If this hedge fund manager thing doesn’t work out, he’s got a plan B. Also a C, which is star in the first season of HGTV’s, Flip or Flop: Billionaire Edition. It’s pretty obvious Ackman could sell the hell out of a 4 bed, 3.5 bath tudor style house featuring a “spacious open concept living/dining/kitchen area, finished basement and luxurious master suite.” Read more »
hedge fund managers
It’s a burden, really. Read more »
The interview began at 2 p.m., and [Jim] Grant went straight after the elephant in the room — the Valeant-Allergan deal. “May I call you Bill, or do you prefer ‘Alpha’?” Grant asked playfully before launching into a series of questions. Before we go any further into this story, you should know that short-seller Jim Chanos, CEO of Kynikos Associates, was sitting in the crowd. Chanos is famously short Valeant. He says it is an accounting rollup that lacks organic growth. Ackman knew Chanos was in the crowd, because during the lunch lecture (about 20 minutes before Ackman’s interview), Chanos asked a question in front of everyone present. Now, back to Ackman’s interview. As Grant asked the same questions about Valeant-Allergan that critics have been asking for months — “Does the company actually make money?” “Does Valeant overpay for its acquisitions?” “Doesn’t it need to spend money on R&D?” — Ackman started to bristle a bit. Suddenly, he turned toward Grant. “Are you short because your daughter is working for Jim Chanos?” he asked pointedly. [BI]
Back in July, Chicago, Wall Street, and the universe, really, were rocked by the prospect of Citadel founder Ken Griffin losing his title as World’s Richest Illinoisan, following the news that he and his wife were getting divorced. For those who haven’t been following the story, a quick refresh:
* July 23, 2014: Ken’s lawyers serve Anne with divorce papers.
* July 23, 2014, later that day: Anne’s lawyer says in a statement that Ken “unilaterally filed a divorce petition…with no notice to either me or my client, knowing full well that she had just left for summer vacation with their three young children and would therefore be unable to respond.”
* July 24, 2014: Ken’s lawyers preemptively put it out there that the couple’s prenup is: “…valid, binding and enforceable…”
* September 2, 2014: Anne Dias Griffin says fuck you and fuck your prenup; says through a lawyer she wants it voided; claims that Ken sprung the prenup on her three days before their wedding, then got her to sign it by suggesting the two see a therapist while failing to mention he was already a patient of said therapist.
* September 3, 2014: Re: allegations by Anne that he’s an absentee father, Ken brings out the big guns: “A source close to Mr. Griffin called the father of three a devoted dad who’s been known to dress as Spider-Man for a school Halloween party and as a prince for a daughter’s birthday party that had a princess theme.”
Which brings us to today. From Ken’s camp, there’s the news that Anne’s already received a sizable chunk of change over the course of their marriage. From Anne’s, it’s that Ken’s changed the locks on their many vacations homes and maybe threatened to take a wrecking ball to their Chicago penthouse? Read more »
Carl Icahn Glad eBay Finally Woke Up And Listened To Him, Hope Its Learned A Valuable Lesson Here Today (Never Question Carl Icahn Again)By Bess Levin
Thankfully, the e-commerce giant came to its senses before Ichan had to go all Queens schoolyard on its ass. The only reason he gave them an extension on his patience is because he’s actually had great success selling his knickknacks on the site. Read more »
As you may have heard, hedge fund manager Louis Bacon is in a bit of a tiff with “Canadian clothing magnate” Peter Nygard, his neighbor in Nassau. While the genesis of the argument is unclear, Bacon appears to have been upset with Nygard for doing some environmentally questionable things in the area, while Nygard claims Bacon’s beef is that he wouldn’t sell the Moore Capital founder his land. Typically, when rich people live within close proximity of one another, disagreements quickly devolve into amazingly petty wars of words and actions between two people with little to lose and unlimited resources with which to do things, like, say, cut down each other’s shrubs without asking. Any past feuds between the exceedingly wealthy, though have been complete and total child’s play compared to Bacon v. Nygard, in which:
* Bacon has claimed Nygard paid off a group of people to march around carrying signs linking Bacon to the KKK.
* Nygard has claimed an assistant of Bacon’s, acting on orders from his boss, blasted the most annoying sounds in the world from “military grade speakers” directly into Nygard’s bedroom, as a message not to fuck with Bacon.
* Nygard has claimed Bacon also dispatched an assistant to burn down his neighbor’s house. Read more »
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]