Aurelius: ‘Argentine leaders have chosen to be outlaws’ (BuenosAiresHerald)
Hedge fund Aurelius Capital Management has slammed Argentina’s proposal to change the jurisdiction of restructured debt to Buenos Aires, in a move that the holdout investor called the nation’s “latest plan to evade and violate US court orders”. “Argentina’s leaders have literally chosen to be outlaws. They have chronically flouted US court orders, lied to our courts, and proclaimed utter disdain for our courts,” fired the vulture fund, in a statement released today. Aurelius, alongside Paul Singer’s NML Capital, is one of the plaintiffs in the litigation held against Argentina presided over by judge Thomas Griesa in New York.
Goldman Vet May Get Blackstone Cash For New Hedge Fund (Finalternatives)
A former Goldman Sachs Group, Inc. (NYSE:GS) trader is in seed-investment talks with the The Blackstone Group L.P. (NYSE:BX). Jason Brown’s Arkkan Capital Management may win the backing of the alternative investments giant, Bloomberg News reports. If he gets it, it would be only the second time that Blackstone has thrown its support behind an Asian hedge fund since the financial crisis. Arkkan will focus on Asia, but will be permitted to invest globally. The new firm is based in Hong Kong.
David Einhorn Owns $189 Million Of This “Boring” Stock (Nasdaq)
Although the market often looks to the world’s top investors for direction on highly-publicized stocks, investing gurus can also lead us to great companies we might never hear about otherwise. Take the famous hedge fund manager David Einhorn, founder and president of Greenlight Capital, which manages an investment portfolio of more than $7 billion. In Greenlight’s latest 13-f filing for the second quarter, Einhorn revealed he’d more than doubled his position in what most investors would consider a relatively obscure and rather boring technology stock: Lam Research Corporation (NASDAQ:LRCX).
Billionaire Arnold’s Pension Push Makes Him Workers’ Bane (BusinessWeek)
When Kentucky, with the country’s second-lowest funded pension system, set out to bolster the plan last year, it sought recommendations from Pew Charitable Trusts, funded in part by Houston billionaire John Arnold. …Arnold, 40, a former hedge-fund manager and Enron Corp. commodities trader, has inserted the Houston-based Laura and John Arnold Foundation into political fights over how to deal with the rising cost of state and local government pensions. A Democrat who says he has raised money for President Barack Obama, Arnold sees such benefits as unsustainable.
Avoid the Hedge Funds’ ETF Termite Problem (Bloomberg)
Some of the smartest investors are bad role models in their choice of exchange-traded funds, which are often celebrated for their low costs. The deadline for large investment managers to disclose portfolios to the Securities and Exchange Commission recently passed, and investors have pored over their buys and sells. One instructive part of how the big money invests gets ignored, though. A lot of hedge funds, and institutions in general, own some of the most expensive ETFs.
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