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☆ Last-minute, short-handed goal leads Ducks past Penguins
▼ + stars: | 2023-10-31 | by ( Field Level Media | ) www.reuters.com time to read: +2 min

[1/36] Oct 30, 2023; Pittsburgh, Pennsylvania, USA; Anaheim Ducks center Leo Carlsson (91) warms up before the game against the Pittsburgh Penguins at PPG Paints Arena. Jakob Silfverberg and Frank Vatrano also scored and Pavel Mintyukov had two assists for the Ducks, who have won four straight. Erik Karlsson and Evgeni Malkin each had goal and an assist while Radim Zohorna also scored for the Penguins, who have lost five of their past six games. At 8:28 of the first, Silfverberg tied it. Anaheim tied it again 1:36 later.

Persons: Leo Carlsson, Charles LeClaire, Mason McTavish's, McTavish, Tristan Jarry, Jakob Silfverberg, Frank Vatrano, Pavel Mintyukov, Greg Cronin, John Gibson, Lukas Dostal, Erik Karlsson, Evgeni Malkin, Radim Zohorna, Jarry, Karlsson, Jake Guentzel, Gibson, Malkin, Silfverberg, Jarry lunged, Vatrano, Ross Johnston, Cronin, Zohorna Organizations: Anaheim Ducks, Pittsburgh Penguins, PPG Paints, Ducks, Anaheim, Penguins, The Ducks, Pittsburgh, Thomson Locations: Pittsburgh , Pennsylvania, USA, Pittsburgh, Anaheim

☆ Opinion | Why Big Money Can’t Easily Change Campus Politics
▼ + stars: | 2023-10-20 | by ( Ross Douthat | ) www.nytimes.com time to read: +11 min

First, Jewish donors probably can’t win the identity politics game. But this strategy also has inherent limits, insofar as the free speech protected by campus administrators is only as diverse as the people who are speaking. Which brings us to the second point for would-be reshapers of the university: If you can’t influence faculty hiring and tenure, you may be wasting your money. Will the University of Pennsylvania miss the collection of major donors who’ve denounced the school in the past week? But not with the goal of using such student groups as a means of conflict with the administration or the faculty.

Persons: Jason Willick, specter, Willick, you’re, Donald Trump, there’s, Bernie, Sanders, they’re, who’ve, Leland Stanford ”, Rather, Michael Brendan Dougherty, Chris Caldwell, Anthony Grafton, Anthony Lane, Arthur Brooks, George Orwell, Zvi Mowshowitz, Keith Phipps, Martin Scorsese’s “, Foucault, — Maxi, ” Organizations: The Washington Post, Cornell, University of Pennsylvania, Big, Hillel, Penn, — Locations: The Washington, State, Israel, tokenism, Harvard, Poland, Foucault’s

Negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement over the acquisition of the largest oil producer in Permian basin. So far, shareholders profited as the share price more than doubled since early 2021 when activist investors publicly pushed for changes. Big Oil is responsible for the bulk of human-induced greenhouse gas emissions and pressure for action is building. "Investor pressure has decreased; they're backtracking... the big investors are enabling this," said climate investment group Follow This founder Mark van Baal. Privately, investors worried if Exxon bowed out of production, someone else would pick up the slack and nothing would be gained for shareholders or energy transfer.

Persons: Olaf Scholz, Exxon Mobil's, Jim Rossman, that's, Andrew Logan, tussles, Mark van Baal, Charlie Penner, Ceres, Logan, Marguerita Choy Organizations: Environmental, Exxon, Republique, New Global Financial, Big Oil, Energy, Natural Resources, Pioneer, Barclays, Oil, Public, International Energy Agency, Investors, Ancora, Holdings, Algonquin Power & Utilities, Elliott Investment Management, NRG Energy, Smart, Thomson Locations: Paris, France, BOSTON, Ukraine

On day one of Sam Bankman-Fried's criminal trial, assistant U.S. attorney, Danielle Sassoon, rattled off a lengthy list of potential witnesses who might be called to testify for either the government or the defense. The list, which was compiled jointly by both sides, was released during the afternoon session and included Bankman-Fried's brother, Gabe, as well his parents, Allan Joseph Bankman and his wife, Barbara Fried. Parents of the disgraced former CEO of FTX are themselves the subject of new scrutiny. Other entities that may take the witness stand included various venture funds and crypto-focused companies like Genesis, Lightspeed Venture Partners, Ontario Teachers Pension Fund, Third Point, Signature Bank, and Voyager Digital. Many of these businesses were hurt or wiped out by the collapse in cryptocurrency prices triggered in part by FTX's implosion.

