Podcast: Impeach Trump? California Billionaire Tom Steyer Explains his Campaign to Make it Happen (SeattleTimes.com)
No U.S. President has been removed from office through impeachment. That isn’t stopping California billionaire Tom Steyer from trying to make President Donald J. Trump the first to win that distinction. Steyer, who was in Seattle Tuesday for a town hall stop on his nationwide “Need to Impeach” tour, joins host Jim Brunner on Episode 83 of The Overcast, the Seattle Times weekly politics podcast, to discuss the cause to which he’s pledged a reported $40 million.
Judge Allows Lawsuit Accusing Kyle Bass’ Hedge Fund of Smearing Grapevine Investment Firm to Proceed (DallasNews.com)
A Dallas county court judge denied a motion Monday from Dallas-based investment firm Hayman Capital to dismiss a lawsuit filed against the company by troubled Grapevine-based residential finance firm United Development Funding. UDF alleges that Hayman owner Kyle Bass lead a smear campaign against the company by writing false internet posts that claimed UDF was a fraudulent Ponzi scheme with no genuine ability to continue its business long-term.
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Hedge Funds Are Poised to Be Winners in AT&T-Time Warner Deal (The Wall Street Journal)
AT&T’s victory in its legal battle to buy Time Warner Inc. likely handed a win to merger arbitragers, particularly some of Wall Street’s biggest hedge funds, who had bet the deal would go through. The deal has attracted interest from big firms. Hedge funds such as Highfields Capital, Baupost Group, Sachem Head Capital Management, Paulson & Co., Fir Tree, Oz Management, and Pentwater Capital Management all reported holding Time Warner shares in recent regulatory filings.
Dear Hedge Fund Investors: You’re Probably Not the Next George Soros (South China Morning Post)
Here’s a thing: hedge fund managers’ earnings are soaring while hedge fund performance is heading south; indeed they’ve been delivering pretty dismal returns for at least 16 years. We’ll get back to figures soon but let’s start with the obvious question of why this perverse correlation exists, because it makes no sense. Hedge fund managers, a group generally untroubled by the demands of modesty, have a number of superstars in their ranks and investors are attracted to them like fleas to a dog. You know their names – people like George Soros, who is credited (or should that be vilified?) for breaking the Bank of England in 1992 with a trade that made US$1 billion for him and was the killer blow to Britain’s membership of the European Exchange Rate Mechanism.
Sylebra Delivers 25% YTD (HFM)
The Hong Kong-based technology-focused firm tracked 10.1% return in March, followed by another 10% in April, and 8.7% in May. ong Kong-based Sylebra Capital Management, the technology-focused hedge fund, has generated an impressive 25% net return in the first five months of this year. The $1.3bn fund tracked 10.1% return in March, followed by another 10% in April, and 8.7% in May. Relatively the MSCI World Tech was up 6.3%.
