Billionaire Ray Dalio: There are 3 Things Everyone Needs to Understand about Money (CNBC)
There are a few true necessities in life. First you need food and shelter, then you need to learn about money, according to billionaire Ray Dalio, founder of one of the world’s largest hedge funds, Bridgewater Associates. Understanding money can give you security and the ability to help others, said Dalio.
In Opposing Climate and Diversity Proposals, Buffett Risks Looking Out of Step (The New York Times)
Executives across corporate America, from Silicon Valley to Wall Street, have begun to heed calls from investors to disclose more about their companies’ actions on climate change and work force diversity. Warren E. Buffett isn’t among them. Berkshire Hathaway, the $630 billion conglomerate he runs, is opposing two shareholder proposals that ask its board to publish annual reports on how it is tackling environmental and diversity issues.
New Credit Suisse Chairman António Horta-Osório Resets Agenda After Archegos, Greensill Turmoil (The Wall Street Journal)
Credit Suisse Group AG’s new chairman signaled a broad re-evaluation of the bank’s risk taking and said strategic changes could be in store after it was flung into turmoil by the back-to-back collapses of Archegos Capital Management and Greensill Capital. António Horta-Osório, voted into the job by Credit Suisse shareholders Friday, said the bank’s current and potential risks “need to be a matter of immediate and close scrutiny,” after losing $5.5 billion from the implosion of hedge fund Archegos and entangling itself with the now-insolvent finance firm Greensill. Mr. Horta-Osório spent 11 years as chief executive at Lloyds Banking Group PLC, which he also joined at a crisis point.
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Hedge Fund Dispute Over Fees Centers on Secretly Taped Talks (Bloomberg)
A dispute over the payment of fees from London hedge fund Astra Asset Management centers on a series of secretly recorded conversations that the fund asked a judge to ignore. Anish Mathur, a former Deutsche Bank AG trader, is fighting allegations in a London lawsuit that he stopped payments to a one-time business partner and his wife who introduced him to early clients at Astra. The couple, Saleem Siddiqi and Alexandra Galligan, say that they recorded a series of conversations in the summer of 2016 as their relationship with Mathur deteriorated.
After a Year of Market Shocks and Monster Trading Profits, Hedge Fund Giants Like Citadel and Millennium are Raiding Investment Banks for Volatility Traders (Business Insider)
“These guys have no clue,” a senior volatility trader at a top Wall Street bank recalled thinking last March, after President Donald Trump announced a travel ban to Europe and erroneously said that trade and cargo would be blocked — causing global markets to convulse. For weeks the trader, and others on equity derivatives desks across Wall Street, had watched the public-health calamity unfolding in Wuhan, China, with alarm. As they purchased options to put on protection trades that pay off in rare cases of intense volatility, most of the rest of the world trudged on, complacently assuming the virus wouldn’t rear its head in the US and Europe.
Hedge Funds Close Q1 with +USD17.68bn in Flows, Total AUM at USD3.417tn (Hedge Week)
While investors pulled USD9.36 billion from the global hedge fund sector in March, quarterly flows remained positive, at +USD17.68 billion, according to the just-released March 2021 eVestment Hedge Fund Asset Flows Report. Hedge funds’ strong performance so far this year, which has sparked renewed interest in the business among some investors, also added to overall assets under management (AUM), increasing total hedge fund business AUM to USD3.417 trillion at the end of Q1.
Ares Raises $13.2bn for European Lending Fund, Assets Soar Past $200bn (Opalesque)
The global alternative investment manager Ares Management Corp. joined the $200 billion club after the strongest fundraising year in its history, led by the largest European direct-lending fund ever raised. The Los Angeles firm closed its latest fund – Ares Capital Europe V (ACE V) – at €11 billion ($13.2 billion), exceeding its target and reaching its hard cap. “Ares Capital Europe V is the largest European direct lending fund raised to date and the biggest institutional fund raised by Ares Management,” said the asset manager operating three integrated businesses across credit, private equity, and real estate.
The Successful 43rd (Hedge Nordic)
Stockholm (HedgeNordic) – Japan-focused Sector Zen has confirmed its 43rd takeover bid within its long book after a consortium led by private equity firm Bain Capital agreed to buy all shares of Hitachi’s metals subsidiary, Hitachi Metals. In mid-December of last year, the Sector Zen team led by Trond Hermansen announced Idemitsu’s attempted acquisition of its 50 percent-owned listed subsidiary, Toa Oil, as Sector Zen’s 43rd takeover since inception. However, the takeover proposal was canceled after not getting sufficient acceptance among minority shareholders.
Steve Cohen Invites Staff To Enjoy A Little Sunshine After Their Next Violent Dressing Down (Deal Breaker)
“Sunny” is not a term one would probably use to describe Steve Cohen’s disposition. But even he cannot resist the siren call of the Sunshine State. Point72 Asset Management, a hedge fund founded by billionaire Steven A. Cohen, is moving into 9,000 square feet of space at Nuveen Real Estate’s 701 Brickell in Miami. That’s right: Two of Point72’s 14 offices will be in Florida (to say nothing of Cohen’s other office in Port St. Lucie), although 9,000 square feet isn’t quite an Icahn-level vote of confidence.
The Chief Executive Officer of Lions Gate Entertainment Class A (NYSE: LGF.A) is Selling Shares (Analyst Ratings)
Yesterday, the Chief Executive Officer of Lions Gate Entertainment Class A (LGF.A), Jon Henry Feltheimer, sold shares of LGF.A for $4.41M. Following Jon Henry Feltheimer’s last LGF.A Sell transaction on June 05, 2020, the stock climbed by 5.7%.
Sebi Imposes Rs 1 Cr Fine On Aptech Ltd For Violating Insider Trading Norms (Business World.in)
Sebi on Wednesday slapped a fine of Rs 1 crore on Aptech Ltd for violating insider trading norms back in 2016. An investigation was conducted by the regulator to ascertain whether there was any disclosure lapses and violation of PIT (Prohibition of Insider Trading) norms by Aptech during the period from August to September 2016. Aptech had made an announcement on September 7, 2016 saying that it has forayed into the pre-school segment.
Oak Street Health Inc (OSH) COO Geoffrey M Price Sold $14.5 million of Shares (Guru Focus)
COO of Oak Street Health Inc, Geoffrey M Price, sold 234,600 shares of OSH on 04/28/2021 at an average price of $61.88 a share. The total sale was $14.5 million.
Thursday 4/29 Insider Buying Report: ASB, BFST (Nasdaq.com)
At Associated Banc-Corp, a filing with the SEC revealed that on Tuesday, Director John F. Bergstrom purchased 29,500 shares of ASB, for a cost of $21.65 each, for a total investment of $638,663. So far Bergstrom is in the green, up about 3.2% on their buy based on today’s trading high of $22.34. Associated Banc-Corp is trading up about 2% on the day Thursday. And at Business First Bancshares, there was insider buying on Wednesday, by Director John P. Ducrest who purchased 4,550 shares for a cost of $23.93 each, for a trade totaling $108,882. Business First Bancshares is trading up about 2.5% on the day Thursday.
