Hedge Funds

Ken Griffin’s September To Remember

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“The Citadel founder’s main hedge funds were up 0.25 percent in September, putting them up by about 15.10 percent for the year, according to sources, making them among the best performers this year.” [II]

Whitney Tilson: We’ve Been Here Before

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“Our fund declined 9.5% in September vs. -7.0% for the S&P 500, -5.9% for the Dow and -6.3% for the Nasdaq. Year to date, it’s down 29.6% vs. -8.7% for the S&P 500, -3.9% for the Dow and -8.4% for the Nasdaq…In the rest of our letter (attached), we discuss a similar period of underperformance in late 2008-early 2009, how we’re in the same boat, our economic outlook and our fund’s positioning, how we approach investment decision making today, our biggest winners and losers this year, and seven stocks.” Continue reading »

Cliff Asness Could Use Some New Investment Ideas

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He’s got 100-large for whoever delivers AQR the right stuff. Continue reading »

Steve Cohen To Make Sure TriState Area Superbowl Will Cause All Other Super Bowls To Bow Down Before It In Awe

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Yes, Super Bowl XLVIII is a long way off. Yes, it’s hard to get jazzed about a game for which we have no idea who will be playing. Yes, you might actually freeze your ass off. While all of those things may be true, yesterday brought news that should have you salivating for 2014. Because yesterday, we found out that that SB? Stands to be the best one ever, based on a host committee that includes (among others such as Goldman Sachs, JPMorgan, Citi, BlackRock and Paul Tudor Jones): SAC Capital. While the official list cites SAC president Tom “Silver Fox” Conheeney as its point man on the project, make no mistake that Steve Cohen will be heavily involved, no doubt going above and beyond the responsibilities of a typical host. Obviously, Cohen has a lot on the line here, given that his venerable initials are on the thing. Therefore, in an effort to make sure SAC isn’t associated with a sack-freezing joke, he’ll be taking the following steps to ensure the game is a smash hit. Continue reading »

Phil Falcone Has Great News For Harbinger Capital Investors, Less Than Great News For The City Of New York

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Over the last 10 months or so, the relationship between hedge fund manager Phil Falcone and his investors has not exactly been mutually satisfying. Not that they’ve been keeping a list but, if pressed to get into specifics, Harbinger Capital clients might cite a few reasons why they’ve been less than thrilled with Falcone of late such as: 1) The lackluster returns in Harbinger Capital’s flagship, which have in no way mimicked the highs of 2007. 2) That time he told reporters his investors are idiots. 3) The fact that he’s come to adopt a loose definition of the term ‘hedge,’ and put a whole lot of their money in a wireless venture that the universe seems hell bent on making sure never even has the chance to cause GPS interference. 4) The note those who requested their money back received in July, informing them that rather than getting cash, they’d be the lucky recipients of illiquid LightSquared equity. And then there would be the incident about which they really get pissy, and where things started to go down hill: 5) The time Phil choose to “loan” himself $113 million from a gated fund in order to pay personal taxes. Today, however, brings word that should do a lot to smooth ruffled feathers. On points 1-4, not much to say there. No one changes in a day. But! On point 5? Big progress. Huge. Continue reading »

How Should Raj Rajaratnam Spend His Last Three Weeks Of Freedom?

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Though some might argue otherwise, Raj Rajaratnam is a pretty lucky guy. In the beginning of July, at which time he was slated to be sentenced in mere weeks, Judge Richard Holwell agreed to postpone a decision until September 27, granting the convicted Galleon founder one last summer of love. Today, Holwell tossed Raj yet another bone, putting off next Tuesday’s sentencing for October 13. Knowing the guy better than most, how would you suggest he make these next few weeks count? Continue reading »

Third Point Looks Forward To The Juiced Up Future Of Yahoo

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