Red Kite founder Lewnowski spins off $1.14B mining fund (AMM)
Oskar Lewnowski, a founding partner of Red Kite Group, has spun off one of the trader and hedge fund’s two mine finance vehicles and resigned from the company. Following a mutual management decision to separate the mine finance business, Lewnowski and a team of former Red Kite partners will run the $1.14-billion RK Mine Finance Fund II as the Orion Mine Finance Fund I. The RK Mine Finance Fund I will continue to be managed by David Lilley, Michael Farmer and Harry Tefoglou, while Grant Gilmour and Paul Coughlan will join the fund’s investment committee, a Red Kite spokesman said…
Clive Capital Fund Plans to Close After Two Years of Losses (BusinessWeek)
Clive Capital LLP, the $1 billion commodity hedge-fund firm founded by Chris Levett, plans to close after posting more than two years of investment losses, according to a letter to clients. Clive told investors today the London-based hedge fund will shut down at the end of the month, according to the letter, which was obtained by Bloomberg News. The Clive Fund’s Class A shares fell 9.1 percent this year through Sept. 18 after declining 8.8 percent in 2012 and about 10 percent in 2011.
Soros’ Ex-Wife’s Majestic Pad Now $11 Million Cheaper (Curbed)
Billionaire George Soros’ ex-wife Susan Weber Soros listed her furnished 5BR/6.5BA in the Majestic back in October for $50 million. She chopped the price to $45 million in February and eventually took the apartment off the market. Now the Wall Street Journal is reporting that she is re-listing it with yet another price reduction—to $39 million. Soros is also switching brokerages, from Halstead to Town, although to new listing isn’t up on Town’s website yet.
Icahn Channels Churchill in Critique of Boardroom Politics (WallstCheatSheet)
“I’m no political scientist, but it doesn’t take a genius to understand that voting is crucial to democracy. When things aren’t going well, citizens can vote the leaders out. A lot of blood has been shed for these rights, and while democracy isn’t perfect, to paraphrase Winston Churchill, it’s far better than any other system of government,” wrote activist investor Carl Icahn in a September 18 Wall Street Journal editorial.
Marc Faber’s Biggest Mistake (WSJ)
The longtime Swiss fund manager Marc Faber has made a killing for years, making very pessimistic—but very correct—calls about the market, to the benefit of his $300 million fund. But by his own admission, “Dr. Doom” hasn’t done so well in the friends department. The 67-year-old, ponytailed investor recalled the time he invested $100,000 in a pal’s publishing firm, only to discover that his friend had held the copyrights under his name, and not the company. The result: His (now former) friend more than doubled his money when he sold the rights five years later, while Faber only got his money back.
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