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Despite Strong Returns, Investors Shun U.S. Hedge Funds [Forbes]
Larger funds had relatively weaker performances, dragging down the weighted average return for funds with more than $3 billion under administration compared to the median return. The median return for all funds was 2.61%, while the weighted average return was 2.75%.... Citco-administered funds saw over $9 billion in net inflows during the first quarter, although March saw marginal net outflows. The firm said the flows didn't all go to the largest fund managers as emerging managers with less than $1 billion and less than $5 billion in assets under administration received all of the net inflows. Fund managers with more than $5 billion were flat for the quarter.

Companies Are Flush With Cash—and Ready to Pad Shareholder Pockets [WSJ]
Already this year, U.S. companies have authorized $504 billion of share repurchases, according to Goldman Sachs Group data through May 7, the most during that period in at least 22 years. The pace of announcements trounces even the 2018 bonanza that followed the sweeping tax overhaul of late 2017.
U.S. companies also ramped up dividend spending in the first quarter, data from S&P Dow Jones Indices show, increasing their payments by an aggregate $20.3 billion on an annualized basis. That marks the largest quarterly increase since 2012.

Elon Musk clarifies that ‘Tesla has not sold any Bitcoin’ [CNBC]
Bitcoin’s price had tumbled below $43,000 after Musk implied in a Twitter exchange Sunday afternoon that the electric vehicle maker sold or may sell the rest of its bitcoin holdings.
A Twitter user who goes by @CryptoWhale said, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…”
Musk replied, “Indeed.”

Bright Machines Going Public in $1.6 Billion SPAC Merger [WSJ]
The creator of a platform that uses artificial intelligence and robotics to automate tasks in manufacturing, Bright Machines is combining with the SPAC SCVX Corp…. Bright Machines considered other fundraising options to accelerate software development and customer acquisition but found the SPAC merger to be most appealing, Chief Executive Amar Hanspal said in an interview.

Hedge funds Third Point, Sachem Head see Alibaba differently -filings [Reuters via Yahoo! Finance]
Sachem Head, run by Scott Ferguson, listed communications company Alibaba Group Holding as a new holding during the first quarter of 2021, according to a filing. The New York-based hedge fund bought 605,000 shares, making it one of its biggest stock holdings on March 31, 2021./At Daniel Loeb's Third Point, portfolio managers liquidated the firm's position in Alibaba, selling 1.4 million shares. New York-based Third Point had owned Alibaba since the second quarter of 2020.

Vanguard to Open Dallas Office as Texas Becomes a Hotbed [Bloomberg]
The outpost will accommodate financial advisers and tech-support staff, the Valley Forge, Pennsylvania-based company said Friday in an emailed statement. The move affects the Personal Advisor Services group, which doles out investment advice online and oversaw about $231 billion as of March 31…. Charles Schwab Corp. moved its corporate headquarters to nearby Westlake from San Francisco after acquiring rival TD Ameritrade in October. Texas also attracted Los Angeles-based hedge fund Canyon Partners, which recently leased space in Dallas.



Opening Bell: 11.23.21

Private equity parties on; the hedge fund one less so; Elon Musk comes up with a way to make Tesla shareholders pay his tax bills; and more!


Opening Bell: 7.27.21

Elon Musk’s a cool guy; Sino-slam; electronic trading expert trades Jamie Dimon for Steve Cohen; and more!


Opening Bell: 8.8.22

Congress did something; buyback bonanza; Berkshire bruised; Elon Musk throws down the gauntlet; and more!

By Luis Villa del Campo from Madrid, Spain (Times Square - NASDAQ) [CC BY 2.0], via Wikimedia Commons

Opening Bell: 3.11.22

Chinese companies on the chopping block; recession risk rises; crypto-401(k)s checked; Elon Musk is homeless; and more!

grand tetons

Opening Bell: 8.24.21

Jackson Hole calling (virtually); another space SPAC; China troubles; Elon Musk thinks Elon Musk’s self-driving software sucks; and more!


Opening Bell: 7.23.20

Unemployment rises; Tesla surprises; Bryant bankrupt; herding east; and more!


Opening Bell: 9.8.22

EY has a deal with itself; bond blues; BlackRock bites back; Elon Musk not the first not to want to buy Twitter; and more!

Bezos SpaceBall

Opening Bell: 7.22.22

Gloomy Goldman; Apple, Amazon ready for blue-chip status; hemorrhaging hedge funds; and more!