The Hedge Fund Manager Taking Down Argentina Massively Trolled The Country At The World Cup (BusinessInsider)
We learned an important lesson about sportsmanship from a Wall Street hedge fund manager today. Here it is: Just because you’re in a vicious decade plus legal battle with a country that owes you money, doesn’t mean you can’t show your love and support for them at the World Cup. Bloomberg’s Max Abelson and Katya Porzecanski are out with an awesome profile of Paul Singer, the hedge fund manager currently engaged in a battle with Argentina for over $1.3 billion worth of sovereign debt. Last month the country failed to pay Singer, despite a U.S. Court order, and is now in default.
George Soros Dumps SodaStream (JewishBusinessNews)
Billionaire investor George Soros sold his stake in SodaStream, consisting of 550,000 shares. Sodastream International Ltd (NASDAQ:SODA), whose main factory is in the West Bank, is once again in the spotlight, but a spokesman for Soros refused to comment on the reason for the sale. The timing of the move, giving the raging conflict between Israel an Gazans, led to speculation by Pro-Palestinian news agencies that Soros, either through pressure of conviction, was divesting from SodaStream for political reasons.
David Einhorn Is Afraid Of Losing His Shorts (JewishBusinessNews)
Greenlight Capital David Einhorn said in a recent conference call that he is cautious about long positions and, for the first time since 2006-2007, his shorts may be lost to aggressive mergers and acquisitions activity. Greenlight Capital returned 8.1% for the second quarter and 7.3% for the year so far. Its Apple Inc. (NASDAQ:AAPL) and Micron Technology, Inc. (NASDAQ:MU) positions are performing well, quashing rumors that Einhorn felt that tech stocks were in a bubble. On the call, he clarified a remark he made in the first quarter that momentum tech stocks seemed to be in a bubble; Apple and Micron are doing just fine. New long positions include Altice SA, Resono Holdings and Sunedison Inc (NYSE:SUNE)…
Cliffs Natural appoints Goncalves chairman, CEO after proxy battle (Reuters)
Cliffs Natural Resources Inc (NYSE:CLF), an iron ore and coal producer, said on Thursday that Lourenco Goncalves, a former steel company executive, was named to run the company after activist investor Casablanca Capital triumphed in a proxy battle. The Cliffs board of directors named Goncalves as chairman, president and chief executive officer, effective immediately. Goncalves was the preferred CEO candidate of Casablanca, the hedge fund investor that last week succeeded in getting a majority of its nominees appointed to the board.
Summertime Living Isn’t Easy for Macro Funds (WSJ)
The market’s summer stumble has dealt a new blow to a group of macro hedge funds that seek to anticipate trends in global markets. Graham Capital Management LP has laid off more than 10% of its staff, or more than 20 employees, according to people close to the matter. Six funds at the firm, run by Kenneth Tropin, have posted declines of as much as 5.9% this year, the people said. Rubicon Fund Management LLP’s Rubicon Global Fund Ltd., an $850 million macro fund run by Paul Brewer, the firm’s founding partner, dropped 21% this year through July 25, investors said.
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