Dalio Says Evergrande ‘Manageable’ Even as Investors Stung (Bloomberg)
China Evergrande Group’s debt crisis “is all manageable” even as lenders are hurt by the property developer’s troubles, Ray Dalio said. “Investors will be stung — that’s how it works,” Dalio, the founder of hedge fund Bridgewater Associates, said in an interview Tuesday with Tom Keene on Bloomberg Television. “The system will be protected because it’s denominated in its own currency.”
Hines, Korean Pension Fund Bet Big on San Francisco Comeback (The Wall Street Journal)
Real-estate developer Hines Interests LP and a South Korean pension fund are planning a $2.5 billion-plus office and apartment project in San Francisco, a vote of confidence in one of the markets most upended by the pandemic. Hines and the National Pension Service of Korea on Friday bought PG&E Corp.’s office campus for $800 million, the developer said. They plan to redevelop the site’s two office buildings and build a Foster + Partners-designed tower with around 600 rental…
Warren Buffett Likely Took a $5 Billion Hit on Just 5 Stocks During Monday’s Slump (Business Insider)
Warren Buffett likely took a $5 billion hit across only five stocks on Monday, as investors dumped equities in response to the news that Chinese real estate developer Evergrande could default on up to $300 billion of debt. Buffett’s Berkshire Hathaway saw $2.8 billion wiped off the value of its Apple stake, as the iPhone maker’s stock price slid 2% on Monday. The market downturn cut Bank of America’s stock price by 3%, erasing $1.3 billion from Berkshire’s position in the lender. Berkshire’s American Express, Coca-Cola, and Kraft Heinz stakes also dropped in value by a combined $800 million.
Why Hedge Funds Are Increasingly Turning To The Private Markets For Returns (Forbes)
Traditionally, hedge funds stuck to the public market when it came to their allocations, but a new study from Goldman GS 0.0% Sachs suggests that is changing. The firm reviewed more than 100 hedge fund managers with exposure to the private markets during the second quarter. Hedge funds dive into the private markets: Goldman Sachs notes that in the past, the capital formation process for companies has been pretty clear, with each stage having its own set of funders. Meanwhile, hedge funds focused on the public markets.
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Tuesday 9/21 Insider Buying Report: VICI, HLF (Nasdaq.com)
On Friday, VICI Properties’ Director, James R. Abrahamson, made a $228,625 buy of VICI, purchasing 7,750 shares at a cost of $29.50 each. So far Abrahamson is in the green, up about 1.4% on their purchase based on today’s trading high of $29.90. VICI Properties is trading up about 0.4% on the day Tuesday. Before this latest buy, Abrahamson purchased VICI at 2 other times during the past twelve months, for a total cost of $495,024 at an average of $27.05 per share. And at Herbalife Nutrition, there was insider buying on Friday, by CEO John O. Agwunobi who bought 5,000 shares for a cost of $44.90 each, for a trade totaling $224,516. Before this latest buy, Agwunobi made one other buy in the past twelve months, purchasing $250,565 shares for a cost of $48.19 each. Herbalife Nutrition is trading up about 0.2% on the day Tuesday.
A Director at Marten Transport (NASDAQ: MRTN) is Buying Shares (Analyst Ratings)
Today, a Director at Marten Transport (MRTN), Jerry Bauer, bought shares of MRTN for $226.1K. Following this transaction Jerry Bauer’s holding in the company was increased by 12.3% to a total of $2.07 million. Based on Marten Transport’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $232 million and quarterly net profit of $21.42 million. In comparison, last year the company earned revenue of $212 million and had a net profit of $18.13 million. Currently, Marten Transport has an average volume of 300.68K. MRTN’s market cap is $1.25 billion and the company has a P/E ratio of 16.10.