Persons: Sam Bankman, Danielle Sassoon, Gabe, Allan Joseph Bankman, Barbara Fried, Ellison, FTX, Wang, Anthony Scaramucci, Fried Alfred Lin, Sequoia Capital Zac Prince, Michael Lewis Organizations: Alameda Research, U.S, SkyBridge, Sequoia Capital, Lightspeed Venture Partners, Ontario, Pension Fund, Signature Bank, Voyager Locations: Bankman, Manhattan

☆ Hedge fund giant Third Point reportedly facing big investor outflows in 2023 amid slumping returns
▼ + stars: | 2023-09-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Dan Loeb's Third Point is dealing with big investor outflows in 2023, the Wall Street Journal reported. Investors have pulled funds after Loeb missed out on the huge tech rally earlier this year. The WSJ report said Loeb is now betting on an eventual credit crunch amid rising interest rates. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. According to a Friday report from The Wall Street Journal, Third Point funds have dropped by about 1.6% through August.

Persons: Dan Loeb's, Loeb, —, Dan Loeb, annualized, Steve Davis, I'm, we've, Sam Bankman Organizations: Wall Street Journal, Investors, Service, Wall Street, Journal Locations: —, Sacramento

☆ Toshiba's top investor to sell stake in JIP offer, source says
▼ + stars: | 2023-09-15 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Sept 15 (Reuters) - Toshiba's (6502.T) largest shareholder Effissimo Capital Management has decided to tender its 9.9% stake in the $14 billion takeover offer by Japan Industrial Partners (JIP), a source said on Friday, raising the odds of the bid succeeding. The offer, which will end on Sept. 20, needs at least two-thirds of shareholders to tender their shares for it to succeed. Other major shareholders, Elliott Management and Farallon Capital Management, both have their executives on Toshiba's board which has unanimously approved the JIP takeover. Singapore-based fund 3D Investment Partners, previously Toshiba's second-largest shareholder, revealed in a filing in March that it had cut its stake to 4.90% from 7.20%. Sources have said top activist shareholders were eager to exit, even though the offer price was unsatisfactory.

Persons: Androniki, JIP, Effissimo, Elliott, Makiko Yamazaki, Kantaro Komiya, Neil Fullick Organizations: Toshiba Corporation, REUTERS, Rights, Effissimo Capital Management, Japan Industrial Partners, Toshiba, Elliott Management, Farallon Capital Management, Major Toshiba, Partners, Investment Partners, Westinghouse, Thomson Locations: Kawasaki, Japan, Singapore

☆ Opinion | A Progressive James Bond Is Proof of American Cultural Imperialism
▼ + stars: | 2023-09-06 | by ( Ross Douthat | ) www.nytimes.com time to read: +3 min

(The cruelty and neglect at these schools was real but the specific claims about graves at the B.C. school have outrun the so-far scanty evidence.) The first is a general tendency of provincial leaders to go overboard in establishing their solidarity and identification with the elites of the imperial core. The second point is the role of secularization and de-Christianization, which are further advanced in the British Isles and Canada than in the United States. Then the third point is that smaller countries with smaller elites can find it easier to enforce ideological conformity than countries that are more sprawling and diverse.

Persons: Ed West, it’s, tastemakers, Aris Roussinos, ” Organizations: Canadian, “, British Isles, Christianity’s, Republican, Laurentian Locations: Canada, British Columbia, British, Ottawa, London, Rome, Europe, United States, Britain, America, Westminster

REUTERS/Ann Wang Acquire Licensing RightsLONDON/NEW YORK, Aug 28 (Reuters) - Hedge funds hold record exposure to the seven biggest tech stocks by market capitalization, according to data released on Friday by Goldman Sachs, in a week Nvidia (NVDA.O) hit an all-time high after beating revenue expectations. The largest seven U.S. stocks collectively now make up about 20% of the total net market value held by hedge funds tracked by Goldman Sachs. Last week, Nvidia reported record quarterly revenue fueled by strong demand for its artificial intelligence (AI)-focused chips and said the AI boom has legs. Hedge funds will be forced into capturing these returns regardless of analysis," said Jim Neumann, chief investment officer of Sussex Partners. Goldman Sachs, which runs one of Wall Street's largest prime brokerages, is able to track trends in flows.

