Bridgewater Dumps Bank Stocks Amid Turmoil in First Quarter (Reuters)
Bridgewater Associates, one of the world’s largest hedge funds, sold U.S. bank stocks in the first quarter as the collapse of regional lenders rattled investors, according to regulatory filings. The firm, founded by billionaire Ray Dalio, exited positions in five U.S. banking giants: JPMorgan & Co (JPM.N), Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N), Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N).
Artificial Intelligence (AI) Boom: Bill Ackman Takes a $1 Billion Stake in Alphabet Stock (The Motley Fool)
Billionaire investor Bill Ackman recently bought stock in Alphabet (GOOG) (GOOGL) for his hedge fund Pershing Square Capital Management. He started the position during the first quarter, but news of the purchase only surfaced this week, days after Alphabet introduced new artificial intelligence (AI) products at its I/O developer conference. Of course, those products had nothing to do with Ackman’s decision, but as one of the foremost AI companies in the world, Alphabet is well positioned to benefit from soaring demand for AI software. That likely contributed to the decision, and Ackman seems to have a great deal of confidence in the company. His investment in Alphabet is worth more than $1 billion, split between Class A and Class C shares, and it accounts for over 10% of his portfolio.
Steve Cohen’s Point72 Power Moves During Q1 Featured Walmart, Intel, NVIDIA and McDonald’s (Nasdaq.com)
The Stamford, Connecticut-based hedge fund, Point72 Asset Management released its trading report for the March quarter this week. The hedge fund founded in 2014 by Steven Cohen told the SEC that it had a value of $32.29 billion at the end of March, growing 9.74% during the first quarter of 2023 from $29.42 billion in December. Known for his razor-sharp investment acumen and legendary Wall Street prowess, Cohen has built a financial empire that leaves even the most-seasoned financiers in awe. With a disciplined yet audacious approach, he has mastered the art of navigating the treacherous waters of the market, transforming Point72 into a beacon of success. He’s also been the majority owner of the New York Mets Major League Baseball team since September 2020.
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Musk Targets Soros On Twitter After Defending Earlier Comments— Despite Criticism Over Fanning Conspiracies (Forbes)
Tesla CEO Elon Musk continued to target billionaire investor George Soros on Twitter Tuesday—accusing him of enabling violent crime to go relatively unpunished—despite being condemned for using right-wing conspiracies and antisemitic tropes to attack Soros. Key Facts: Musk’s remarks were made as a reply to a tweet by venture capitalist and early SpaceX investor David Sacks, who criticized Soros’ backing of progressive district attorney candidates in elections and called his actions “uniquely destructive to law & order in American cities.”
The Elliott-Led Activist Skirmish With Salesforce Lured Hedge Fund Investors (Institutional Investor)
As of the end of the first quarter, several big name hedgies had piled into the stock, turning into a hedge fund hotel. Elliott wasn’t among them. When Elliott Management said it had taken a multi-billion dollar stake in software giant Salesforce on January 23, it appeared that Salesforce CEO and cofounder Marc Benioff might be in for a bruising activist battle.
