Billionaire Leon Cooperman Again Calls Biden’s Wealth Tax ‘Baloney’ (Forbes)
Topline: Wall Street legend Leon Cooperman on Thursday repeated his previous position that the current discussion on raising taxes for those earning more than $400,000 is “baloney,” and the focus should be on making the wealthy pay more in taxes by closing loopholes. Key Facts: Cooperman made his latest comments on wealth tax on Bloomberg Television, saying he does not believe that earning $400,000 in annual income makes someone rich. President Joe Biden and House Democrats have used $400,000 as a threshold in their plans to levy more taxes on the wealthy.
Billionaire Citadel Founder Ken Griffin Says He’ll Go ‘All-In’ to Defeat Dem Illinois Gov. Pritzker (Fox Business)
Ken Griffin, the Chicago billionaire who runs hedge fund giant Citadel and owns the enormous market-making firm Citadel Securities, says he’s “all-in” to back a candidate to try and defeat fellow billionaire and Democratic Gov. J.B. Pritzker of Illinois. “I’m going to make sure that if he runs again, that I am all-in to support the candidate who will beat him,” Griffin said Wednesday during comments he made at the DealBook Online Summit hosted by The New York Times. “He doesn’t deserve to be the governor of our state.”
Finance Guru Whitney Tilson Breaks Down Why Warren Buffett’s Berkshire Hathaway is the Ultimate ‘Stay Rich’ Stock — and Explains Why He’s Not Worried About $7 Billion in Net Stock Sales this Year (Business Insider)
Whitney Tilson explained why Warren Buffett‘s Berkshire Hathaway is a dream retirement stock. The veteran researcher touted its safety, value, growth, and the potential value of its cash. Tilson praised Berkshire’s record pace of buybacks, but called for even more aggressive repurchases. Markets guru Whitney Tilson broke down why Warren Buffett’s Berkshire Hathaway is the ultimate “stay rich” stock, discussed the famed investor’s pandemic strategy, and shared what he wants to see from Buffett’s company in an interview with Insider this week.
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Hedge Fund Perma Bear Clark Shuts Down Amid Historic Bull Market (Bloomberg)
The longest running bull market in history has claimed one of its most high-profile victims. Russell Clark, who has wagered against stocks for much of the last decade, told clients that he is shutting down his eponymous hedge fund after a run of losses. The RC Global Fund he has managed since 2010 lost 2.6% through October this year and was down to about $200 million in assets from about $1.7 billion in 2015, according to investor documents seen by Bloomberg.
Hedge Funds return to winning ways with 1.68 per cent gain in October (Hedge Week)
The hedge fund industry shook off September’s swoon in October, posting a 1.68 per cent return for the month, according to the Barclay Hedge Fund Index compiled by BarclayHedge, a division of Backstop Solutions. By comparison, the S&P 500 Total Return Index gained 7.01 per cent in October. For the year to date, the hedge fund industry was up 10.60 per cent through October. The S&P 500 Total Return Index was up 24.04 per cent over the same period.
Danske HF Nearing Maximum Capacity (Hedge Nordic)
Stockholm (HedgeNordic) – Danske Invest Fixed Income Global Value will soon be closed for new investments after nearly reaching its maximum capacity due to robust performance and strong investor inflows since its inception in early June 2018. Part of Danske Bank Asset Management’s suite of fixed-income hedge funds, the fund currently oversees more than €900 million in assets under management after starting out with about €54 million.
Steve Cohen is finally chilling out. Insiders Explain his Transformation from Cutthroat Trader to WFH Crypto Investor Who Still Wants to Win — But also Needs his Sleep. (Business Insider)
The Steve Cohen known to New York Mets fans and Twitter — self-deprecating, open to suggestions, and quick to respond to fans and critics alike — does not jibe with his long-time reputation as a hard-nosed and dogged hedge fund trader. Hedge fund founders, especially the successful ones, are supposed to be cutthroat and shrewd, with an intense focus on the bottom line. And for many years these attributes seemed to epitomize Cohen, whose years-long insider trading battle with the federal government inspired the ruthless Bobby Axelrod character on the Showtime series “Billions.”
Aviva on Course to Return More than £5bn to Shareholders and Make £300m in Cost Savings (MSN Money)
Aviva has said it is on track to achieve its cost reduction and cash remittance objectives following a solid performance this year. The company expects to return over £5billion to investors between 2021 and 2023, having already handed out £1.1billion from January to September this year, including £450million of a £750million share buyback scheme. Swedish hedge fund Cevian Capital has pressured the insurance giant to return billions of pounds to investors after acquiring a 5 per cent stake in the FTSE 100 group during the summer.
Here are the Favorite Inflation Trades of Big Investors Like David Einhorn and Paul Tudor Jones (CNBC)
Another hotter-than-expected inflation report hit the markets Wednesday, confirming what big investors have been warning for months: Persistent price pressures are becoming a big threat to asset prices. Here is where to hide out and potentially profit from inflation, according to notable investors David Einhorn and Paul Tudor Jones.
Thursday 11/11 Insider Buying Report: NOW, SMG (Nasdaq.com)
At ServiceNow, a filing with the SEC revealed that on Monday, Director Dennis Woodside purchased 2,861 shares of NOW, for a cost of $694.58 each, for a total investment of $1.99M. Investors can grab NOW at a price even lower than Woodside did, with the stock trading as low as $673.89 in trading on Thursday — that’s 3.0% under Woodside’s purchase price. ServiceNow is trading up about 1% on the day Thursday. And at Scotts Miracle-Gro, there was insider buying on Tuesday, by Director Gerald Volas who bought 6,000 shares for a cost of $171.52 each, for a trade totaling $1.03M. This buy marks the first one filed by Volas in the past year. Scotts Miracle-Gro is trading up about 3% on the day Thursday.
Notable Vaalco Energy Insider Trades $4.8M In Company Stock (Benzinga)
Bradley L. Radoff, Insider at Vaalco Energy (NYSE:EGY), made a large buy and sell of company shares on November 10, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission states that Bradley L. Radoff purchased 1,113,791 Vaalco Energy shares for $0 on November 10. They then sold their shares on multiple transactions in the open market. They sold at prices ranging from ($0.00) to $4.02 to raise a total of $4,780,316 from the stock sale.
Elon Musk Sold Some Stock (Bloomberg)
Tesla Inc. Chief Executive Officer Elon Musk unloaded $5 billion of stock in the electric-car maker, shortly after restoking a social media debate over the tax treatment of billionaires’ shareholdings. The world’s richest person so far has disposed of more than 4.5 million shares this week, according to regulatory filings. Those were his first sales in more than five years.
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