Einhorn’s Greenlight up 4.3 percent in third-quarter: letter (Reuters)
David Einhorn‘s hedge fund Greenlight Capital rose 4.3 percent in the third quarter, bringing the fund’s net return for the year to 11.8 percent, according to an investor letter released on Tuesday. The $8-billion hedge fund also said it added to its short bet against Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) shares were down 4.5 percent at $65.82 at the close of trading Tuesday. While Greenlight’s returns are better than the average hedge fund, which gained about 5.6 percent through September, the fund is trailing the broader S&P 500 stock index, which is up more than 17.9 percent this year. The S&P rose 4.7 percent in the third quarter.
Quad Capital Says Former Exec Stole Info, Moved To Rival (Law360)
Wall Street broker-dealer Quad Capital LLC has accused its former chief operating officer of stealing confidential information from the firm and joining a rival hedge fund after just nine days on the job, according to a Friday complaint in New York state court. Gregg Peter Grimmelbein worked for Quad Capital for nine business days — from Sept. 23 until Oct. 3 — then abruptly resigned to join Tiger Ratan Capital Fund LP, according to the suit. Shortly before leaving, Grimmelbein sent confidential information about Quad Capital…
Investor profiler to join financial mentalists at 7th annual GIBI (DallasNews)
John Train (above) made rock stars of Warren Buffett and George Soros in his financial best-sellers. He will speak at this year’s GIBI Investment Symposium. Call it the seven-year itch. With six successful GIBI Investment Symposiums under their belts that have raised more than $7 million for charity, Shad Rowe and John Neill are adding a twist to this year’s event. Each year at GIBI (pronounced “gibby”), celebrity investors such as T. Boone Pickens and Mario Gabelli give “insider” tips about investing. The tickets cost $1,000.
T. Boone Pickens and His Natural-Gas Car (WSJ)
T. Boone Pickens, 85, lifelong oil man and chairman of BP Capital Management, on his “Pickens Plan Car,” as told to A.J. Baime: I drive a Mercedes S600, but I keep a Honda Civic GX too. It’s the only passenger car you can buy right now in the U.S. that runs on compressed natural gas. We call it the Pickens Plan Car, because my plan is about getting off OPEC oil. Natural gas is 30% cleaner than gasoline, cheaper and we have more of it than any other nation. [Mr. Pickens’s hedge fund, BP Capital Management, trades in natural-gas and oil commodities and equities.] There are fueling stations out there, but I hook into my natural-gas line at my home. It cost me less than $1 a gallon.
Hedge Fund Chart Guru Tom DeMark Sees Dark Days Ahead (BusinessWeek)
Stock market analyst Tom DeMark spends many weekends in his home office in Scottsdale, Ariz., pondering the fate of the markets. The founder of Market Studies studies the price movements of stocks, bonds, commodities, currencies, and indices to try to determine where things may be headed, and investors pay for the privilege of knowing his thoughts. DeMark has thousands of subscribers to his company’s service through Bloomberg, and he has served as a consultant to Leon Cooperman and Paul Tudor Jones in the past…
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