Persons: Ann Wang, Goldman Sachs, Jim Neumann, Bruno Schneller, Schneller, Daniel Loeb, Nell Mackenzie, Sharon Singleton, Paul Simao Organizations: REUTERS, Nvidia, Microsoft, Apple, Tesla, Nasdaq, Reuters, Sussex Partners, INVICO Asset Management, Thomson Locations: Taipei, Taiwan, Wall, Carolina

Signage and cars are displayed in honor of SentinelOne, a cybersecurity firm’s IPO, outside the New York Stock Exchange (NYSE) in New York City, U.S., June 30, 2021. SentinelOne has hired investment bank Qatalyst Partners to advise on discussions with potential acquirers, including private equity firms, the sources said. Private equity firms have been prolific investors in the cybersecurity sector. In November 2021, an investor consortium led by private equity firm Advent International acquired McAfee Corp for $14 billion. Tech-focused private equity firm Thoma Bravo has also been a serial acquirer in the sector, having bought Ping Identity, ForgeRock, Sailpoint Technologies and Magnet Forensics Inc, among others.

Persons: Brendan McDermid, SentinelOne, Qatalyst, SentinelOne's, Daniel Loeb's, Morgan Stanley, Thoma, Milana Vinn, Anirban Sen, Conor Humphries, Jonathan Oatis Organizations: New York Stock Exchange, REUTERS, SentinelOne, Qatalyst Partners, CrowdStrike Holdings, U.S ., Tiger Global, Sequoia Capital, Insight Partners, Redpoint Ventures, Advent International, McAfee Corp, Tech, Thoma Bravo, Sailpoint Technologies, Magnet Forensics, Thomson Locations: New York City, U.S, View , California, New York, Israel, cybersecurity

☆ Activists ease up on Salesforce — plus, 10 other Club stocks traded by Wall Street pros
▼ + stars: | 2023-08-16 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +10 min

The extraordinary activist-investor interest in Salesforce (CRM) eased further in the second quarter, according to the latest regulatory filings from influential Wall Street pros. His firm still owned about 2 million Salesforce shares as of June 30. Tepper also bought 2.3 million shares of Advanced Micro Devices (AMD) and 480,000 shares of Apple (AAPL) during the second quarter. As a result, Appaloosa's holdings as of mid-August may differ significantly from the conclusion of the second quarter. GOOGL YTD mountain Alphabet YTD performance Bets on Google's parent company, Alphabet (GOOGL), varied in the second quarter.

Persons: Dan Loeb's, Jeff Smith's, Salesforce, Jeffrey, Starboard's Jeff Smith, Smith, he's, 13Fs, it's, Marc Benioff, Mason Morfit, Paul Singer's Elliott, Elliott, Elliott —, Nelson Peltz's, Bob Iger, Peltz, David Tepper, Tepper, Bill Ackman's, Seth Klarman, Loeb, Klarman, Stanley Druckenmiller, Druckenmiller, Eli Lilly, That's, Jim Cramer's, Jim Cramer, Jim, Kim Kulish Organizations: Inclusive Capital, CNBC, Paul Singer's Elliott Management, Constellation, Club, Constellation Brands, Corona, Modelo, DIS, Disney, Management, Walt Disney Co, Peltz, Nvidia, Appaloosa Management, Microsoft, Micro Devices, Apple, AMD, Bill Ackman's Pershing, Capital Management, Oracle, Duquesne Family Office, Jim Cramer's Charitable, Corbis, Getty Locations: Salesforce, Tuesday's

☆ Hedge funds bought these Chinese technology stocks in the second quarter
▼ + stars: | 2023-08-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Big investors took a selective approach to China-based technology stocks in the second quarter, recent regulatory filings suggest. Technology stocks continued their upward trend during the second quarter, including a slew of 2022's China-based tech losers. The fund scooped up a fresh position in e-commerce company JD.com worth nearly $64 million, and bought up China-focused exchange-traded funds KraneShares CSI China Internet (KWEB) and iShares China Large-Cap (FXI) . Other hedge funds raising bets on the company included Third Point's Dan Loeb, while Viking Global's Ole Andreas Halvorsen opened a minor stake worth $77.7 million. Not every investor bet big on the sector during the second quarter.

