Famous Hedge Fund Manager Who Helped Break The Bank Of England: This Is Biggest Bubble In My Career (Moguldom)
Stanley Druckenmiller, afamous hedge fund manager who helped break the Bank of England, said the U.S. is caught up in the biggest economic crisis of the last 100 years that has been largely caused by an asset bubble and inflation. “This is the biggest bubble I’ve seen in my career,” Druckenmiller – popularly known as Druck – told CNBC’s morning show host Stephanie Ruhle during a talk about President Joe Biden’s multi-trillion-dollar two-part infrastructure deal.
Opinion: Engine No. 1 is All Talk, No Strategy with Exxon Mobil (Market Watch)
What does Engine No. 1’s recent proxy fight at Exxon Mobil have in common with the insane trading in GameStop and AMC common stock that occurred during the pandemic? The answer is that they all garnered lots of media attention but accomplished nothing. Engine No. 1, a small hedge fund with less than $40 million worth of Exxon Mobil XOM, -1.50% common stock in hand, amazingly succeeded in getting three of its four nominated directors elected to Exxon’s board.
Cardano is a Mystery: Mike Novogratz Slams Cardano (Investing.com)
Ex-hedge fund manager Mike Novogratz slammed Cardano on Twitter, calling it a mystery. Novogratz has spoken against Cardano in the past too. Hoskinson replied to the billionaire and it feels like he’s losing his patience. Ex-hedge fund manager Mike Novogratz slammed Cardano very publicly and Charles Hoskinson is just not having it.
Image By Monkey Business – Adobe
‘Big Short’ Investor Michael Burry Ramps Up His Bet Against Tesla – and Reveals a New Wager Against Cathie Wood’s Ark Invest (Business Insider)
Michael Burry has increased his wager against Elon Musk, and placed a new bet against Cathie Wood as well. Burry’s Scion Asset Management held bearish put options on nearly 1.1 million shares of Tesla, worth $731 million at the end of June – an increase from its puts on 800,000 shares three months earlier, regulatory filings show. The investor has repeatedly criticized Musk and his electric-vehicle company for overpromising and underdelivering, and warned that Tesla’s valuation isn’t sustainable and its stock will collapse. However, Tesla shares are still up more than seven-fold since the start of 2020.
Hedge Fund Industry AUM Swells to USD4.32tn in June (Hedge Week)
Investors diverted an additional USD16.6 billion to hedge funds in June. The month’s inflows represented 0.4 per cent of assets and continued an inflow trend that saw USD36 billion in new assets in May, USD23.3 billion in April and USD19.1 billion in March, according to the Barclay Fund Flow Indicator published by BarclayHedge, a division of Backstop Solutions. A USD16.8 billion June trading profit brought total hedge fund industry assets to more than USD4.32 trillion. “As positive economic trends continued, investors saw opportunity in hedge funds in June,” says Ben Crawford, Head of Research at BarclayHedge. “Rallies in equity and energy markets and declining unemployment numbers through the spring months contributed to investor confidence as did economic growth in the US and China and surging commodity prices as business activity accelerated.”
Seth Klarman Increases Facebook and Micron Stakes, has About $900 Million Tied Up in SPACs (CNBC)
Seth Klarman, a value investor often compared to Warren Buffett, ramped up his exposure to major tech stocks, while tapping into nearly 20 SPAC deals as he sought growth in an overpriced market.
Opalesque Roundup: Top 100 Hedge Fund Firms Manage Hedge Fund AuM Totalling $1.8bn: Hedge Fund News, Week 32 (Opalesque)
In the week ending August 13th 2021, a report by HFM revealed that the top 100 hedge fund firms managed hedge fund AuM totalling $1,825bn on 1 January 2021, up from $1,740bn on 1 January 2020, growth of 5% during a year that featured some of the most challenging periods for trading and capital raising in the past decade. The global hedge fund business’ average return dipped negative in July, but just slightly, to -0.32, according to the just-released eVestment July 2021 hedge fund performance data. This marked the first month of industry-wide average negative returns in 2021. Just over 51% of funds reporting to eVestment were in positive territory for the month, however, and year to date (YTD) industry performance is still in the green at +8.89%.
Why Warren Buffett Is A Model For His Billionaire Peers (TechFinancials.co.za)
Warren Buffett, who turns 91 on Aug. 30, 2021, is a billionaire at a time when outrage over the excesses of extreme wealth is growing in tandem with billionaires’ fortunes. But based on what I learned about him while becoming a scholar of finance and a portfolio manager, I see Buffett as a model for his ultrarich peers.
Jim Simons’ RenTech Fund Tripled its AMC Stake Last Quarter – and Slashed its Tesla Holdings by 75% (Business Insider)
Renaissance Technologies, one of the biggest and best-performing hedge funds in history, more than tripled its stake in AMC Entertainment and slashed its Tesla holdings by 75% in the second quarter. RenTech, founded by the former NSA codebreaker and MIT math professor Jim Simons, held about 516,000 AMC shares at the end of March this year. It raised its bet on the cinema chain – a firm favorite of meme-stock traders – to 1.8 million shares last quarter, regulatory filings show.
Insider Trading: August 16, 2021 (BIV.com)
Insider Jerry Kroll, Director. Company: Electrameccanica Vehicles Corp. (Nasdaq:SOLO). Shares owned: 1,909,310. Trade date: July 30. Trade total: US$151,071. Trade: Sale of 41,848 shares at a price of US$3.61 per share. Insider Douglas Silver, director. Company: Chakana Copper Corp. (TSX-V:PERU). Shares owned: 95,000. Trade date: August 3. Trade total: US$15,300. Trade: Acquisition of 45,000 shares at a price of US$0.34 per share.
The Chief Product Officer of Open Text (NASDAQ: OTEX) is Selling Shares (Analyst Ratings)
Yesterday, the Chief Product Officer of Open Text (OTEX), Muhieddine Majzoub, sold shares of OTEX for $1.36M. In addition to Muhieddine Majzoub, 11 other OTEX executives reported Sell trades in the last month. Based on Open Text’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $894 million and quarterly net profit of $181 million.
The Past Week’s Notable Insider Buys: ConocoPhillips, Cricut, Energy Transfer And More (Benzinga)
In the latest of a number of purchases stretching back to late May, a Cricut Inc CRCT) 10% owner picked up over 1.70 million more shares at prices ranging from $25.00 to $34.60 apiece. These latest purchases added up to over $48.06 million. Note that the stock was trading at less than $28 when that owner began buying the shares, and it has been as high as $47.36 since its initial public offering. The Energy Transfer LP (ET) chief executive, Kelcy Warren, purchased about 3 million shares, and the chief financial officer also picked up 5,000 shares last week. At $9.04 to $9.49 apiece, the cost for those shares totaled around $19.08 million. Note that the stock closed the week trading at $9.51 per share.
