Old Dog Learns New Trick
We’re just kidding. It was the old dog’s algorithm that learn a new trick, specifically the trick of buying a meme stock as it was crushing it.
RenTech, founded by the former NSA codebreaker and MIT math professor Jim Simons, held about 516,000 AMC shares at the end of March this year. It raised its bet on the cinema chain - a firm favorite of meme-stock traders - to 1.8 million shares last quarter, regulatory filings show.
The value of RenTech's AMC stake ballooned almost 20-fold to $103 million in the three months to June 30. That reflected the fund's share purchases, as well as the movie-theater group's stock price jumping almost 500% to $57.
We guess the machines just like CEOs who participate in conference calls.
It cut its position in Elon Musk's electric-vehicle company from about 827,000 shares to 204,000 shares, reducing the value of its stake from $553 million to $138 million.
Jim Simons' RenTech fund tripled its AMC stake last quarter - and slashed its Tesla holdings by 75% [BI]
