Weekend Reads: Ray Dalio on What Business and Political Leaders Must Do to Keep the U.S. from Splintering (Market Watch)
Ray Dalio is a billionaire fund manager. He’s an ardent capitalist but sees an imbalance that threatens the U.S., which he calls a “75-year empire” in decline. In an interview with Jonathan Burton, Dalio lays out what he thinks U.S. business leaders and politicians should be doing to better allocate wealth and what investors should do to protect themselves.
Jericho Capital Rewards Investors (Institutional Investor)
After its first fund raise in years, Josh Resnick’s tech, media, and communications fund has surged by avoiding most of the popular hedge fund stocks. Jericho Capital Asset Management is another example of a TMT-focused hedge fund posting very strong results this year.The long-short fund headed by Josh Resnick is up in the mid- to upper-30 percent range through August, according to an investor.Remarkably, unlike many other tech-focused funds, it was never in the red…
G4S Investor Sachem Head Is Said to Oppose Garda Bid Price (Bloomberg)
Sachem Head Capital Management believes GardaWorld’s 2.9 billion-pound ($3.7 billion) takeover offer for G4S Plc undervalues the company, according to people familiar with the matter. The New York-based hedge fund, one of G4S’s largest holders with a 5.74% stake, is not opposed to a sale of the company at a higher price, the people said, adding that similar transactions in the sector have traded at higher multiples. It is unclear at what price Sachem Head would support a sale.
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Steve Cohen’s Point72 Settles With Female Employee in Gender Discrimination Arbitration (The Wall Street Journal)
Steven A. Cohen’s Point72 Asset Management recently reached a settlement with a female employee who sued the firm in 2018 alleging unfair pay practices and a pervasively sexist work environment. The suit had been filed in federal court in Manhattan, which granted Point72’s motion to move the case into arbitration. Arbitration began in April 2019.
Pimco Hires Fund Manager to Serve as Private Credit Europe Head (CityWireSelector.com)
Pimco has hired Mathieu Clavel as a portfolio manager and to serve as its head of private credit Europe, the firm has announced. Clavel, who will be based in London when he officially joins in 2021, will also be a managing director at the firm. He most recently worked at Sculptor Capital, the multi-strategy hedge fund formerly known as Och-Ziff Capital Management.
“A Psychological Placebo”: Why This Hedge Fund Manager is Betting Against Drug Companies in the Race for a Covid Vaccine (Hedge Week)
The frantic hunt for an effective vaccine against coronavirus could leave some pharmaceutical companies highly exposed in a fiercely competitive race – and UK hedge fund Argonaut Capital is weighing in with several key bets against the sector. Argonaut’s CEO and CIO Barry Norris, who runs the firm’s Argonaut Absolute Return equity long/short fund, is avoiding large blue-chip drug names such as AstraZeneca and Pfizer (“the vaccine doesn’t really move the dial for them,” he says) as well as small-cap stocks, where there is a liquidity risk.
