on 69 other occasions during the past year, for a total cost of $2.32M at an average of $62.73 per share. And at Parke Bancorp (PKBK), there was insider buying on Friday, by President Vito S. Pantilione who bought 900 shares at a cost of $21.89 each, for a total investment of $19,697. Before this latest buy, Pantilione bought PKBK on 5 other occasions during the past year, for a total investment of $60,455 at an average of $20.49 per share.
A Director at Teradyne (NASDAQ: TER) is Selling Shares (AnalystRatings)
Yesterday, a Director at Teradyne (TER), Michael A. Bradley, sold shares of TER for $1.32M. Following Michael A. Bradley’s last TER Sell transaction on May 10, 2018, the stock climbed by 12.8%. In addition to Michael A. Bradley, 3 other TER executives reported Sell trades in the last month. Based on Teradyne’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $494 million and quarterly net profit of $109 million. In comparison, last year the company earned revenue of $487 million and had a net profit of $86.97 million. TER’s market cap is $8.62B and the company has a P/E ratio of 19.16. Currently, Teradyne has an average volume of 2.02M.
SEC Cries Foul Over Suspected Insider Trading In Anadarko (BayStreet.ca)
In the months leading up to the Chevron and Occidental (NYSE:OXY) bids for Anadarko Petroleum Corp (NYSE: APC), there were suspicious purchases of Anadarko securities, according to the Securities and Exchange Commission, who obtained an order to freeze the assets in question. The unknown purchases of the Anadarko securities used accounts in Britain and Cyprus, and could rake in millions in profits, according to the court filing cited by Reuters.
The EVP Operations of Oil States International (NYSE: OIS) is Selling Shares (AnalystRatings)
Today, the EVP Operations of Oil States International (OIS), Christopher Cragg, sold shares of OIS for $61.29K. This is Cragg’s first transaction since reporting a Sell transaction on POWL back in December 2016. Currently, Oil States International has an average volume of 277.5K. Based on 6 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $25.17, reflecting a 23.0% upside. The insider sentiment on Oil States International has been negative according to 45 insider trades in the past three months. This sentiment is lower than the average sentiment of company insiders in this sector.
