Hedge Funds

If CalPERS Is Doing It, It Has To Be Good

lemmingsThe California Public Employees’ Retirement System insists that it’s not firing all of its hedge funds because they aren’t worth the 2%, let alone the 20%. But its fellow pension funds, none of whom are CalPERS in terms of size or in-house capabilities, noticed a very clear nod-and-wink in their direction. And so, having followed the herd into alternatives, they’re now forming a new herd to abandon them. Read more »

Bill Ackman Loves Canada

This stuff, too!He loves its peameal bacon. He loves its pea soup. Its real maple syrup. Its mounties and moose and trappers. Its hockey players. Its railroads. But, most of all, he loves how easy it makes his job—and how hard it makes it for its companies to stop him. Read more »

You're an embarrassment to the Icahn name.Carl Icahn lost $200 million yesterday on Netflix, one of those newfangled technology stocks that his son is always pushing him to invest in. Now, Carl’s not happy about, but since he already made a 457% return when he unloaded half of his shares in the company last year, he’s not calling Brett in for a spanking. A “not so fast,” an “I told you so” and a “still not quite as sharp as the old man” might, however, be in order. Read more »

Paul Singer had an idea a while back: Let’s come up with a plan to destroy Argentina even more than we already have, have an elder stateswoman and a Spanish-speaking former U.S. Cabinet member transmit the threat, and watch Cristina Kirchner crawl to the negotiating table, $1.6 billion in tow. Well, things didn’t work out quite as planned: Instead of begging, President Kirchner got even more ornery than she already was. Long story short, Paul Singer has no need of Madeleine Albright anymore. Read more »

Carl Icahn, his lawyers assure the bankruptcy judge, really will pour $100 million into a casino that’s losing $8 million a month. But only if he gets his way, and that way is $175 million in tax breaks and other state aid and, oh yea, the bankruptcy judge ripping up the casino’s contract with its union. And he’ll do it even if the now-contractless union goes on strike, because, really, can the Trump Taj Mahal really be a worse business without them than with them? Read more »

As you may recall, a few years back, a couple of former Titan Capital Group assistants suggested via lawsuit that it was not appropriate for their boss to ask them to print out topless honeymoon shots of the his new wife and then to ask whether they liked them as much as he did. They additionally suggested that it was equally inappropriate for the boss’s brother, Marc Abrams, to say a few unkind things to one of them, who also happened to be his ex (including that she was a “dirty pig thief” and “rotten bitch” and so on).

Until about a week ago, Cristina Culicea and Danielle Pecile didn’t have much to show for their efforts, other than the photos, what with the lawsuit still pending. Then, news of the four-year-old lawsuit apparently made its way to Greenwich, and they at least got this: Read more »

Russian Hedge Fund’s Managers, Money On American Vacation

There are lots of reasons why a prominent hedge fund manager might wish to beat a hasty retreat from Moscow. Perhaps he’s not comfortable with Russia’s liberation of all of those Ukrainians. Perhaps he failed to go along with alleged government plot to steal its money and wasn’t interested in taking up residence at Butryka Prison. Perhaps president-or-prime-minister-for-life Vladimir Putin has ominously stopped returning his calls.

Or perhaps he just stole all of his investors’ money and thinks Miami is a better place to spend it than the Crimea. Read more »