5 Years Behind Bars For Former Hedge Fund Analyst (HedgeCo)
A former analyst for a hedge fund investment adviser in San Francisco, California, has received a 3 year prison sentence for his part in a $27 million fraud scheme based on insider trading, The New York Post reports. Back in May, 2014, hedge fund analyst Matthew Teeple pled guilty to participating in an insider trading scheme that resulted in at least $27 million in ill-gotten gains and losses avoided. Specifically, Teeple admitted that in 2008, he received and passed on to Investment Adviser A illegally obtained inside information about Foundry Networks Inc., a technology company located in Santa Clara, California.
Pimco to Blackstone Preparing to Feast After Yield Surge (Bloomberg)
In a junk-bond market that has been anything but high-yield for almost two years, the world’s biggest debt-fund managers have been stockpiling cash for a selloff. After the worst one in three years, they’re getting ready to pounce. Firms from Pacific Investment Management Co. to The Blackstone Group L.P. (NYSE:BX) say they are poised to scoop up speculative-grade corporate bonds after yields rose to the highest levels in more than a year. They’re looking for bargains after building up the highest levels of cash in almost three years. “Credit is a buy here, specifically high yield” bonds and loans, Mark Kiesel, one of three managers who oversee Pimco’s $202 billion Total Return Fund, said yesterday in a Bloomberg Television interview.
New York law firm’s bond with most expensive office tower in US (FT)
Everyone knows that office space, ideally, reflects a company’s brand (see Facebook Inc (NASDAQ:FB) and Apple Inc. (NASDAQ:AAPL)’s multibillion-dollar headquarters). But in the era of the “cloud”, there have been loud mutterings in the client-services industry, especially among law firms, that high rents in prestigious buildings are no longer justified. Certainly this question was raised recently inside the law offices of Weil, Gotshal & Manges LLP as the partnership considered whether or not to renew its lease, due in 2019, in the General Motors Company (NYSE:GM) building in New York, the most expensive office tower in America. The lawyers had been there since 1968.
Einhorn’s Greenlight to Reopen to New Investors (Barrons)
Hedge fund titan David Einhorn is asking investors to open their wallets. The billionaire’s hedge fund Greenlight Capital plans to raise money for the first time in two years, building up fuel to take advantage of the recent market turmoil, according to a Bloomberg report. The hedge fund will begin accepting capital from existing investors on Nov. 1 and new clients a month later. Greenlight has been closed to new cash since the first quarter of 2012. The company’s September performance was hurt as two of its biggest investments, Sunedison Inc (NYSE:SUNE) and Marvell Technology Group Ltd. (NASDAQ:MRVL) dropped in the month.
Jim Rogers Warns: Albert Edwards Is Right “Sell Everything & Run For Your Lives” (ETFDailyNews)
From Bitcoin to the Swiss gold referendum, and from Chinese trade and North Korean leadership, Jim Rogers covers a lot of ground in this excellent interview with Boom-Bust’s Erin Ade. Rogers reflects on the end of the US bull market. citing a number of factors from breadth to the end of QE, adding that he agrees with Albert Edwards’ perspective that now is the time to “sell everything and run for your lives,” as the “consequences of [The Fed] are now being felt.” Most notably though, Rogers believes the de-dollarization is here to stay as Western sanctions force many nations to find alternatives.
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