Take N.Y. Real Estate Mogul’s Liveyourbeastlife at 30-1 in the Preakness (Bloomberg)
William Lawrence, a New York real-estate guy, has for years teamed up with hedge-fund billionaire Seth Klarman to buy racehorses. Invariably, the two men, along with an old friend of Klarman’s, slap awfully nerdy financial names on their young colts and fillies. There was Currency Swap and Minsky Moment and Pricedtoperfection and Money Multiplier.
The Millionaire Who Gave Moderna a Shot (The Wall Street Journal)
The first time hedge-fund manager Patrick Degorce met with biotech company Moderna Inc., it was a hail-Mary effort to find a cure for his wife. It was 2011 and the woman who was his high-school sweetheart before marrying him had recently been diagnosed with stage 4 lung cancer. Mr. Degorce enlisted several friends in his search for treatments, including experts in cancer and thoracic surgery. One had told him he should meet with Moderna, then a startup near Boston that had about 10 employees.
Ackman’s Pershing Square Notches Gain in Volatile September (Institutional Investor)
Pershing Square rises almost 1 percent, bolstered by its SPAC. Bill Ackman’s Pershing Square Holdings managed to notch another positive month in September, gaining 0.90 percent during a period of market volatility in which the three major U.S. stock indexes ended the month with losses.
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7 Alt-Data Leaders at Big-Name Investors Like Point72, Bridgewater, and Man Group Explain the Best Way to Pitch Them on New Feeds (Business Insider)
It’s been an interesting 12 months for alternative data. After a red-hot 2018, the industry faced some growing pains in the latter half of 2019, as multiple alt-data providers restructured their organization. The space overall was going through a massive expansion, and hedge funds were quick to cut feeds that they weren’t getting value from.
Purported Hedge Fund Manager Charged with Fraud (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission today charged a Long Island, New York man and his wholly-owned company with defrauding investors by falsely claiming to manage a successful hedge fund. According to the SEC’s complaint, since at least 2015, Rand Heckler, a former broker who was barred by FINRA in 2019, solicited over $700,000 in investments from an elderly investor and the investor’s son by claiming to manage a successful hedge fund through his company, Rand Heckler, Inc. The complaint alleges that, in reality, Heckler and Rand Heckler, Inc. never managed a hedge fund and never invested the funds he received.
Investor Jonathan Litt on NYC Real Estate Post-Pandemic, What’s Booming and the Future of Retail (CNBC)
Land & Buildings Investment Management founder and CIO Jonathan Litt has been closely tracking the ups and downs in the real estate industry, including office, industrial, retail, residential and hotel space, during the coronavirus pandemic. Litt has grown L&B, founded in 2008, into a prominent activist hedge fund in the real estate world. In more recent years, he has waged battles with the high-end shopping mall owner Taubman Centers, Forest City Realty Trust (now owned by Brookfield Properties) and office and multifamily property owner Mack-Cali Realty Corp.
Brummer Multi-Strategy Hedge Fund on Track for Strong Equities Gains, Initial September Estimates Show (Hedge Week)
Brummer & Partners’ multi-strategy hedge fund flagship was on track for a marginal September rise, the Swedish hedge fund pioneer said on Friday morning, as strong gains in equities-focused funds were offset by faltering trend-following strategies – but the BMS vehicle remains comfortably in the black year-to-date. The long-running Brummer Multi-Strategy (BMS) fund – which invests in a range of single-strategy hedge funds – was set for a 0.2 per cent gain in September, bringing its year-to-date return to 4.4 per cent. Meanwhile, the Brummer Multi-Strategy 2xL twice-levered version notched up an estimated 0.4 per cent rise in September, to bring its 2020 showing to some 7.7 per cent.
Activist Trian Takes Stakes in Janus Henderson, Invesco (Pensions&Investments)
Activist hedge fund Trian Fund Management has taken 9.9% stakes in money managers Janus Henderson and Invesco and may encourage the firms’ management and boards to explore mergers and acquisitions. The stakes were disclosed in separate SEC filings Friday and reported by Nelson Peltz, CEO and founding partner; Peter W. May, president and founding partner; and Edward P. Garden, CIO and founding partner.
Nordic Capital Achieves $7.2bn Fund Close with No Face-to-Face Meetings (Opalesque.com)
Swedish private equity firm Nordic Capital has hit a hard cap of EUR 6.1 billion (about $7.2 billion) on its latest flagship fund – Nordic Capital Fund X – after less than six months on the road and no face-to-face meetings. The tenth fund exceeds the target of EUR 5 billion, closes at its hard cap with significant excess demand, and is the largest fund raised in Nordic Capital’s history, said a press release from the private equity investor. “This is the largest fund that Nordic Capital has raised since its inception in 1989 and surpasses its 2018-vintage Nordic Capital Fund IX which raised EUR 4.3 billion (including GP commitment),” it said.
Warren Buffett’s Charity Dinner Spurred the Boss of an Online-Trading Platform to Embrace Value Investing (Business Insider)
Cryptocurrency executive Justin Sun shelled out $4.6 million for a charity dinner with Warren Buffett in a vain attempt to convert the billionaire investor into a Bitcoin believer. Instead, one of his guests embraced Buffett’s signature value-investing strategy, Bloomberg reported on Friday. After dining with the Berkshire Hathaway boss in January, eToro CEO Yoni Assia devoured “The Intelligent Investor,” the value-investing bible written by Buffett’s mentor, Benjamin Graham.
Broadcom Inc (AVGO) President and CEO Hock E Tan Sold $28.7 million of Shares (Guru Focus)
President and CEO of Broadcom Inc., Hock E Tan, sold 78,125 shares of AVGO on 09/29/2020 at an average price of $366.81 a share. The total sale was $28.7 million. Broadcom Inc is engaged in designing, developing and supplying analog and digital semiconductor connectivity solutions. Its product portfolio serves wired infrastructure, wireless communications, enterprise storage and industrial and other end markets.
The Shareholder of Elementos (Other OTC: ELTLF) is Buying Shares (Analyst Ratings)
Today, the Shareholder of Elementos Limited (OTCMKTS: ELTLF), Mark Wellings, bought shares of ELTLF for $2M. This recent transaction increases Mark Wellings’ holding in the company by 9% to a total of $4.37 million.
Paycom Software Inc (PAYC) President and CEO Chad R. Richison Sold $14 million of Shares (Guru Focus)
President and CEO of Paycom Software Inc., Chad R. Richison, sold 45,000 shares of PAYC on 09/30/2020 at an average price of $311.29 a share. The total sale was $14 million. Paycom Software Inc is a provider of cloud-based HCM software solution delivered as Software-as-a-Services. It provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement.
