Hedge Fund and Insider Trading News: Ray Dalio, Dan Och, Mike Novogratz, Crispin Odey, Bill Ackman, Berkshire Hathaway Inc (BRK.A), WESCO International, Inc. (WCC), and More

Billionaire Hedge Fund Founder Ray Dalio Cedes Control of Bridgewater (CNN)
Ray Dalio, the billionaire founder of the world’s largest hedge fund, is stepping down from his role at the firm after 47 years. “I transitioned my control of Bridgewater to the next generation and I feel great about the people and ‘machine’ now in control,” Dalio wrote in a LinkedIn post Tuesday. Dalio, a former Wall Street trader who founded Bridgewater Associates out of his New York apartment in 1975, said the firm would be in the hands of co-chief investment officers Bob Prince and Greg Jensen, as well as co-chief executives Nir Bar Dea and Mark Bertolini.

October will be ‘a Reversal Month’ for Stocks, Suggests Ex-Hedge Fund Manager (Finbold)
Mike Novogratz, the CEO of cryptocurrency investment firm Galaxy Digital, has suggested October might experience some reversal for stocks amid the ongoing Federal Reserve (Fed) interest rate hikes in an attempt to contain the skyrocketing inflation. According to Novogratz, the first few days of October have shown positive signs as the market continues to face instability, he said during CNBC’s Squawk Box show on October 4.

Hedge Fund Sculptor Has Potential Suitors, Och Tells Board (Bloomberg)
Dan Och is escalating his fight with Sculptor Capital Management Chief Executive Officer Jimmy Levin, deepening the fissures in the relationship with his former protege and putting the publicly traded hedge fund firm in play. Och, who co-founded Sculptor before stepping down as CEO in 2018, said he and other founding partners have been asked whether the firm might be open to a strategic transaction “that would not involve current senior management continuing to run the company,” according to a letter to Sculptor’s board that was disclosed Tuesday in a regulatory filing.

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Ackman Endures a Brutal September (Institutional Investor)
The Pershing Square hedge fund CEO has floated a provocative solution for the fund’s ailing stock price. Bill Ackman’s Pershing Square Holdings hedge fund fell 4.5 percent during a brutal September, when the overall market was down a stunning 9 percent. Losses have plagued the hedge fund this year, and it is now down 19.9 percent for the first nine months — an improvement from the end of June, when it was down 26 percent.

Hedge Funds Bet on Pound Rally (Financial News)
Hedge funds have tempered their expectations of the pound’s rise after the mini-budget debacle. Overall they are neutral on sterling’s movement but lean slightly towards it regaining some value. Data from Chicago-based exchange CME and London research firm Macro Hive found that on balance, hedge funds were still net long on the pound, holding 4,000 call option contracts – bets that believe the pound will go up.