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Rokos Capital, run by Chris Rokos and one of a handful of so-called global macro firms, gained 51% last year. Many macro managers sidestepped tumbling equity markets rocked by fast-paced interest rate hikes and geopolitical turmoil including the war in Ukraine to rank among the hedge fund industry's best performers, data from Hedge Fund Research show. The firm's macro index gained 14.2% while the overall hedge fund index dropped 4.25%, its first loss since 2018. Equity hedge funds, where the bulk of the industry's roughly $3.7 trillion in assets are invested, however fared worse with a 10.4% loss, according to HFR data. Tiger Global Management lost 56% while Whale Rock Capital Management ended the year with a 43% loss and Maverick Capital lost 23%.
For investors looking for a way to ride out the storm in one piece, here are where the biggest investors are hiding out. Emerging markets Bond King Gundlach said it's time to buy emerging market stocks as the dollar has likely hit its peak. Cash Cash, one of the most hated corners of the market for years, has gotten some newfound love as risk assets remain stuck in a rout. Buying safe government bonds allows investors to shop for riskier, more opportunistic credits in the market, Gundlach said. Spreads on non-Treasurys have widened, including guaranteed mortgages, junk bond yields, emerging market debt and asset back securities, he added.
Underlining the bleak return prospects at home, hedge funds with Greater China strategies have lost 12.9% for the year to end-November - on track for their worst year since 2011, according to Eurekahedge data. Rich Chinese are also fretting about Xi Jinping's "common prosperity" drive to reduce income inequality, asset managers said, adding that they are looking at overseas private equity and property investment opportunities in countries like the United States and Japan. Although investing outside of mainland China is not a new development, a significant chunk of that wealth has usually been invested in Chinese assets such as Chinese securities listed in the offshore markets. The Boston-based asset manager has been receiving many queries from Greater China family offices to learn about U.S. economic policies and investment rules, he said. The U.S. consulate told Reuters that it frequently explains investment and economic trends in the United States to a wide variety of audiences.
Carl Icahn, Dan Loeb, and David Einhorn built sizeable stakes in Twitter last quarter. Icahn and his team amassed 12.5 million Twitter shares, valued at $549 million on September 30. Similarly, Einhorn's Greenlight Capital scooped up 4.3 million shares, worth $188 million at the end of last quarter. It snapped up 5.5 million shares worth $241 million on September 30. It also purchased bullish call options on 34,000 shares, and bearish put options on 1.1 million shares.
Greenlight Capital's David Einhorn is in the middle of a stellar year as his inflation bets and other trades pay off. Green Brick Partners , a bet on rising housing prices, continued to be his biggest holding, a new regulatory filing showed. During the third quarter, Einhorn increased his stake in tech stock Kyndryl Holdings to $60 million. Meanwhile, the hedge fund manager added to his holding in LivaNova drastically, making the medical device company Greenlight's eighth biggest bet, the filing showed. Einhorn previously said he's bearish on equities as the Fed continues to deflate the market with aggressive rate hikes.
[1/3] The Twitter logo is seen on the floor at the New York Stock Exchange in New York, November 7, 2013. If the deal had collapsed, the price floor for Twitter stock would have been "unknown", White said, adding that investors waged their risk on Delaware Chancery court, where corporate disputes are resolved. Investors sold 107,626 million Twitter shares in the second quarter, regulatory filings and Symmetric.io data show, with activist investors and tech oriented funds leading the sales. As the stock price dropped early in the third quarter, some investors saw a chance to buy in for cheap. that Twitter investors were not trapped.
David Einhorn rang the alarm on stocks, inflation, and the Fed's interest-rate hikes. Einhorn warned stubborn inflation could spark a currency or sovereign-bond crisis. He said the Fed seems intent on lowering stock prices as it works to crush inflation, which surged to a 40-year high of 9.1% in June, and remained above 8% in September. "We remain concerned that the current inflation problem could evolve into a currency and/or sovereign debt crisis," Einhorn said. Einhorn has previously said US investors face an economic downturn, stubborn inflation, and the growing risk of a global financial meltdown.
Einhorn told his investors in August that he had bought a stake in Twitter, and now said he believes the lawsuit in Delaware that could decide the fate of the deal "is going well for TWTR." Register now for FREE unlimited access to Reuters.com RegisterEarlier this month, Musk reversed course again and said he would proceed with the deal on original terms. A Delaware judge ordered a pause to Twitter's lawsuit against Musk, giving the billionaire until Oct. 28 to close the deal. "We expect that one way or another, the deal will close at or near the originally agreed upon price," Greenlight said, referring to the $54.20 price per share the deal was originally proposed. Greenlight's manager said the investment in Twitter is "inherently short-term," adding the hedge fund plans to exit its position upon resolution of the platform sale.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGreenlight Capital's David Einhorn urges investors to sell stocksCNBC’s ‘Halftime Report’ investment committee, Shannon Saccocia, Josh Brown and Jim Lebenthal, discuss Greenlight Capital co-founder David Einhorn's statement in which he urged investors to sell stocks.
Greenlight Capital's David Einhorn, who is crushing the market with double-digit returns this year, is selling stocks as the Federal Reserve continues to deflate the market with aggressive rate hikes. However, higher interest rates also discourage investments and in turn crunch supply, which is most evident in the housing market. "The most glaring area might be in housing, where higher rates lead to reduced supply despite widespread shortage," Einhorn said. That compares with a 23.9% decline for the S & P 500 during the same period as the benchmark tumbled into a bear market. Further, high short-term interest rates provide competition for gold," Einhorn said.
