Druckenmiller is Worried About Inflation, Says it could Hit 10% in Coming Years (CNBC)
Billionaire hedge fund manager Stanley Druckenmiller warned on Wednesday that actions by the Federal Reserve have raised the chances for inflation and deflation. Druckenmiller, the chairman and CEO of the Duquesne Family Office, said on CNBC’s “Squawk Box” that the central bank’s new willingness to let inflation run hot posed a risk to price stability. “For the first time in a long, long time, I’m actually worried about inflation,” he said.
Billionaire Howard Marks Says Real Estate, Retail, Entertainment and Hospitality Stocks are the Real Opportunities for Investors Now (Business Insider)
Billionaire Howard Marks has a new message for investors, look at ‘out of favour’ assets as they have a better chance of getting returns at a time when interest rates are at rock bottom. The assets that Marks, who is co-founder and co-chairman of distressed-asset fund Oaktree Capital Management, considers to be “out of favor” are those that suffered the worst from the lockdowns, including retail, entertainment, hospitality and real estate stocks.
Elliott Seeking to Break Up Noble Energy’s Sale to Chevron: Bloomberg Reporter (Reuters)
(Reuters) – Activist investor Elliott Management is seeking to break up Noble Energy Inc’s $5 billion sale to oil major Chevron Corp, a Bloomberg reporter tweeted here on Wednesday. A notice posted on the U.S. Federal Trade Commission website on Tuesday showed the hedge fund had built a stake in Noble Energy. In response to the tweet, Braden Reddall, manager, external affairs at Chevron, said the company’s offer “represents a fair value for the business and that the transaction will create long-term value for shareholders of both companies.”
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SEC Charges Fund Manager for Fraud in Securities Offering in Neiman Marcus Bankruptcy (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has charged Daniel Kamensky, co-chair of the unsecured creditors committee in the Neiman Marcus Group Ltd. LLC Chapter 11 bankruptcy proceedings, with abusing his position on the committee to attempt to benefit a New York-based management firm that he founded and where he served as Managing Partner and Portfolio Manager. As co-chair of the unsecured creditors committee, Kamensky acted as a fiduciary to all unsecured creditors. The SEC’s complaint alleges that Kamensky sought to take advantage of his role on the committee to manipulate a bidding process to benefit the portfolio he managed, and at the expense of the unsecured creditors.
From Strength to Strength (Hedge Nordic)
Stockholm (HedgeNordic) – Market-neutral equity fund KLP Alfa Global Energi has just achieved its best month in about nine years to bring its year-to-date performance to 15.3 percent. The fund’s August advance of five percent marked its seventh consecutive month of positive returns. KLP Alfa Global Energi is one of the two hedge funds under the umbrella of Norwegian pension provider KLP.
Beyond The 13F: Another Revealing Filing Hedge Fund Followers Should Read (Forbes)
Public filings are an excellent way for investors to keep up to date on where the smart money is going. News outlets widely report the stocks that well-known hedge funds are holding, based on their quarterly 13F filings. One filing that provides exciting data but gets no attention: But there is one other type of public filing that gets virtually no attention – even though it can also help one decide where to put their money. Foundations founded by popular hedge fund managers have millions or billions of dollars earmarked for charity. Many foundations place this money in hedge funds in hopes of growing that capital.
Blackstone’s Schwarzman Emerges as Wall Street’s Top Political Donor (Reuters)
NEW YORK (Reuters) – Blackstone Group Inc (BX.N) Chief Executive Stephen Schwarzman has spent more than $27 million so far this year backing U.S. politicians, including President Donald Trump, making him Wall Street’s largest campaign contributor, according to a Reuters review of regulatory filings. Schwarzman, whose net worth is pegged by Forbes at $18.2 billion, has given more to political campaigns this year than those who outspent him on Wall Street in the previous U.S. presidential election cycle of 2016, including Bloomberg LP founder Michael Bloomberg and hedge fund veterans George Soros, Paul Singer and Robert Mercer, the filings from the Center of Responsive Politics and the Campaign Finance Institute show.
Hedge Funds on a Roll with Strongest Five-Month Showing Since Early 2000 (Hedge Week)
Hedge fund managers running a range of investment strategies rose again last month, with August’s gains capping the strongest five-month run for the industry in more than 20 years. The HFRI Fund Weighted Composite Index – an investable barometer of the broader hedge fund industry published by Hedge Fund Research – was up 2.67 per cent last month. In the five months since April, following Q1’s coronavirus meltdown, the index has surged 15.4 per cent – the strongest five-month total return for hedge funds since February 2000. That puts its index value to an all-time high of 15,093.
Virgin Islands To Subpoena Hedge Fund Billionaire Glenn Dubin In Epstein Case (Forbes)
As investigations into late financier Jeffrey Epstein’s alleged international sex trafficking ring continue even after his death, the U.S. Virgin Islands has alerted a local court of its intention to subpoena hedge fund billionaire Glenn Dubin and his wife Eva Andersson-Dubin as part of a racketeering lawsuit against Epstein. Virgin Islands Attorney General Denise N. George filed a lawsuit in January of this year alleging Epstein brought hundreds of young women and girls (some as young as 11 years old) to his private island, Little St. James, which is located in the territory.
Focus Financial Partners Inc (FOCS) CFO James Shanahan Sold $7 million of Shares (Guru Focus)
CFO of Focus Financial Partners Inc, James Shanahan, sold 226,441 shares of FOCS on 09/08/2020 at an average price of $31.05 a share. The total sale was $7 million. Focus Financial Partners Inc has a market cap of $2.2 billion; its shares were traded at around $31.64 with a P/E ratio of 131.83 and P/S ratio of 1.25. GuruFocus has detected 3 severe warning signs with Focus Financial Partners Inc.
The Chairman of Columbia Care (Other OTC: CCHWF) is Selling Shares (Analyst Ratings)
Today, the Chairman of Columbia Care Inc (OTCMKTS: CCHWF), Michael James Abbott, sold shares of CCHWF for $335.4K. Based on Columbia Care’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $26.32 million and GAAP net loss of -$20,110,000. In comparison, last year the company earned revenue of $19.3 million and had a GAAP net loss of $33.64 million. The company has a one-year high of $5.30 and a one-year low of $0.78. Currently, Columbia Care has an average volume of 234.69K.
Analog Devices Inc (ADI) President & CEO Vincent Roche Sold $3.2 million of Shares (Guru Focus)
President & CEO of Analog Devices Inc, Vincent Roche, sold 27,500 shares of ADI on 09/04/2020 at an average price of $115.13 a share. The total sale was $3.2 million. Analog Devices Inc is engaged in the semiconductor industry. Its business involves designing, manufacturing and marketing of high-performance analog, mixed-signal and digital signal processing integrated circuits used in all types of electronic equipment.
