Hedge Funds

If there are people out there who don’t enjoy being broken down emotionally by their coworkers as a means of ultimately emerging stronger, he hasn’t heard of them. Well, okay, he’s heard of some but they quickly adjust to the Bridgwater way of doing things after a short 18 months. Read more »

  • 22 Sep 2014 at 12:52 PM

Bond Lovers Should Run And Hide: Julian Robertson

Julian Robertson, the billionaire founder of Tiger Management LLC, said there’s a bubble in bonds that will end “in a very bad way.” “Bonds are at ridiculous levels,” Robertson said today at the Bloomberg Markets Most Influential Summit in New York. “It’s a worldwide phenomenon that governments are buying bonds to keep their countries moving along economically.” [Bloomberg]

By day, Brian H. Lederman works as a managing director for Swiss Performance Management & Fiduciary.* By night (and maybe also by day), he grabs women’s asses. He grabs them on the subway, on the sidewalk, while waiting in line for the bathroom, and on his way out of the club. He grabs them in the rain, on the train, here and there and anywhere. If there were a category for grabbing asses, he’s undoubtedly be the Guinness Book of World Records holder. That is to say, he grabs a lot of asses. And while most people would not be able to keep track of all the asses they’d grabbed in their lifetime, Lederman claims he’s never forgotten an ass, which was an essential piece of his recent defense against allegations that he’d grabbed one at Lucky Strike earlier this week. Read more »

That’s about the only effect of yesterday’s move to revoke SAC’s CFTC registration because of, you know, the insider-trading and whatnot, since family offices like SAC er, Point72 don’t need the CFTC’s permission to do anything. Read more »

  • 15 Sep 2014 at 3:13 PM

Break Yourself Off A Piece Of Bill Ackman Today

Hedge-fund manager William Ackman aims to raise $2 billion through the initial public offering of one of his funds on Euronext Amsterdam in a move that will provide it with steady capital. Pershing Square Holdings Ltd. said Monday that it plans to float on the Amsterdam stock exchange for $25 a share, giving it a market capitalization of at least $5 billion…The IPO comes as activist investors are embarking on a drive to take advantage of their increasing clout in boardrooms and above-average hedge-fund returns. Mr. Ackman hopes that the IPO will provide him with more permanent capital. [WSJ]

  • 15 Sep 2014 at 2:15 PM

Phil Falcone Is Thinking Things

Like maybe now that he’s got all this free time on his hands, he should lace up his skates and whip the New York Islanders into shape? With his afternoons unoccupied for the next four years and his old Harvard game plans already dug out of the attic, the three-time Ivy League hockey champion is ready to teach these NHL underachievers a thing or two about working a puck. As for his consigliere Wilbur, she wouldn’t be caught dead in Minneapolis, but is happy to entertain offers to tickle the ivories in Brookklyn as Barclays Center organist. See Phil for dressing room demands. Read more »

Carl Icahn Drives A Hard Bargain At Work And At Home

Young Brett Icahn’s plans to follow in his father’s footsteps with a chunk of his father’s money have run into a snag, namely, his father. Sure, the elder Icahn would be happy to help his son remove the training wheels, but he just can’t help it if he’s the superior negotiator, even at 78. Read more »

As those of you familiar with the career of Daniel S. Loeb know, the hedge fund manager makes a nice chunk of change each year through activist investing. While the boards of most public companies view activist investors in general as people who show up to their home uninvited, take a shit on their staircase and then demand to know how anyone in good conscience could live in such squalor, to view Loeb as just one of many would be like lumping Pavarotti together with a bunch of glee club dropouts.

The man, quite simply, has elevated the art of activist investing, through his trademark letters (all of which include a potent, poetic blend of sarcasm, self-regard, belittling attacks on management competence, and lengthy prescriptions for change) and delightful flourishes like tasking his best researchers with uncovering damning details about the objects of his wrath, like, for instance, that they lied about their college majors. Anyone who has watched him at work will agree: he is an artist.

And now, he’s got even more money than usual to spend on fieldwork, correspondence, and possibly skywriters who will be paid to leave a fluffy white “Just Quit Already” above various chief executives’ homes and offices. Read more »