Persons: David Tepper's, Point's Dan Loeb, Ole Andreas Halvorsen, Baidu, Management's Philippe Laffont, Dan Sundheim, Tiger Global's Chase Coleman, — CNBC's Michael Bloom Organizations: Technology, Reuters, Retail, CSI China Internet, Viking, Li, PDD Holdings, Kanzhun Locations: China, Alibaba

☆ Activists back off Salesforce after share price recovery
▼ + stars: | 2023-08-15 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

The changes in ownership came after significant overhauls at Salesforce helped push its share price higher. Inclusive Capital Management, one of four activists closely involved with Salesforce in early 2023 along with Starboard, Elliott Investment Management and ValueAct Capital, exited even earlier, according to filings. ValueAct's ownership stake remained unchanged at 3.5 million at the end of the second quarter, its filing shows. Sachem Head Capital Management cut its stake by 20% after Salesforce made up nearly 5% of its portfolio. During the second quarter the stock price moved to $211 a share from $199 a share.

Persons: Mike Segar, Salesforce, Marc Benioff, Mason Morfit, Svea Herbst, Bayliss, Sonali Paul Organizations: REUTERS, Salesforce, U.S ., LLC, Inclusive Capital Management, Elliott Investment Management, ValueAct, Inclusive, Sachem, Capital Management, Farallon Capital Management, Light, Capital, Svea, Thomson Locations: New York, Manhattan, New York City, U.S, Salesforce, Polen

☆ Salesforce cage-rattlers leave in profitable peace
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

Acquire Licensing RightsNEW YORK, Aug 15 (Reuters Breakingviews) - For activist investors in Salesforce (CRM.N), the low-hanging fruit should suffice. Fast growth and big-ticket acquisitions that Salesforce boss Marc Benioff had pursued turned anathema last year. The stock price roughly halved, falling faster than the Nasdaq-100 Technology Sector Index (.NDXT). Benioff eventually acquiesced, slashing 10% of the workforce, disbanding the deals committee and unveiling a $20 billion stock buyback plan. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Porte, Jeff Smith’s, Dan Loeb’s, Marc Benioff, ValueAct, Benioff, Jonathan Guilford, Exor’s Philips, Bain, BoE, Jeffrey Goldfarb, Sharon Lam Organizations: Viva Technology, Porte de, Reuters, Big Tech, Nasdaq, Profit, Elliott Investment Management, Twitter, FC Barcelona’s, Messi, Thomson Locations: Paris, France, Salesforce, Salesforce’s

☆ Hedge funds beefed up A.I. bets in the second quarter
▼ + stars: | 2023-08-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

2023 has been the year for artificial intelligence stocks, and hedge funds in the second quarter beefed up their bets on the growth sector despite its sharp run up this year. Doubling down on Big Tech Despite the uptick in tech shares by the end of the first half, many hedge funds amped up their bets on Alphabet during the second quarter. David Tepper's Appaloosa bet big on AI winners , growing positions in Alphabet, Amazon , Meta Platforms and Microsoft during the period. Betting on chip stocks Nvidia shares have popped 200% as the company triumphs as AI chipmaker to beat this year. Beyond these pure-play AI bets, Coleman added to semiconductor Lam Research .

Persons: Bill Ackman's, Dan Loeb's, David Tepper's, Baupost's Seth Klarman, Philippe Laffont's Coatue, Tiger Global's Chase Coleman, Mark Zuckerberg's, Dan Sundheim's, Ole Andreas Halvorsen, Loeb, Coleman, Sundheim, Baupost, Keith Meister's, Laffont, Yun Li, Sarah Min, Brian Evans Organizations: Big Tech, Microsoft, Tiger Cub, Management, Apple, Amazon, Facebook, Meta, Nvidia, Devices, Viking, Taiwan Semiconductor, Micron Technology, AMD, Intel, Qualcomm, Broadcom, Marvell Technology, Materials, Global, Lam Research, Netflix, Viking Global, NXP Semiconductors, Semiconductor Locations: Apple, Amazon

