Hedge Fund Legend Ray ‘Cash is Trash’ Dalio Ditches Bonds for Bitcoin as Losses Hit $12bn (CityA.M.)
“I have some Bitcoin, and I have a very particular set of skills”. Ok, US billionaire Ray Dalio didn’t say the second bit, but it would have been good if he did. “The guy hates cash; we know this, but now he hates bonds too,” commented Neil Wilson, chief market analyst at Markets, this morning. “For the founder of Bridgewater Associates, even the most volatile asset out there is better than picking up dimes from in front of the inflation steamroller,” he added.
Activist Fund Elliott Picks Up Stake in Takeover Target UDG Healthcare (Reuters)
(Reuters) – Activist investor Elliott Investment Management disclosed a stake of about 3.1% in UDG Healthcare, weeks after the pharmaceutical services company agreed to be taken over for 2.6 billion pounds ($3.69 billion). Private equity firm Clayton, Dubilier & Rice (CD&R) earlier this month offered to buy UDG for 1,023 pence in cash per share, in a deal that is still pending regulatory and shareholder approval. A date for the shareholder meeting to vote on the offer will be announced later.
Snapdocs is Proptech’s Newest Unicorn After Raising $150 Million in a Round Led by Tiger Global (Business Insider)
Snapdocs, a digital residential-real-estate closing company, announced today that the company has raised a $150 million Series D funding that values the company at over $1.5 billion. The round, which brings the company’s total funding up to $260 million, was led by hedge fund-turned-venture-capital-investment firm Tiger Global Management, and included funding from returning investors startup incubator Y Combinator, legendary venture firm Sequoia, and Fidelity’s venture arm F-Prime Capital.
Photo by Austin Distel on Unsplash
Two Sigma Ventures Built an AI Tool called Georges to Help Them Find Startups that Human VCs Overlook (Business Insider)
Every Tuesday, the father of venture capital, Georges Doriot, greets Two Sigma Ventures with a friendly “bonjour” and a list of potential companies to invest in. “Georges is a teammate,” Dan Abelon, a partner at Two Sigma, said. “Constantly growing and getting smarter.”
True Beacon Launches GIFT City’s First Operational Hedge Fund for Strategic Global Investors in India (Hedge Week)
Nikhil Kamath and Richard Pattle, Co-founders of True Beacon, an Indian asset management company, have launched the first operational Alternative Investment Fund (AIF) in Gujarat International Finance Tec-City (GIFT City). True Beacon Global, a Fund for international strategic investors, will provide access to Indian capital markets with high levels of transparency, coupled with zero management fees and a globally competitive tax regime. True Beacon serves over 250 ultra high net worth and high net worth individuals in India, and is headquartered in Bangalore. The company’s flagship Fund, True Beacon One, delivered a 32 per cent outperformance of the Indian equity index, NIFTY50, in 2020. True Beacon Global will mirror the flagship Fund’s strategy for global institutional and individual investors.
Dutch Hedge Fund Exodus a Risk, Say Consultants (IPE.com)
Many pension funds in the Netherlands have eliminated their entire exposure to hedge funds in recent years, or are in the process of doing so. But because of the changes in the macro environment there are now more reasons than ever to invest in hedge funds, according to consultants. The high fees charged by hedge funds, despite relatively low returns, and a lack of transparency about the underlying strategies are cited most often by pension fund boards as reasons to exit the asset class.
Meet the Hedge Fund Boss Who Just Bought Tribune’s Newspapers (The Wall Street Journal)
Six weeks ago, it seemed as if hedge fund boss Heath Freeman was losing his grip on Tribune Publishing Co. But he never let go—and now he has his prize. Mr. Freeman, the president of Alden Global Capital LLC, is poised to become the leader of the second-largest U.S. newspaper company, following the firm’s takeover of Tribune. Shareholders voted Friday to approve a sale to Alden, which previously had a roughly 32% stake in the company.
Every Fifth Hedge Fund Already Invests in Cryptocurrencies, Reports PwC (Crypto Slate)
Around 21% of traditional hedge funds in the world have already invested in cryptocurrencies—while crypto-focused ones doubled their assets under management (AUM) over the course of 2020, says a new report by professional services network PricewaterhouseCoopers (PwC). “We estimate that the total assets under management (AuM) of crypto hedge funds globally increased to nearly US$3.8 billion in 2020 from US$2 billion the previous year. The percentage of crypto hedge funds with AuM over US$20 million increased in 2020 from 35% to 46%,” the firm noted.
Tuesday 5/25 Insider Buying Report: SPLP (Nasdaq.com)
At Steel Partners Holdings, there was insider buying on Friday, by Senior Vice President Gordon A. Walker who purchased 19,864 shares at a cost of $25.00 each, for a total investment of $496,615. This buy marks the first one filed by Walker in the past twelve months. Steel Partners Holdings LP is trading up about 1.9% on the day Tuesday. So far Walker is in the green, up about 9.4% on their buy based on today’s trading high of $27.36.
American Financial Group Inc (AFG) Co-CEO & Co-President Carl H Lindner Iii Sold $8.3 Million of Shares (Guru Focus)
CEO & Co-President of American Financial Group Inc, Carl H Lindner III, sold 63,240 shares of AFG on 05/21/2021 at an average price of $130.75 a share. The total sale was $8.3 million.
A Director at CyrusOne (NASDAQ: CONE) is Selling Shares (Analyst Ratings)
Yesterday, a Director at CyrusOne (CONE), David Ferdman, sold shares of CONE for $731.5K. Following David Ferdman’s last CONE Sell transaction on January 28, 2013, the stock climbed by 57.8%. Based on CyrusOne’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $299 million and quarterly net profit of $18.2 million.
