Hedge Fund Uses Japan to Predict International Equity Growth (TheStreet)
Equipped with a couple of engineering degrees, Robert Page started his career at Lehman Brothers’ interest rate derivative option desk. In the early 90s, the bank offered him the whole Yen derivative book to trade; he moved to Japan and built the book into a large business with 12 currencies. “It was a very interesting time to begin trading in Asia,” he says in a recent Opalesque TV interview. “I arrived in Japan the week that the Japanese Government Bonds market began its collapse of 1994. In my first week of trading, I learned that the market absolutely collapses for unforeseen events; that was my first trial by fire, the first time running a large amount of risk.”
Pershing Square has double-digit gains on year (HedgeWorld)
Hedge fund manager William Ackman posted fresh gains in November even as his big short position on Herbalife Ltd. (NYSE:HLF) lost more money, leaving his fund with double-digit returns for the year. Ackman’s flagship Pershing Square L.P. fund earned 1.4 percent after fees last month, leaving the $12 billion fund up 10 percent for the year to date, according to an investor update sent to clients and seen by Reuters. The gains were nowhere near as strong as October’s blowout when Pershing Square climbed 7.9 percent. Ackman’s returns last month also lagged the Standard & Poor’s 500 index, which gained 2.8 percent.
Elliott Wants Major Influence Over Buyout Target Celesio (Law360)
Activist hedge fund Elliott Management LP has built up a sizable minority stake in German drug distributor Celesio AG over several weeks and plans to leverage its holding to exert major strategic influence over the company, Celesio confirmed in a Tuesday filing. The announcement adds some clarity to Elliott’s rationale for a series of stock buys that started in late October, less than a week after Celesio rival McKesson Corporation (NYSE:MCK) lobbed a €6.1 billion ($8.2 billion) offer at the company, igniting rumors that Elliott could muck…
Billionaire Soros sold us bill of goods (LasVegasSun)
That was quite a bete noire postulated in the letter “Office of president not being respected.” The real traitor to America is billionaire George Soros, he of the endless deep-liberal pocket monies, who masterminded the election of the “genius” we now have in the White House. Soros handed the American people a gift-packaged glib-tongued person and bankrolled Barack Obama into the presidency with subterfuge, as we are now learning, media manipulation and smokescreens.
Zuckerberg to Koons’s Egg Power $3 Billion Miami Art Fair (Bloomberg)
Art Basel Miami Beach, the largest U.S. art fair, will offer more than $3 billion of mostly postwar and contemporary works when it opens to a select group of collectors today, a 20 percent increase from two years ago. Held at the Miami Beach Convention Center, the fair’s 12th edition features 258 galleries from 31 countries, with pieces by top market performers including Andy Warhol, Pablo Picasso and Jeff Koons. Lavish dinners, boozy parties and at least 20 satellite art fairs, including Scope, Pulse, Untitled, the New Art Dealers Alliance and Art Miami, take place concurrently with the main event, which drew 50,000 visitors in 2012.
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