Hedge Funds

David Einhorn Is Flattered By The Gesture But You’re Going To Have To Do A Lot Better Than That

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  • 07 Nov 2011 at 10:23 AM

Hedge Fund Founder Sued For Telling Employees How He Really Feels

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One of the most difficult and important part of being a hedge fund manger is the constant need to come up with new, outside the box ideas. This is, of course, crucial specifically with regard to investment ideas but also just generally, there is the never-ending pressure to maintain freshness in all matters of business. For instance, keeping employees motivated, hungry and on their toes. If you’re Don Brownstein, you (allegedly) “walk around a crowded conference room table while slapping the palm of [your] hand with a baseball bat, stopping behind traders while stating ‘The only way you can leave this firm is in a body bag.’” If you’re another luminary of the investing world, you go with white board markers as a means of positive or negative reinforcement, one marker good, two markers bad, respectively. If you’re John Duffield, who is being sued by a former employee for bullying, you suggest that the staff you employ does not act in compliance with the law and wonder aloud a) how they can look themselves in the mirror and b) whether or not they have any remorse for disappointing you, ’cause they should. Continue reading »

  • 04 Nov 2011 at 5:33 PM

Renaissance Technologies Smoking The Competition

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“…the firm’s most troubled fund, the Renaissance Institutional Equities Fund, is staging a major comeback. RIEF, with assets of $6.1 billion, is up 31 percent this year, notching returns of nearly 5 percent last month, sources said.” [NYP]

  • 04 Nov 2011 at 10:47 AM

Don’t Call It A Comeback

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John Paulson, the hedge-fund manager having the worst year of his career, rebounded 2.4 percent in his main fund in October and climbed in all his strategies…Paulson’s main fund, the Advantage Plus Fund, which seeks to profit from corporate events such as takeovers and bankruptcies and uses leverage to amplify returns, reduced its year-to-date loss to 44 percent. The gold share class advanced 3.3 percent last month and declined 27 percent this year. Paulson, 55, posted positive returns in all of his funds in October as stocks rallied. [Bloomberg]

  • 03 Nov 2011 at 10:27 AM

OSS Capital “To Wind Down In Its Current Form”

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Third Point Up For The Month, Waiting Patiently To Pounce

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  • 01 Nov 2011 at 12:50 PM

Confidential To Any Future “On-Again, Off-Again, Non-Exclusive” Girlfriends Of George Soros: Don’t Make Yourself At Home

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Back in August, a woman who George Soros had either conducted “a serious meaningful relationship” that lasted five years or had had an “on-again, off-again and non-exclusive intimate relationship,” depending on who you ask, sued the billionaire. Adriana Ferreyr was upset about a whole bunch of stuff, including that fact that he apparently used to make her sit at the kids’ table. The basis of her lawsuit, however, focused on the promise Soros allegedly made to buy her a “dream home” at 30 East 85th Street before “heartlessly” dumping her a few days after the contract was signed. Ferreyr was pretty pissed about the situation but, as these things go, the duo “briefly reconciled for a romantic night together” during which Jorge supposedly had the Soroses to “whisper in her ear” that he’d given the keys to her dream house to another one of his gal-pals.  Adriana also claimed that after she aired her displeasure with Soros’ decision to give away her apartment, he slapped her across the face and ”proceeded to put his hands around her neck in an attempt to choke her…then allegedly tempted to strike her with a glass lamp narrowly missing though cutting her foot.” According to Soros’s lawyer, this is all fiction dreamed up by someone looking for a free ride. Continue reading »