Warren Buffett’s Deputy Explained How He Snowballed his Retirement Account from $70,000 into $264 Million, How He Shrugs Off Losses, and How People can Save a Fortune (Business Insider)
Warren Buffett‘s deputy grew his retirement fund from $70,000 to $264 million in under 30 years. He detailed how he did it, revealed the way he shrugs off investment losses, and offered tips on saving for retirement in a recent Washington Post interview. Ted Weschler, who helps Buffett manage Berkshire Hathaway‘s investment portfolio, discussed his approach with Allan Sloan for the writer’s latest column. ProPublica first disclosed the size of Weschler’s nest egg in June, citing federal tax returns it obtained.
Steve Cohen’s Mets Dream Keeps Unraveling With DUI Bust for Acting GM (Bloomberg)
Everything seemed to be going right for Steve Cohen and the New York Mets. The billionaire bought the Major League Baseball franchise in December for about $2.5 billion, beating out Alex Rodriguez and Jennifer Lopez for the right to own the team he has supported since childhood. His backing gave Mets fans visions of World Series titles — especially after the team moved into first place in its division in April and stayed there through July.
‘Like the Titanic’: Enron 20 Years On (Investors Chronicle)
As the 20th anniversary of the Enron scandal looms, Julian Hofmann talks to Jim Chanos and other key players from the time to find the lessons and parallels for today’s investors. The Enron scandal was the emblematic corporate scandal of early 21st century American capitalism. Wall Street and retail investors fell in love with what had been a small Houston-based pipeline and utility company – one that had grown its sales from $10bn to the totemic $100bn mark within just a few years through the simple trading of energy options and futures.
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These ETFs Hedge Against Rising Interest Rates and Volatility. Here’s How Risky It is to Invest (CNBC)
Protection plays are in vogue as stocks extend their winning streak. Investors have been seeking hedges against everything from inflation to rising interest rates to unprecedented volatility all year, funneling around $5 billion in the past 12 months into exchange-traded funds using options to enhance or protect their returns.
Citadel operating chief in Asia departs for HKEX (The Trade News)
The chief operating officer for Asia at Citadel has departed the US hedge fund after three years to join Hong Kong Exchanges and Clearing (HKEX) in a senior operations role. John Buckley will join the exchange operator in December as head of exchange operations and transformation, HKEX confirmed, reporting to chief operating officer, Calvin Tai. Prior to joining Citadel, Buckley spent nearly seven years at JP Morgan in several roles including chief risk officer and chief financial officer for Asia Pacific.
Dalio’s Hedge Fund Risks Being Dumped by Pension on Weak Returns (Bloomberg)
A California county’s $21 billion pension is considering whether to drop Ray Dalio’s hedge fund after it underperformed for most of the past 16 years. The Orange County Employees Retirement System’s investment in Bridgewater Associates’s Pure Alpha fund has returned an annualized 4.5% since 2005, about 2.5 percentage points less than its benchmark, according to a memo seen by Bloomberg from Meketa Investment Group, the pension’s consultant. The strategy has topped OCERS’s target only once in the past five years and has trailed on a seven- and 10-year time horizon.
Hedge Fund Pay, Revealed: How Much Engineers, Associates, and Researchers Make at AQR, Bridgewater, Citadel, D.E. Shaw, Point72, and Two Sigma (Business Insider)
Hedge funds are known for top-notch comp, and applications for H-1B visas reveal what some pay. Managers like Bridgewater, Citadel, Point72, AQR, and more rely on dozens of non-US citizens. Base salaries break six figures at nearly all funds, and that’s not even including bonuses. For many Wall Street aspirants, a career at a top hedge fund is the holy grail. For those who succeed, compensation has the potential to eclipse nearly any other profession in the country – let alone finance.
Hedgeweek Americas Awards: Macro Managers Steer Through Geopolitical Turbulence (Hedge Week)
The fallout from the Covid-19 pandemic continues to reshape the global macroeconomic and geopolitical landscape, driving both uncertainty as well as opportunity for macro managers – and the Best Macro Hedge Fund category at this year’s Hedgeweek Americas Awards will honour those managers who have successfully steered their strategies through the assortment of rapidly-evolving macro trends. Macro hedge funds bet on broader macroeconomic trends and themes by trading a range of markets and indices, going long and short across equities, bonds, currencies, and commodities, among others.
Billionaire-Backed Exchange Funded by Alleged Scheme to ‘Pump’ Price (Bloomberg Quint)
(Bloomberg) — It would become the biggest digital token sale on record. Over 11 months in 2017 and 2018, a little known software maker named Block.one held an initial coin offering for a new cryptocurrency, raising more than $4 billion. Backed by billionaire heavyweights including PayPal co-founder Peter Thiel, hedge fund magnates Alan Howard and Louis Bacon, and German entrepreneur Christian Angermayer, Block.one said it would use the money to build tools that would speed adoption of blockchain technology.
Thursday 9/2 Insider Buying Report: BLFY, PAHC (Nasdaq.com)
At Blue Foundry Bancorp, a filing with the SEC revealed that on Monday, Director Robert Thomas Goldstein purchased 17,500 shares of BLFY, at a cost of $13.56 each, for a total investment of $237,318. So far Goldstein is in the green, up about 2.6% on their buy based on today’s trading high of $13.92. Blue Foundry Bancorp is trading off about 0.2% on the day Thursday. Before this latest buy, Goldstein made one other buy in the past twelve months, purchasing $92,700 shares at a cost of $12.36 a piece. And at Phibro Animal Health, there was insider buying on Monday, by Director E. Thomas Corcoran who purchased 5,000 shares for a cost of $23.68 each, for a total investment of $118,400. Phibro Animal Health is trading up about 5.2% on the day Thursday. Corcoran was up about 7.8% on the buy at the high point of today’s trading session, with PAHC trading as high as $25.53 at last check today.
The GC and Corporate Secretary of Ulta Beauty (NASDAQ: ULTA) is Buying Shares (Analyst Ratings)
Yesterday, the GC and Corporate Secretary of Ulta Beauty (ULTA), Jodi Caro, bought shares of ULTA for $1M. Following Jodi Caro’s last ULTA Buy transaction on March 21, 2019, the stock climbed by 52.3%. Following this transaction Jodi Caro’s holding in the company was increased by 54.44% to a total of $2.4 million. Based on Ulta Beauty’s latest earnings report for the quarter ending July 31, the company posted quarterly revenue of $1.97 billion and quarterly net profit of $251 million.
