Another Bloodbath for 3D Printing Stocks (Wall Street Sector Selector)
Monday brought another bloodbath for 3D printing stocks. We saw the same thing happen on November 20 when the Seeking Alpha website published an article by Richard Pearson, which underscored the complete disregard of fundamentals by those who have sent 3D printing stocks soaring on more enthusiasm than data. On Monday, the article came from hedge fund manager Whitney Tilson of Kase Capital who specifically targeted 3D Systems Corporation (NYSE:DDD) and pointed out that – among other things – the stock was trading at 63 times next year’s earnings estimates. The ugly truth about DDD applies to all 3D printing stocks: Their price/earnings ratios – to the extent that they can even be calculated – are stratospheric.
New Hedge Fund Administrator Helps Managers Meet The Demands Of An Evolving Marketplace (Sacramento Bee)
Gemini Fund Services, LLC (Gemini), an engaged partner to independent advisors as a provider of comprehensive, pooled investment solutions, announces an expanded range of services for hedge fund clients. Its parent, NorthStar Financial Services Group, LLC (NorthStar), has launched a hedge fund administration unit, Gemini Hedge Fund Services, LLC (Gemini Hedge), as a new subsidiary. Gemini Hedge is a complete provider of customized and adaptable solutions for hedge fund managers, assisting with middle- and back-office duties, financial reporting and investor services. The business also offers high tech, high touch services for managers requiring frequent liquidity and enhanced reporting capabilities as well as access to distribution channels to help launch and distribute hedge funds.
No Barbarians at the Gate; Instead, a Force for Change (CNBC.com)
It’s no longer an insult to be called an activist investor. Once painted as greedy corporate raiders, they would amass large stakes in a company and, through brute force, push for changes in the company’s leadership and business practices. They reveled in their image of attacking the fortress of corporate America. Now, some three decades later, their efforts have become more sophisticated and they are often seen as a good thing, shaking up companies too entrenched in their ways. The beneficiaries of this new attitude are activist hedge fund managers like David Einhorn and Daniel S. Loeb, who last year rattled the corporate boards of some of America’s biggest and best-known companies. They are beginning the new year with swelling coffers and more public support than ever before.
Aussie hedge fund manager raves about Xero’s potential (New Zealand Herald)
An Australian hedge fund manager has raved about the potential for accountancy software company Xero and accused New Zealand fund managers of being “precious petals” for wanting the stock removed from the sharemarket’s NZX 50 index. Writing in his popular blog on Monday, Bronte Capital’s John Hempton said he first heard about Xero from a top US technology executive and bought a small parcel of shares. He next heard of it from a woman linked with the Government’s Superannuation Fund who was lamenting the performance of its Kiwi fund managers for not investing in Xero.
A Look Inside SAC’s Steven A. Cohen’s Lavish Lifestyle (TIME)
Steven A. Cohen is a legendary Wall Street trader who amassed a $9 billion fortune while building a reputation as one of the most successful hedge fund managers of his generation. For years, SAC Capital consistently delivered returns of 30% or more to its clients. This week, one of Cohen’s former traders, Mathew Martoma, goes on trial in what the feds call the most lucrative insider trading scheme in U.S. history. On Tuesday, the PBS investigative program FRONTLINE will air a film based on months of reporting about SAC and Cohen. FRONTLINE correspondent Martin Smith and his team — the same journalists responsible for the acclaimed documentary Money, Power and Wall Street — are back with a new film.
