Former GLG trader returns with new hedge fund (eFinancialNews)
Berger has set up B1 Capital – a Pfäffikon, Switzerland-based firm – and is preparing to launch a European fundamental long/short equity fund this summer, according to a person familiar with the situation. He has hired Megan Kenney, a former managing director and European head of capital services at Credit Suisse, to be the new firm’s chief executive. Kenney left the Swiss bank in October. There are four other people on the team. The launch will be with seed capital and money from a small number of anchor investors, the person said. Berger declined to comment.
So Is It 2008 All Over Again? (ETFDailyNews)
Marc Faber of the Gloom Boom Doom Report was interviewed by Bloomberg on Friday, and of course topic number one was the brutal takedown of gold. Not all that surprisingly, he likes the resulting buying opportunity and expects “a major low in gold within the next two weeks.” More interesting from a theoretical/historical point of view was his segue from gold to the state of the global economy: “Today we have commodities breaking down including gold and we have bonds rallying very strongly. If you just stand aside and just look at these two events they would suggest that there are strongly deflationary pressures in the system.”
Jim Rogers likes gold, correction provides entry points (ProactiveInvestors)
Gold has fallen further in Tuesday trading to $1338 an ounce, bouncing in a range from $1328 to $1348 an ounce. Despite all of the pessimistic views of bankers and brokers, renowned commodity trader Jim Rogers believes this gold correction will provide an excellent opportunity to buy – at some point. Rogers opined in 2012 that the gold price was due for a correction, yet still owns gold and is not selling any of it. Not discouraged by the fear on the street, he said he would get “extremely excited” if gold prices drop to $1,200 per ounce. “I own gold and I’m not selling my gold. “Somewhere down the line gold will have a correction he said earlier. Gold will continue to do what gold does best. Just give it a chance.”, said Rogers.
Dell, Icahn Agree to a Share Ownership Cap (ABCNews)
Dell Inc. (NASDAQ:DELL) says a special committee of its board reached a deal with Carl Icahn to cap his share ownership while it considers takeover bids from the billionaire investor, a group led by CEO Michael Dell and buyout specialist The Blackstone Group L.P. (NYSE:BX). The Round Rock, Texas, personal computer maker says its board has approved the agreement with Icahn under which he and entities tied to him pledge not to make purchases that cause them to own more than 10 percent of the company’s shares. The deal also covers other shareholders who, together with Icahn, would own more than 15 percent of Dell’s shares.
BlackRock Net Rises 10% as Demand for ETFs Boosts Assets (Bloomberg)
BlackRock, Inc. (NYSE:BLK), the world’s biggest money manager, said first-quarter earnings rose 10 percent as its exchange-traded equities funds drew client cash and assets increased. Net income climbed to $632 million, or $3.62 a share, from $572 million, or $3.14, a year earlier, the New York-based company said today in a statement. Excluding certain items, BlackRock’s adjusted earnings of $3.65 a share beat the $3.57 average estimate of 20 analysts surveyed by Bloomberg.
SEC Charges Denver-Based Businessman with Insider Trading (SEC)
The Securities and Exchange Commission today charged a prominent Denver-based businessman with insider trading based on confidential information he obtained from the CEO of an oil and gas company that was about to secure a huge investment. An investigation by the SEC’s Enforcement Division found that Scott Reiman obtained inside information about Delta Petroleum ahead of the company’s announcement that it had secured a $684 million investment from private investment firm Tracinda.
