Inside Point72’s Boot Camp for Developing All-Star Portfolio Managers, Where Steve Cohen is Known to Grill Up-and-Comers Who Think They’re Ready for the Big Time (Business Insider)
Once a year, billionaire Steve Cohen, one of the world’s most successful investors, grills a group of senior analysts who hope to soon run a piece of his $30.6 billion hedge fund, Point72. The budding portfolio managers lay out their biggest goals and ambitions, and Cohen gives his views on whether they will work or not. The pitch session is meant to push them out of their comfort zone, Harry Schwefel, Point72’s co-chief investment officer, told Insider.
Long-Term Capital Management’s Collapse, 25 Years Later (The Wall Street Journal)
The Long-Term Capital Management collapse—which led to an unprecedented rescue by the Fed—was 25 years ago. Heard on the Street revisited that crisis with a three-part series that wrapped up today. Catch up on the three installments here. Ending the LTCM Crisis Took Just One Bailout. We Should Be So Lucky Next Time. While a single firm’s collapse may be far less likely to cause a crisis, hedge funds collectively still have the power to unnerve the markets and regulators. And that is a much tougher problem to tackle.
Hedge Fund Manager Crispin Odey Faces Lawsuit Over Sexual Misconduct Allegations (Insurance Journal)
Two of Crispin Odey’s alleged victims have filed a lawsuit against the hedge fund manager and his eponymous former firm. Two former employees have submitted a civil claim against Odey Asset Management and the 64-year-old former executive, according to Jill Greenfield, a lawyer at Fieldfisher who is overseeing the claim. They have begun the proceeding in London’s High Court but have not yet served the defendants, Greenfield said.
Source: pexels
Hedge Fund Eisler Capital’s New Array of London Exits (eFinancialCareers)
Eisler Capital, the hedge fund founded by ex-Goldman Sachs partner and macro trader Ed Eisler, which boasts another ex-Goldman Sachs partner and strat, Sam Wisnia, as deputy CIO, is still leaking people. It’s hiring too, but as far as we can discern, the exits may exceed the entrances. Eisler declined to comment for this article, but sources say at least 12 people have left the fund in London in the past six months. Most were in London.
Rokos Capital Management Ramps Up Graduate Hiring as Job Applications Surge by 300% (Financial News)
Hedge fund Rokos Capital Management is looking to increase its graduate intake next year after applications surged by 300% in 2023. Mark Edwards, chief executive of the firm that was launched by former Brevan Howard founding partner Chris Rokos, told Financial News that around 2,500 graduates applied for its graduate programme, saying there was “strong competition”.
Monday 9/25 Insider Buying Report: NUVB, ADC (Nasdaq.com)
On Thursday, Nuvation Bio (NUVB)’s Director, Oleg Nodelman, made a $6.69M buy of NUVB, purchasing 5,313,100 shares at a cost of $1.26 a piece. Nodelman was up about 11.1% on the purchase at the high point of today’s trading session, with NUVB trading as high as $1.40 in trading on Monday. Nuvation Bio is trading up about 5.3% on the day Monday. This purchase marks the first one filed by Nodelman in the past year. And at Agree Realty Corp. (ADC), there was insider buying on Thursday, by John Rakolta Jr. who purchased 30,000 shares for a cost of $57.48 each, for a trade totaling $1.72M. Before this latest buy, Rakolta Jr. purchased ADC on 4 other occasions during the past year, for a total investment of $3.89M at an average of $65.87 per share. Agree Realty Corp. is trading down about 0.3% on the day Monday. Bargain hunters are able to bag ADC even cheaper than Rakolta Jr. did, with shares changing hands as low as $56.56 in trading on Monday — that’s 1.6% below Rakolta Jr.’s purchase price.
Over $18M Bet On Asana? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Asana: The Trade: Asana Inc. (ASAN) Director, President, CEO, & Chair Dustin Moskovitz acquired a total of 1,015,000 shares an average price of $18.04. To acquire these shares, it cost around $18.31 million. Calavo Growers: The Trade: Calavo Growers Inc. (CVGW) Executive Vice President Michael A Browne acquired a total of 1,200 shares at an average price of $28.15. To acquire these shares, it cost around $33,776.
Big Hedge Fund Bets on Exxon, Domino’s, and Coke Stock (Barron’s)
A large hedge-fund sponsor seems to be betting on oil and fast food, while selling out of a drugstore chain. Davidson Kempner Capital Management initiated positions in Exxon XOM +1.17% Mobil (ticker: XOM), Domino’s Pizza DPZ +0.72% (DPZ), and Coca-Cola KO –1.09% (KO), and exited an investment in CVS Health CVS +1.52% (CVS) in the second quarter. The firm disclosed the stock trades, among others, in a revised form it filed with the Securities and Exchange Commission.