Tesla’s Apple-sized goals have cash risks
  + stars: | 2022-10-19 | by ( Jonathan Guilford | ) www.reuters.com   time to read: +3 min
Returning cash to shareholders only works if the Austin, Texas-based company's Apple-sized (AAPL.O) dreams become reality. Tesla’s 17% operating margin beats the gas-guzzler businesses of rivals Ford Motor (F.N) and General Motors (GM.N) — whose EVs are less profitable still. Investors like David Einhorn and Carl Icahn demanded it use its cash pile to buy back sagging shares, and that bet paid off. But Apple started 2013 with $137 billion in cash and marketable securities; Tesla has $21 billion. Tesla delivered 343,830 cars in the quarter, up 42% year-over-year but 6% below the number of cars it manufactured.
Investors should brace for a 5% stock market decline if the reading comes in above 8.3%, JPMorgan's trading desk said in a note this week. The stock market could continue to tumble in the face of rising inflation and a recession. Investors should wait to get bullish on the falling stock market as inflation and rate-hike concerns continue to roil the valuation norms of the past two decades, according to Bank of America. Has the stock market found a bottom yet? US stock futures rise early Thursday, ahead of the eagerly awaited US inflation data due later this morning.
David Einhorn said the US economy is slowing down and inflation is here to stay. Einhorn pointed to red flags in global bond markets and warned a disaster may be coming. Einhorn also bemoaned a widespread decline in value investing, which centers on identifying undervalued companies based on their fundamentals. The combination of heady valuations, stubborn inflation, rising interest rates, and large amounts of debt could reveal cracks in the global financial system, Einhorn said. "When you have a down cycle is when these things tend to metastasize."
Federal prosecutors have described the case as a tale of international fraud and betrayal. Peter Coker Jr., 53, the son of Coker Sr., is based in Hong Kong and is considered at large. Federal authorities sought to jail Coker Sr. before agreeing to a conditional release. The men are charged with conspiracy to commit securities fraud, securities fraud and conspiracy to manipulate securities prices. The peculiarities surrounding Your Hometown Deli first caught the eye of hedge-fund manager David Einhorn in 2021.
Your Hometown Deli, the business at the center of the probe, was located in Paulsboro, New Jersey, over the Delaware River from Philadelphia. The parent company, Hometown International, had merged with a bioplastics company. The $100 million New Jersey deli, as Your Hometown Deli came to be known, was first brought to the public’s attention by investor David Einhorn in a letter to clients. The securities fraud and securities price manipulation counts carry maximum penalties of 20 years in prison and a $5 million fine. The conspiracy to commit securities fraud and conspiracy to manipulate securities prices counts each carry a maximum penalty of five years in prison.
A deli in southern New Jersey was the vessel for an elaborate fraud scheme involving three men who managed to inflate the company’s stock-market value to $100 million, according to federal prosecutors and regulators. The story of how Hometown International Inc.’s stock achieved such a lofty valuation was a mystery that played out in public last year. “The pastrami must be amazing,” hedge-fund manager David Einhorn wrote in a note to investors, before citing the stock as an example of how “the market is fractured and possibly in the process of breaking completely.”
Your Hometown Deli, the business at the center of the probe, was located in Paulsboro, New Jersey, over the Delaware River from Philadelphia. The parent company, Hometown International, had merged with a bioplastics company. The $100 million New Jersey deli, as Your Hometown Deli came to be known, was first brought to the public's attention by investor David Einhorn in a letter to clients. The securities fraud and securities price manipulation counts carry maximum penalties of 20 years in prison and a $5 million fine. The conspiracy to commit securities fraud and conspiracy to manipulate securities prices counts each carry a maximum penalty of five years in prison.
It's a tense time for many insiders at Credit Suisse. One person told me it's a case of "rinse and repeat," as Credit Suisse undergoes its second strategic review in less than a year. Law firm sued Credit Suisse over claims it misled investors on business dealings related to Russian oligarchs. Among the plans reported to be under consideration are a three-way split of the investment bank, according to the Financial Times. Under Chief Executive Ulrich Körner, Credit Suisse wants to transform its investment bank into a "capital-light, advisory-led banking business."
The Federal Reserve — for reasons ranging from a fragile job market to the government's debt — can't aggressively shake higher prices out of the system. So it kept interest rates at 0% to spur financial activity and growth. Chairman Jerome Powell and his band have been raising interest rates fairly quickly, but the main Fed interest rate is still just 2.5%. It's a limbo of stubbornly high inflation and higher interest rates. If Einhorn, Bianchi, and Melosi are right, we could be in economic limbo of stubbornly high inflation and higher interest rates for a while.
Fears of a recession intensified even more after data showed the economy shrank for a second straight quarter, making a strong case for defensive stocks for investors worried about slowing growth. Defensive stocks tend to provide stable earnings and consistent dividends regardless of the state of the overall stock market and the economy. They are often well-established companies in sectors like consumer staples, health care and utilities, such as Procter & Gamble , Johnson & Johnson and Coca-Cola . Berkshire also owns relatively small stakes in Procter & Gamble, Johnson & Johnson at the end of March. Major pharmaceutical companies and insurance companies are also considered defensive stocks.
The appeal for high-dividend stocks is growing fast as the market's turmoil and surging inflation shows no signs of easing. Stocks with high dividend payouts had been ignored for years as growth stocks with dramatic price appreciation took center stage. The company pays a 4.7% dividend, more than doubling that of the S & P 500. Billionaire investor Leon Cooperman previously told CNBC that energy stocks were cheap relative to commodity prices. The chairman and CEO of the Omega Family Office held a number of high-dividend stocks, including Devon Energy , Coterra Energy , Energy Transfer and Pioneer Natural Resources , some of which pay as much as 8% in dividends.
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