Steve Cohen’s Point72 is Betting Big on the Cloud. The $21.8 Billion Hedge Fund’s CTO Takes Us Inside Its Five-Year Project. (Business Insider)
Point72 is in the midst of a sweeping, multi-year overhaul to transform the $21.8 billion hedge fund into a cloud-first operation. The five-year project, which is slated to wrap at the end of 2024, is aimed at migrating 70% to 80% of the hedge fund’s cloud-eligible applications to the new tech. Currently, 20% of this work has been completed.
Soros Calls BlackRock’s China Investment a ‘Tragic Mistake’ (Bloomberg)
George Soros criticized BlackRock Inc.’s China push as a risk to clients’ money and U.S. security interests, in the billionaire financier and philanthropist’s latest broadside against investment in the world’s second-largest economy. “Pouring billions of dollars into China now is a tragic mistake,” Soros wrote in an op-ed in the Wall Street Journal. “It is likely to lose money for BlackRock’s clients and, more important, will damage the national security interests of the U.S. and other democracies.
Sir Christopher Hohn’s Activist hedge Fund TCI calls for Special Shareholder Meeting in Bid to Overhaul Canadian National (Hedge Week)
TCI Fund Management, Sir Christopher Hohn’s high-profile activist hedge fund firm, is calling on Canadian National Railway to end its “reckless, irresponsible, and value destructive pursuit” of Kansas City Southern, and wants to requisition a special meeting of CN shareholders aimed at overhauling the board and replacing its CEO. TCI, which has been a shareholder in CN since 2018, last week increased its holdings to more than 5 per cent of the shares outstanding, valued at USD4 billion.
Source: pexels
Why PPPs Are the Intersection Between ESG and Infrastructure (Preqin)
Public-private partnerships have had success in Canada. Alex Kotsopoulos and Anthony DeCandido from RSM explain how this model could help the Biden administration close the US’s $2tn infrastructure gap while also improving ESG outcomes. Canada has been very successful with infrastructure investments made by tandem efforts from public and private sectors. How can these partnerships improve infrastructure and economic development, and what can the US learn from this? Since the 1990s, public-private partnerships (PPPs) have been used extensively in Canada to develop its infrastructure.
Billionaire Stephen Mandel Jr. Saw Shorting Stocks as His Edge When He Launched Lone Pine. He Explains Why That’s Gotten Much More Difficult Recently. (Business Insider)
The first full year of trading at the now-legendary Lone Pine Capital was a tumultuous one. In 1998, new-wave internet companies were trading at multiples that seemed astronomical given their measly earnings — a precursor to the meme stock chaos that is roiling the markets today. Stephen Mandel Jr., the billionaire founder of the Greenwich-based Tiger Cub, remembers the “scars” of the year to this day.
Greatest Asset Raising Environment in the History of the Hedge Fund Industry (Hedge Week)
By Don Steinbrugge, Agecroft Partners – The next 15 months will be the greatest asset raising environment in the history of the hedge fund industry and potentially a once-in-a-career opportunity for managers to grow assets. The strength of asset flows to managers will be much stronger than many industry professionals expect and potentially surpass USD1 trillion. This should become clear as they consider these three factors that drive asset flows to managers: asset size of the hedge fund industry, manager turnover rate within investors’ portfolios, and net flows to the hedge fund industry.
Allianz Probed by German Regulator Over Hedge Fund Business (1) (Bloomberg Law)
German regulator BaFin has started its own investigation into Allianz SE’s Structured Alpha Funds, which are at the center of lawsuits and probes in the U.S. following steep losses during the pandemic. BaFin is looking at the extent to which Allianz officials outside the Florida-based funds knew of the events leading up to the losses, according to a person familiar with the matter, who asked for anonymity to discuss internal information. Reuters reported on the BaFin probe earlier.
Tuesday 9/7 Insider Buying Report: RMBL, SMRT (Nasdaq.com)
On Friday, RumbleON (RMBL)’s , Denmar John Dixon, made a $449,988 buy of RMBL, purchasing 13,636 shares at a cost of $33.00 each. So far Dixon is in the green, up about 10.7% on their purchase based on today’s trading high of $36.53. RumbleON is trading down about 1.7% on the day Tuesday. Before this latest buy, Dixon made one other purchase in the past year, buying $244,688 shares at a cost of $39.15 a piece. And at SmartRent.com (SMRT), there was insider buying on Thursday, by Director Bruce C. Strohm who purchased 10,000 shares at a cost of $12.25 each, for a trade totaling $122,456. This purchase marks the first one filed by Strohm in the past twelve months. SmartRent.com is trading off about 5.1% on the day Tuesday. Strohm was up about 18.3% on the purchase at the high point of today’s trading session, with SMRT trading as high as $14.49 at last check today.
The EVP & CFO of SBA Communications (NASDAQ: SBAC) is Buying Shares (Analyst Ratings)
Yesterday, the EVP & CFO of SBA Communications (SBAC), Brendan Thomas Cavanagh, bought shares of SBAC for $6.93M. Following Brendan Thomas Cavanagh’s last SBAC Buy transaction on September 06, 2019, the stock climbed by 107.7%. This recent transaction increases Brendan Thomas Cavanagh’s holding in the company by 120.19% to a total of $18.34 million. Based on SBA Communications’ latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $576 million and quarterly net profit of $153 million.
Vicor Corp (VICR) Chairman and CEO Patrizio Vinciarelli Sold $1.8 million of Shares (Guru Focus)
Chairman and CEO of Vicor Corp, Patrizio Vinciarelli, sold 14,372 shares of vicr on 09/03/2021 at an average price of $128.32 a share. The total sale was $1.8 million.
