1 Warren Buffett Index Fund Could Turn $100 Per Week into $1 Million (The Motley Fool)
Warren Buffett believes this strategy can help the average investor outperform professional money managers. Warren Buffett has often said an S&P 500 index fund is the most sensible way for most investors to gain exposure to the stock market. The Vanguard S&P 500 ETF (VOO -0.22%) is one of several great options. In fact, Buffett owns shares of that particular S&P 500 index fund through Berkshire Hathaway. Investors may be tempted to brush this advice aside. After all, buying an S&P 500 index fund is much less exciting than buying individual stocks.
Covalis Capital Locks Horns with Italy Government Over Enel Board (Reuters)
London-based hedge fund Covalis Capital on Monday presented an alternative list of candidates for the board of state-controlled utility Enel (ENEI.MI), challenging names put forward last week by the Italian government. In a statement, Covalis said that the system that led to the government’s nominations “undermines investor confidence, erodes value and is out of line with international standards of best practice in shareholder democracy.”
Dalio Auctioned Off to Bolster Financial Literacy (Pensions&Investments)
Hedge fund guru Raymond T. Dalio has put himself up for auction to benefit the New York-based Council for Economic Education, which provides essential financial and economic education for high school students across the U.S. as well as for students as young as kindergarten. Mr. Dalio founded Westport, Conn.-based Bridgewater Associates LP, the industry’s largest hedge fund manager, in 1975 and ceded control of the firm effective Sept. 30, 2022. At the time, he was co-chief investment officer and the firm’s assets were $150 billion.
Image by Gerd Altmann from Pixabay
Inside Millennium Management’s New Engineering-Recruitment Program in Miami, from What Applicants can do to Stand Out to Why the City is Becoming a Key Tech Hub for the $58 Billion Hedge Fund (Business Insider)
Millennium is launching a new engineering recruitment program for early-career technologists. The program lasts 12-18 months and is available to engineers with two to five years of experience. The head of tech for Miami outlines what applicants can expect, how to stand out, and why Miami. May just can’t come soon enough for Olga Naumovich. Once her daughters wrap up the school year, Naumovich — who spent much of her career in New York City at Goldman Sachs — is packing up her family and moving full time to the sunshine state to lead tech efforts for Millennium Management’s Miami office.
Inside Billionaire Hedge Fund Investor Glenn Dubin’s Barbell Strategy (Forbes)
Glenn Dubin became a billionaire by investing in the strongest macro tailwinds. Today he’s bullish on energy, fintech and artificial intelligence. Among the ranks of self-made billionaires tracked by Forbes, few have shown the perseverance and knack for identifying profitable trends as hedge fund manager Glenn Dubin. Dubin, 66, grew up in New York’s Washington Heights at the northern tip of Manhattan, his father a taxi driver and his mother a hospital administrator. He attended public schools including the State University of New York at Stony Brook, where he played football and lacrosse. He became the first person in his family to graduate from college in 1978 with a degree in economics.
Goldsky’s Ken Grace Pleads Guilty to Dishonest Conduct (AFR.com)
Ken Grace, the man behind Goldsky, the ill-fated hedge fund that he ran from Kingscliff in northern NSW, has pleaded guilty to five counts of dishonest conduct that carry maximum penalties of 10 years imprisonment. The guilty plea comes two years after the corporate regulator laid eight criminal charges against Mr Grace relating to dishonest conduct and one charge of operating a financial services business without a licence.
Corvex Settles With SEC Over SPAC Activities (Institutional Investor)
Shares of the hedge fund’s three SPAC merger partners have plummeted. Corvex Management has agreed to pay $1 million to settle a Securities and Exchange Commission complaint related to the activities of three special purpose acquisition companies co-sponsored by the hedge fund.
Hedge Funds Go All In on Dollar, First Time in Over a Year (Bloomberg)
Hedge funds are betting the greenback’s longest stretch of weekly declines in almost three years is about to reverse after investors ramped up pricing for Federal Reserve interest-rate cuts to extreme levels. Leveraged funds were net short all major currencies against the dollar last week, the first time that’s occurred since January 2022, according to the latest Commodity Futures Trading Commission data. While a gauge of overall investor positioning remains bearish on the greenback, the broad degree of optimism among hedge funds may signal receding concern over the impact of the banking crisis on the Fed’s willingness to battle inflation.
West Coast Activist Phase 2 Targets Jupiter Fund Management (Hedge Week)
West coast activist hedge fund Phase 2 Partners is targeting UK-listed asset manager Jupiter Fund Management, according to a report by The Times. Financial Conduct Authority disclosure data shows the San Francisco-based hedge fund is now a leading short-seller of Jupiter. The US group has built a net short position of 0.59 per cent in shares of the London-listed asset manager. Phase 2 is one of three hedge funds that have built short bets against Jupiter that are larger than the 0.5 per cent threshold required for investors to disclose their positions to the regulator.
Pinterest, Advanced Micro Devices And 2 Other Stocks Insiders Are Selling (Benzinga)
Advanced Micro Devices: The Trade: Advanced Micro Devices, Inc. (AMD) EVP and CSO Paul Darren Grasby sold a total of 12,500 shares at an average price of $94.85. The insider received around $1.19 million from selling those shares. Pinterest: The Trade: Pinterest, Inc. (PINS) SVP, Products Naveen Gavini sold a total of 11,185 shares at an average price of $27.95. The insider received around $312.58 thousand from selling those shares.