☆ How ESPN's $2 billion deal with Penn Entertainment could shake up sports betting, from reinvigorating competition to evolving media's relationship with gambling
▼ + stars: | 2023-08-14 | by ( Ashley Rodriguez | Margaret Fleming | Lucia Moses | ) www.businessinsider.com time to read: +11 min

Many view the deal as a "win-win" for ESPN, Penn, and its former partner Barstool Sports. Industry insiders say the deal could signal a potential ESPN spinoff, disrupt competition, and more. Here's what industry insiders are saying about the deal:1. FanDuel and DraftKings dominate US online sports-betting and gambling market share, followed by BetMGM, according to a July report from Macquarie that analyzed Vixio data. Industry insiders like affiliate-marketing company Gambling.com Group's Max Bichsel aren't sure about that prediction.

Persons: Barstool, Bob Iger, Penn, sportsbooks, who's, Chris Grove, Dave Portnoy, Portnoy, Fox's, Sharp, Sharp Alpha Advisor's Lloyd Danzig, Dan, Danzig, Brandon Nispel, he's, Nispel, Kimberly White, FanDuel, BetMGM, Zachary, Max Bichsel aren't, Bichsel, I'm, Grove, It's, DraftKings, let's, FuboTV, hasn't, Fox Bet, Ed Moed, Fox, Dan Wasiolek, Wasiolek Organizations: ESPN, Penn Entertainment, Penn, Barstool Sports . Industry, ESPN Bet, Investors, Acies Investments, Barstool Sports, Sharp Alpha, Disney, KeyBanc, CFRA Research, . Industry, ESPN —, Fox, Maxim Magazine, Sports, Fox Bet, Morningstar Locations: Macquarie, Canada

☆ Dan Loeb's Third Point bet big on Amazon and Nvidia in the second quarter, but his fund still lagged
▼ + stars: | 2023-08-14 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Dan Loeb's Third Point added new positions in key artificial intelligence beneficiaries in the second quarter, but still underperformed the broader market. As of June 30, he had a position in Amazon worth about $535 million that made the online retailer and web services provider the third-largest position in his fund. He also bought shares of Nvidia , adding up to a position worth about $212 million. Third Point was higher by just 1.1% in the second quarter, paring its loss in 2023 to 3% so far. Meanwhile, the S & P 500 was ahead 8% in the second quarter, and is higher by 16% on the year.

Persons: Dan Loeb's, Tepper, Loeb, underexposure, Tesla —, —, Yun Li Organizations: SEC, Taiwan Semiconductor, Nvidia, Microsoft, Activision, Care, Meta, AMD, Google Locations: U.S

☆ Disney's big sports-betting deal has industry insiders abuzz about possibilities, from a potential ESPN spinoff to heightened competition
▼ + stars: | 2023-08-09 | by ( Ashley Rodriguez | Margaret Fleming | Lucia Moses | ) www.businessinsider.com time to read: +11 min

Many view the deal as a "win-win" for ESPN, Penn, and its former partner Barstool Sports. Industry insiders say the deal could signal a potential ESPN spinoff, disrupt competition, and more. Gambling industry insiders thought Disney CEO Bob Iger might make quick work of setting a sports-betting strategy when he took back the reins of the ESPN owner late last year. Here's what industry insiders are saying about the deal:1. Industry insiders like affiliate marketing company Gambling.com's Max Bichsel aren't sure about that prediction.

Persons: Barstool, Bob Iger, Penn, sportsbooks, who's, Chris Grove, Dave Portnoy, Portnoy, Fox's, Sharp, Sharp Alpha Advisor's Lloyd Danzig, Dan, Danzig, Brandon Nispel, he's, Nispel, Kimberly White, FanDuel, BetMGM, Zachary, Gambling.com's Max Bichsel aren't, Bichsel, I'm, Grove, It's, DraftKings, let's, FuboTV, hasn't, Fox Bet, Ed Moed, Fox, Dan Wasiolek, Wasiolek Organizations: ESPN, Penn Entertainment, Penn, Barstool Sports . Industry, ESPN Bet, Investors, Acies Investments, Barstool Sports, Sharp Alpha, Disney, KeyBanc, CFRA Research, . Industry, ESPN —, Fox, Maxim Magazine, Sports, Fox Bet, Morningstar Locations: Macquarie, Canada

