Paloma’s Sussman forecasts growth for hedge fund industry (Risk)
The Cuban revolution was the catalyst that launched the financial career of Donald Sussman. As a precocious 12-year-old, he made his first stock market killing correctly betting Castro’s guerrilla war would disrupt sugar supplies and drive up prices. What was to become a lifelong addiction to markets started around the family dinner table where he first got his idea for the sugar deal. Growing up in Miami Beach, Sussman remembers his grandfather, who came down to visit during the winter months, spending every day in brokerage firms. “I was always fascinated with the dinner conversation: when people’s expressions and eyebrows went up and down over three and three-quarters….
Clouds over hedge fund industry grow darker (Lohud)
One of the most-successful, high-profile hedge funds indicted on insider-trading charges. Lousy performance. Big losses on gold bets gone bad. Bad P.R. Not to mention a critical story earlier this month by Bloomberg BusinessWeek which wondered aloud if these pricey investment vehicles run by the so-called smart money for rich folks are for suckers. …”Hedge funds are under attack,” says Andrew Stoltmann, a Chicago securities attorney. “I don’t think there is any question that this has been the worst year for hedge funds in the last 20 years. It has been a tsunami of horrible press and horrible accusations.”
Icahn in control after Dell ups offer to take company private (CIO)
Michael Dell and Silver Lake’s decision to raise the offer to take Dell Inc. (NASDAQ:DELL) private is a concession that rival Carl Icahn and affiliate parties may have an upper hand in the wrangling to take over the company, observers of the deal said. Yesterday founder Dell Inc. (NASDAQ:DELL) and Silver Lake offered shareholders $13.75, an increase from the original offer of $13.65 proposed in February, which was met with opposition from Icahn and other institutional investors, who believed the company was being undervalued. Icahn has led the fight against Dell Inc. (NASDAQ:DELL), playing a major role in getting the company founder and CEO to increase his offer, observers said.
Pursue what you love, and don’t wait to have children: Jim Rogers to young professionals (Mining)
In his latest interview with Future Money Trends Jim Rogers strikes the usual chords: the inevitable disaster of central bank money printing around the world, the dangers of investing in things one doesn’t understand, and the 21st century belonging to Asia. But Rogers also offers some personal comments, admitting he was wrong to wait so long to have children, and imploring young people to pursue their passions, saying that this is the only path to – if not success – happiness.
Air Products’ Shares Are Ripping On A Rumor That It’s The Target Of An Activist Investor …Like Bill Ackman (BusinessInsider)
Over the past couple weeks, folks on the Wall Street have been trying to figure out activist investor Bill Ackman‘s newly created special purpose vehicle’s single stock target. Ackman, who runs Pershing Square Capital, has said he’s looking for a “simple, predictable, and free-cash-flow-generative and enjoys high barriers to entry.” CNBC’s David Faber points out that there’s speculation that Air Products could be that company.
In Speaking Out, John Paulson Decides the Best Defense Is a Good Offense (InstitutionalInvestor)
John Paulson has been on something of a publicity tour lately. Over the past few months, the eponymous founder of Paulson & Co., the big New York?based hedge fund firm, has been a headline speaker at two of the industry?s most high-profile conferences. Paulson has not been this visible since 2008, the year after he made his remarkable bet, lionized in the book? The Greatest Trade Ever,? on the collapse of the U.S. housing market. This time, however, the circumstances are rather different. After a particularly rough patch that has seen Paulson suffer significant losses and outflows, the 57-year-old manager has good reason to attempt to justify his record.
