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.
Image By Monkey Business – Adobe
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.
Hedge Fund Man Group To Return USD100 Million Via Share Buyback (Morningstar.co.uk)
(Alliance News) – Man Group PLC on Friday said it will launch a new share buyback programme of up to USD100 million. The share repurchase programme is in line with the company’s policy to “distribute capital to shareholders while maintaining a prudent balance sheet”, the FTSE 250-listed company said. Under the share buyback programme, which will run for one year until September 17, 2021, Man expects to buy around 66 million shares. It has appointed JPMorgan Securities PLC to manage the share buyback programme.
Guardant Health Inc (GH) CEO Helmy Eltoukhy Sold $54.8 million of Shares (Guru Focus)
CEO of Guardant Health Inc., Helmy Eltoukhy, sold 534,578 shares of GH on 09/17/2020 at an average price of $102.49 a share. The total sale was $54.8 million. Guardant Health Inc has a market cap of $10.02 billion; its shares were traded at around $100.75 with and P/S ratio of 36.94. GuruFocus has detected 1 severe warning sign with Guardant Health Inc.
GMD, 2 Executive Directors Buy 5 million Additional Units of Zenith Bank PLC Shares (Nairametrics.com)
Zenith Bank Plc, Group Managing Director, Mr Ebenezer Onyeagwu, and two Executive Directors, Messrs. Dennis Olisa and Ahmed Umar Shuaib, have purchased an aggregate of 5 million units of additional Zenith Bank Plc shares. This was disclosed by the bank, in a notification sent to the Nigerian Stock Exchange, and seen by Nairametrics.
The CFO of Toll Brothers (NYSE: TOL) is Selling Shares (Analyst Ratings)
Today, the CFO of Toll Brothers (TOL), Martin Connor, sold shares of TOL for $900K. In addition to Martin Connor, 7 other TOL executives reported Sell trades in the last month. The company has a one-year high of $49.31 and a one-year low of $13.28. TOL’s market cap is $5.55 billion and the company has a P/E ratio of 13.10.
Pinterest Inc (PINS) Chairman, President, CEO, Co-F Benjamin Silbermann Sold $11.6 million of Shares (Guru Focus)
Chairman, President, CEO, Co-F of Pinterest Inc., Benjamin Silbermann, sold 315,000 shares of PINS on 09/17/2020 at an average price of $36.97 a share. The total sale was $11.6 million. Pinterest Inc has a market cap of $21.97 billion; its shares were traded at around $36.59 with and P/S ratio of 17.02. GuruFocus has detected 1 severe warning sign with Pinterest Inc.