☆ Hedge funds turn bearish again as yields spike
▼ + stars: | 2023-08-04 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

Hedge funds added 4.6 short positions to each long position from July 7 to Aug. 3. Hedge funds were forced to partially unwind short bets in July to avoid further losses during a market rally triggered by better-than-expected corporate earnings. Goldman Sachs, as one of the biggest providers of lending and trading services through its prime brokerage unit, can track the movements of large hedge funds and asset managers. The bank said its clients are placing bearish bets mainly through indexes and exchange-traded funds, not using particular stocks. Equity long/short hedge funds have been vocal about the challenges of being bearish this year, as they were caught off-guard by a rally.

Persons: Brendan McDermid, Goldman Sachs, Fitch, Daniel Loeb, Carolina Mandl, Leslie Adler, Richard Chang Organizations: New York Stock Exchange, REUTERS, Global, Nasdaq, Investors, Carolina, Thomson Locations: New York City, U.S, United States, North America, Asia, Japan, Europe, New York

☆ Dan Loeb hails AI as a decade-defining technology like the PC and Internet - and says a severe recession looks unlikely
▼ + stars: | 2023-08-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Dan Loeb heralds AI as a game-changing technology in his second-quarter letter to investors. Loeb predicts a mild recession, as he expects the Fed to offset a slump in consumer spending. Loeb singled out the big three cloud providers as likely beneficiaries, noting that many AI companies will rely heavily on their services. Loeb singled out Microsoft in particular, pointing to its stake in ChatGPT-owner OpenAI, its plans to add AI features to its Office applications, and its ability to offer related services to businesses. The upshot is a mild recession appears more likely than a severe one, he said.

Persons: Dan Loeb, Loeb, OpenAI Organizations: Service, Third, Investors, Microsoft, Google, Federal Reserve, Offshore Fund, AMD Locations: Wall, Silicon, ChatGPT

☆ Third Point’s Dan Loeb reflects on tough first half for his hedge fund, which lags the market by 20%
▼ + stars: | 2023-08-02 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

His flagship Third Point hedge fund is lagging the broad market by 20%. Third Point's flagship offshore fund was up only 1.1% in the second quarter, bringing its 2023 loss to 3%, according to his latest investor letter. "Managers who have had less than 25% of their funds in these stocks have found it challenging to keep up with 'the market,'" Loeb told his investors. The Russell 1000 Growth index is up nearly 30% this year, whereas its value counterpart has gained only 6%. The hedge fund manager revealed his biggest losers this year included Alibaba , Danaher, Catalent and International Flavors & Fragrances .

Persons: Dan Loeb, That's, he's, Loeb, Russell, Alibaba Organizations: Microsoft, Nvidia, Apple, AMD, Google

☆ Billionaire investor Loeb cuts bearish bets to avoid short squeezes
▼ + stars: | 2023-08-01 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

SALT brings together public policy officials, capital allocators, and hedge fund managers to discuss financial markets. REUTERS/Steve MarcusLONDON, Aug 1 (Reuters) - Billionaire investor Daniel Loeb has reduced the size of short bets on single named companies to limit the vulnerability of his hedge fund, Third Point, to short squeezes, he said in a letter on Tuesday. "The short-selling environment is much more challenging than it has been historically," said Loeb in the letter. Almost half of Loeb's net long exposure includes companies that will benefit from developments in artificial intelligence, the letter said. Elsewhere at Third Point, Loeb's corporate credit team returned a net 8.7% for the quarter after market instability in the March banking crisis created opportunities for the fund, Loeb said.

Persons: Daniel S, Loeb, Steve Marcus LONDON, Daniel Loeb, Ferguson, Nell Mackenzie, Amanda Cooper Organizations: Third, REUTERS, Pacific Gas and, Microsoft, HK, Offshore Fund, Web Services, Google, Thomson Locations: Las Vegas , Nevada, allocators

Kering, the French luxury goods company that owns brands like Balenciaga, Alexander McQueen and Yves Saint Laurent, surprised the fashion industry this week when it announced a sweeping reorganization of its top ranks, including the departure of Marco Bizzarri, the longtime chief executive of Gucci, Kering’s premier brand. Activists have turned on the luxury industry in recent years. Dan Loeb’s Third Point as well as Artisan Partners called for change at Richemont, the owner of jewelry brands like Cartier and Van Cleef & Arpels. But the most active recently is Bluebell, a four-year-old, $250 million firm that has also taken aim at Richemont, and the fashion brand Hugo Boss. Bluebell failed to persuade fellow Richemont shareholders to add Francesco Trapani, the former chief executive of Bulgari, as a director, but the conglomerate agreed to give public investors more influence.

