Marc Faber: World Bankers Are Going To Bankrupt The World (ETFDailyNews)
In a recent interview with Equity Management Academy, Dr. Marc Faber and Patrick MontesDeOca outlined how he believes that central banks around the world, by printing money, are setting up the global economy for collapse. Faber is the author and publisher of the Gloom, Boom and Doom Report,which highlights unusual investment opportunities, as well as several books on investment. He was managing director of Drexel, Burnham Lambert, and has lived in Hong Kong since 1973. Faber believes that demand for gold will continue to be high and, if anything will increase. He said, “In Asia it has always been traditional to own gold….It was illegal to own gold in China until about ten years ago. Now the government is actually encouraging people to own gold.”
Grant Hill’s Wall Street Whirlpool Chats Pave Way to John Mack (Bloomberg)
Grant Hill spent much of his tenure with the Orlando Magic in the trainer’s room, where to the chagrin of him and teammate Pat Garrity, control of the television remote was governed by majority rule. …Hill, whose 18-year injury-saddled career ended after last season, had an insatiable appetite for learning, particularly about finance, Garrity said in a telephone interview. Their whirlpool chit-chat often focused on hedge funds and private equity. “That was one of the things that set Grant apart — the level he wanted to dig to understand,” said Garrity, now a client adviser at a Connecticut-based hedge fund.
Sears May Fall Further After Lampert Sales (Barrons)
Shares of Sears Holdings Corporation (NASDAQ:SHLD) were sinking Wednesday on news that Eddie Lampert’s hedge fund cut its holdings in the retailer. Investors might want to follow suit. News broke late Tuesday that Lampert’s ESL Partners announced it had reduced its stake (see Focus on Funds) in Sears Holdings (ticker: SHLD) from 55.4% to 48.4%. The fund distributed some 7.4 million shares worth $445 million as of Monday’s close to investors who exited the fund this year. Lampert emphasized that ESL didn’t cut its stake beyond the stock needed to pay former investors: “My significant personal ownership in the company is a sign of my confidence and alignment with all shareholders.”
3 big hedge fund predictions for 2014 (CNBC)
For many hedge funds, and their investors, 2013 was a year to forget. Shuttered funds that were once investment world darlings; hedge fund shorts that short-circuited in the extended stock market run; Bill Ackman’s controversial Herbalife call and surrender at J.C. Penney Company, Inc. (NYSE:JCP) (not to mention his live CNBC spat with Carl Icahn); overall returns that look lackluster compared with the S&P 500; and of course, the saga of Steven Cohen and SAC Capital Advisors. But there were some standouts in 2013, including activist funds like Third Point, Trian Partners and Jana Partners, and stock-focused firms like Glenview Capital Management, Passport Capital and Owl Creek.
Hedge Funds May Be Affected By Ruling To Reduce Detroit’s Pension Benefits (Finalternatives)
Judge Steven W. Rhodes’ ruling that the City of Detroit is officially bankrupt and that pension benefits for public pension fund beneficiaries may be reduced will have major repercussions throughout the public pension fund industry. Historically, many public pension funds’ assets have not always been managed to generate the highest risk adjusted returns. This was partially driven by the fact that those responsible for managing the pension assets believed pensioners would get their benefits regardless of how the fund performed, because the municipality could increase taxes to pay for the benefits.
Liquid Holdings Group names VP of client relationship (Financial-News)
Liquid Holdings Group Inc (NASDAQ:LIQD) said it has named AR Caputo as vice president of client relationship management. Caputo, formerly of Butterfield Fulcrum Fund Administration, brings 18 years of client service experience within the hedge fund industry. Based in New York City, Caputo will work with Liquid´s client service team to ensure clients are optimizing their experience and usage of the applications as well as receiving the level of focus they need through the on-boarding period and production. Liquid Holdings Group is a cloud-based technology and managed services provider to the global hedge fund and active trading markets.
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