Earlier today, a person, if a person were so inclined, could hop on his or her Bloomberg terminal, start a message to hedge fund manager Dan Loeb, and be greeted with a header that proclaimed “New HLF Product: The Herbalife Enema, Administered by Uncle Carl.” This line was an obvious reference to the figurative enema Pershing Square chief Bill Ackman has undergone at hands of the shake and supplement company and fellow money manger, Carl Icahn. After a flurry of articles pointing out Loeb’s anus-themed diss, the Third Point manager’s header was changed to “Always take the high road.” While one might quick to assume this meant Loeb had had a change of heart re: his previous statement, and had felt it’d been a less than diplomatic thing to say, doing so would make an ass of you and me. Read more »
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Jim Chanos, who oversees $6 billion as the founder of Kynikos Associates Ltd., said Danny Meyer’s hamburgers might have saved his two sons from getting struck by a bat that slipped out of Miguel Cabrera’s hands during last night’s Major League Baseball All-Star Game. The errant bat flew into the stands down the third base line after a swing and miss by the Detroit Tigers’ All-Star third baseman during the fourth inning last night. It flew over about 10 rows of fans before hitting the empty seats next to Chanos, who was seen dodging the projectile on the television broadcast by News Corp.’s Fox network. Chanos, the money manager who rose to fame shorting Enron Corp., said his sons weren’t in their seats at the time because they were grabbing food at Meyer’s Shake Shack stand at New York’s Citi Field, home of the Mets. “Luckily they got up to get a burger, so the bat landed where they were sitting instead,” Chanos said in an interview today at the CNBC Institutional Investor Delivering Alpha Conference. “I e-mailed Danny Meyer and said his burger had saved my sons.”
Steven A. Cohen, summoned to testify before a grand jury about allegations of insider trading at his SAC Capital Advisors LP, invoked his Fifth Amendment right not to incriminate himself, said two people familiar with the matter. It wasn’t clear if Cohen, 57, had invoked his right to testify before the grand jury or had been excused from appearing after informing prosecutors of using the privilege, said the people, who asked not to be identified because the information is private. “I wouldn’t have recommended that he goes in to testify given how this looks like the government is trying to build a case around Cohen, rather than investigate one,” said Thomas Gorman, a partner at law firm Dorsey & Whitney LLP in Washington. “It just seems that the government is reaching for a theory to support their beliefs.” [Bloomberg]
No? Then educate thyself:
- 1509: Henry VIII marries Catherine of Aragon.
- 1919: A horse named Sir Barton becomes the first of his kind to win the Triple Crown.
- 1947: The US ends WWII sugar rationing.
- 1948: Nat King Cole’s “Nature Boy” spends its 7th week at number one.
- 1956: A star is born.
Why do people (investors, media, random passersby on the street, this lady) like to harp on all the money John Paulson has lost in the past couple years, despite the fact that they could be talking about his new hot-ish streak? Why can’t he get a little credit for all of his great investment ideas, instead of relentless bitching and negativity about the ones that haven’t yet panned out? It’s something the hedge fund manager has thought a lot about lately and while “I’m surrounded by fucking assholes” seems like it could account for some people’s behavior, he’s finally come up with what seems like a pretty good general explanation: it’s those damn gold funds. Sure, they’ll make money one day but first they’ve got to lose a lot and reading that “have lost forty seven percent for the year” distracts people from “up 3.4 percent!” So, there’ll be no more of that. Read more »
Steve Cohen Would Sooner Enroll In Ballroom Dancing Classes With His Ex-Wife Than Convert To A Family Office And Admit DefeatBy Bess Levin
While it would be a logical step for Cohen to focus on managing his own wealth, two people who know Cohen said his decision not to throw in the towel is in keeping with his personality. Cohen doesn’t want to let the government get the best of him and is seeking to defend a reputation as one of the most successful hedge-fund managers ever, said the people, who asked not to be named because the information is private. [Bloomberg, earlier]
Financial Times: You have received a lot of good press, but there has also been some criticism of some of the investment stances you have taken and also your trading techniques, specifically the short selling. In a way, your philanthropy does not seem to fit with how you live your professional life. How would you respond to that assertion? Bill Ackman: I think we’ve accomplished more for society in our for-profit activities than in our not-for-profit activities. My work with the Pershing Square Foundation is a continuum of what I do in my professional life. When the Foundation sees a problem we always ask if there is a business solution. I think most of the criticisms you have heard relate to my position on Herbalife. If I manage to close down that company I will consider it the greatest achievement of my life. [FT]