The Good Guy Hedge Fund Manager – Who Wants a Youth Movement (2Paragraphs)
Stan Druckenmiller looks across the table at Charlie Rose, bemused. Rose’s questions are doing that long-tail staccato thing they do when Rose is visibly tired: the questions can’t stop themselves, they sputter on like a Grateful Dead jam. Each time Druckenmiller begins an answer Rose claws the desk and tosses another stray word–and then another–onto the end of his question. Even the camera doesn’t know where to point. It’s all very strange, since Druckenmiller–one of the most financially astute and successful men in the world–has come to this chair bearing potential solutions to the most vexing issue of our time: how to secure a viable financial future for US citizens–all of them…
David Tepper’s Appaloosa Is Latest Firm to Return Investors’ Money (InstitutionalInvestorsAlpha)
David Tepper’s Appaloosa Management is the latest high-profile hedge fund firm planning to return money to investors. The Short Hills, New Jersey-based firm expects to give back between $1.5 billion and $2 billion, according to people with knowledge of the firm. Both limited partners and general partners will probably be affected, according to these people. We reported yesterday that Seth Klarman’s Baupost Group plans to return about $4 billion at the end of the year. And earlier this year Daniel Loeb’s Third Point disclosed that it plans to return about 10 percent of its assets to investors.
Microsoft and Fedex are Some of the Biggest George Soros Stock Picks (Kapitall)
We took a closer look at some of the biggest George Soros stock picks, from Microsoft Corporation (NASDAQ:MSFT) to Halliburton. George Soros is known for a lot of things besides his investing prowess. In fact, the investment that made him famous happened over a decade ago – when he made over a billion dollars shorting the British Pound before what became known as “Black Wednesday.” While he is most famous for his currency transactions as an investor, Soros make headlines regularly for his controversial political stances and activist investment policies. He and Carl Icahn are squaring off against Bill Ackman’s billion dollar Herbalife Ltd. (NYSE:HLF) short position, and he once said in a 2003 interview that for him, getting rid of George W. Bush was a “matter of life and death.” So this investor has some pretty strong opinions.
Passport Capital gains from surging Chinese internet stocks- report (VCPost)
San Francisco-based Passport Capital made double digit gains this year because of its bet in Chinese Internet stocks, which had surged recently. Citing a fund investor, Reuters reported that Passport Capital was able to return 18.3% year to date when other hedge funds have only given modest returns. Last month, the hedge fund gained 2.4%. Industry data has revealed that the average hedge fund has only gained an estimated 6% this year. This compared with the 25% gain posted by the benchmark Standard & Poor’s 500 index. According to the report, the dull returns posted by hedge funds together with their high fees have made wealthy investors ask if these investment pools are indeed effective.
GM stake acquired by hedge fund Hayman Capital (InAutoNews)
Hayman Capital’s move into General Motors Company (NYSE:GM) comes as the U.S. government is in the process of selling its remaining stake in the company and as other new potential investors eye the stock, said two people working at a different hedge fund but who were not permitted to speak to the media. In a presentation posted on investing website HVST.com, Hayman founder Kyle Bass called the American carmaker one of the best investments available now. …GM shares were up 1.2 %, or 44 cents, at $38.58 in afternoon trade on the New York Stock Exchange.
Top Witness in SAC Case Can’t Recall Some Points (NYTimes)
Jon Horvath’s memory failed him again during the insider trading trial of his former boss, Michael S. Steinberg, once a top trader at the hedge fund SAC Capital Advisors. In court on Wednesday, Mr. Horvath struggled to recall how he came to learn that a friend, who was an analyst at another hedge fund, was passing on illegal inside information about Dell Inc. “I don’t remember when I figured it out,” Mr. Horvath, 44, testified. “Clearly in 2008, I was aware I got” inside information several times, he said.
Icahn ‘covers’ Time magazine (CNBC)
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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