Persons: Alexander McQueen, Yves Saint Laurent, Marco Bizzarri, Gucci, François, Henri Pinault, Kering, Dan Loeb’s, Van Cleef, Hugo Boss, Bluebell, Francesco Trapani Organizations: Kering’s, Bluebell Capital Partners, Partners, Cartier, BlackRock, GlaxoSmithKline Locations: London

Most Wall Street investors believe the best way to take advantage of the artificial intelligence boom is to buy Big Tech stocks, according to the new CNBC Delivering Alpha investor survey. Forty-seven percent of respondents said big-cap tech companies are the best way to invest in AI, while 37% believe there's too much hype around the space. The chipmaker has been at the center of an AI craze on Wall Street. Investors piled into the AI enabler after the company recently made a shockingly strong forecast of future demand. Alphabet's AI capabilities and ambition attracted buying from big investors recently, including Stanley Druckenmiller 's Duquesne Family Office, Dan Loeb's Third Point and Bill Ackman's Pershing Square Capital Management.

Persons: Buzzy chatbot ChatGPT, Stanley Druckenmiller, Dan Loeb's, Bill Ackman's Organizations: Big Tech, CNBC Delivering Alpha, CNBC, Nasdaq, Microsoft, Google, Duquesne Family Office, Bill Ackman's Pershing, Capital Management

☆ Empty offices, abandoned malls, concerns over crime: Why San Francisco, the Golden City, is losing its luster
▼ + stars: | 2023-06-17 | by ( Al Yoon | ) www.businessinsider.com time to read: +8 min

Days later, Unibail-Rodamco-Westfield and coowner Brookfield gave the San Francisco City Centre back to their lenders after the exit of retailers left the mall just over half occupied. Whatever is going on in San Francisco, we are not interested in being part of that any longer." Fear of crime taints the cityCrime, or the fear of it, often creeps into conversations about San Francisco, too. "I ask, what's the driver" of the San Francisco office vacancies, Scavone told Insider. He continued: "Is it because downtown San Francisco is somewhat of a difficult commute from suburbs in Marin County or the East Bay?"

Persons: Manus Clancy, Trepp, —, Brookfield, Clancy, Salesforce, Jeff Burg, he's, Burg, we're, Thomas Baltimore, hasn't, Elon Musk, Bob Lee, Frank Scavone, Scavone Organizations: Service, San Francisco, California, Hilton San Francisco, Square, Parc, San Francisco City Centre, San, Krea, Union, Census, LinkedIn, Park Hotels, Resorts, Westfield, ABC, San Francisco Travel Association, Elon, Foods, The New York Times, McKinsey & Co, downtown Locations: San Francisco, San, San Francisco Chronicle, Westfield, Real, Francisco, New York, cubicles, Boston , Chicago, Houston, Miami, San Francisco's Hayes Valley, Manhattan, Tenderloin, —, downtown San Francisco, Marin County

☆ Third Point Real Estate's managing partner said it's 'a foolish debate' to say the office market will fail
▼ + stars: | 2023-06-11 | by ( Al Yoon | ) www.businessinsider.com time to read: +9 min

Frank Scavone, managing partner of Third Point Real Estate Strategies, said offices aren't dead. Frank Scavone, the managing partner of Third Point Real Estate Strategies, told Insider he's up for the challenge. But are there opportunities now for investors like Third Point Real Estate Strategies? What's going to happen with all the commercial real estate debt coming due in this higher interest rate environment? And let's not forget about the more than $300 billion in dry powder aimed at North American commercial real estate investment.

Persons: Frank Scavone, Scavone, Daniel Loeb's, —, Trepp, CBRE, That's, San Francisco — Organizations: Service, Third Point, Hedge, CBRE, downtown, Employers, North Locations: San Francisco, downtown San Francisco, Marin County, York, multifamily, New York City

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