surprising turns of events

Not being told what a shitty job management is doing somehow feels off. Read more »

  • 07 May 2014 at 2:44 PM

Someone Still Believes In Bill Gross

Pacific Investment Management Co. and co-founder Bill Gross got a vote of confidence from owner Allianz as the fund company struggles with subpar investment performance and investor defections. “Pimco is still one of the most successful firms in the market,” Jay Ralph, the Allianz management board member who oversees Pimco, said in an interview on Tuesday…Total Return has seen $55.3 billion in net redemptions since May 2013, more than most U.S. mutual funds hold in assets. Mr. Gross’s performance also has faltered: the fund returned 0.74% in April, while its benchmark, the Barclays U.S. Aggregate Bond Index, returned 0.84%. [WSJ]

  • 02 May 2014 at 8:45 AM

Royal Bank Of Scotland Stuns Universe

They said it would never happen. Said they couldn’t do it. Said there wasn’t even a point in trying. Laughed at the prospect. Scoffed at the mere thought. Jeered at them in the City. Snickered about their pipe dreams in the pub. Shouted, “Come on now, mate, just give up already.”

They were wrong. Read more »


Last night, in an interview with CNBC, Carl Icahn had this to say about fellow hedge fund manager Bill Ackman and his recent bid with drugmaker Valiant Pharmaceuticals for Botox maker Allergan:

“We have our differences, but I never said he’s not a smart guy. I think the concept of this is good. I hope it works out better for him than Herbalife did, and I think it will…There’s nothing wrong with making a bid for a company and using someone else’s funds.”

Those of you who’ve kept up with Icahn and Ackman’s relationship know that Icahn saying he never said Ackman’s “not a smart guy” represents a complete 180 from his comments about the Pershing Square manager in the past. Those include but are not limited to:

  • To the New York Times: “How many times have judges been wrong? How many people have gone to the death chamber because they’re wrong? Ackman is dead wrong.”
  • On BloombergTV: “…it’s no secret I don’t like Ackman”
  • Also on BloombergTV: “I have no respect for him and I don’t like him and that’s not a secret.”
  • In the same interview on BloombergTV: “I dislike the guy, I don’t respect him, I’ve done business with him and he wasn’t forthright…that’s my opinion.”
  • Via press release: “To get the record straight, I never asked Ackman to be my friend.”
  • In the same press release: “Bill Ackman has recently stated ‘Carl Icahn is a great investor.’ I thank him but unfortunately I cannot return the compliment.”
  • On CNBC: “I was minding my own business in 2003 and I get a call from this Ackman guy and he’s like the crybaby in the school yard. I went to a tough school in Queens and they used to beat up the little Jewish boys and he was like these little Jewish boys crying saying the world was taking advantage of him. He was almost sobbing. And he’s in my office talking about this Hallwood deal and how I can help him. It’s like in the old song, I rue the day I ever met the guy.”
  • In the same interview on CNBC: “He’s the quintessential example of if you want a friend, get a dog.”
  • CNBC: “I wouldn’t invest with [Ackman] if [he] were the last man on earth.”

So to hear Icahn not only describe Ackman as not not smart but to compliment his “concept” was more than a little bit surprising. But why the about face? It’s possible it had something to do what happens at 2:58 here: Read more »

  • 06 Nov 2013 at 4:42 PM

Jon Corzine Didn’t Take MF Global Customer Money

He just hid it for a while. You can have it back now. All of it, much to everyone’s surprise. Read more »

The SEC’s tack angered the SAC chief, the people close to the firm said. The billionaire hedge-fund manager has been discussing plans to move forward with his business, even as the government has stepped up its scrutiny…Even so, Mr. Cohen has said privately that he believes he can raise new money from wealthy individuals, the people said. While institutions have pulled money, some wealthy individual SAC clients have stuck by the firm, according to people with knowledge of the matter. [WSJ]