Hedge fund manager: Stick with BofA
Posted on November 19, 2009 at 10:03 am
John Paulson, the hedge fund guru who has hit several home runs during the current recession, has told his clients that Bank of America could double in the coming year and change.
The firm follows about 70 banks internationally and said the 139 percent gain in those stocks since the market’s March low “has resulted in inefficient valuations creating what we believe are opportunities” to benefit from rising and falling share prices.
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The case for a scorching 2010
Posted on October 28, 2009 at 7:28 am
Formula Capital’s James Altucher says a double dip isn’t his main concern for the coming year. The hedge fund manager is more anxious about rip-roaring economic growth — powered by companies replenishing inventories and the stimulus doing its thang — and a huge run up in the stock market.
“It’s gonna be enormous… We’re barely going to look back.”
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Making the case for Synovus
Posted on September 23, 2009 at 7:13 amHedge fund manager Tom Brown says the parent of The Bank of Nashville is just his kind of stock, especially after the recent capital raise.
But the company’s outlook isn’t nearly as bleak as the market seems to think. In the runup to an equity offering last week (about more of which in a minute) the company made it pretty clear that it’s in the process of getting its credit issues under control, and that its underlying profitability is strong. In particular Synovus says that its ongoing program of aggressive problem loan disposition is on track, and that the run-rate on new non-performers continues to improve. Meanwhile, pre-tax, pre-credit cost earnings continue to rise.
Shares of Synovus (Ticker: SNV) have traded either side of $4 for most of the past two months.
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Metro pension managers consider hedge funds
Posted on August 26, 2009 at 7:29 am
The team overseeing Metro’s Employee Benefit Trust Fund will decide next month whether to devote up to $170 million of the money they manage to hedge funds. Chief Investment Officer Fadi BouSamra, who has been pushing to diversify the fund’s asset base since taking over two years ago, also has given a Vermont firm more money to manage and will next month launch the search for a new consultant.
SEE ALSO: Venture Nashville’s note on the state committing serious cash to private equity
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Regions pops on hedge fund manager’s move
Posted on August 13, 2009 at 12:11 pm
Shares of Regions Financial, the parent of the largest bank in Nashville, are up more than 8 percent (Ticker: RF) after hedge fund titan John Paulson disclosed yesterday he has bought almost 3 percent of the company.
SEE ALSO: Jim Cramer putting into perspective Paulson’s move: “The guy was short mortgages! Regions Financial is a living, breathing mortgage.”
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Investment pros hedge with the yellow stuff
Posted on May 20, 2009 at 8:16 amSeeing inflation on the horizon, several prominent hedge fund managers are piling their cash into gold and oil.
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We weren’t crooked… just maybe a little incompetent
Posted on April 30, 2009 at 12:18 pmHighly embattled feeder fund the Fairfield Greenwich Group, co-founded by hometown boy Walter Noel, has fired back over fraud accusations from Massachusetts regulators for its role in the Bernard Madoff debacle.
The company stands by its monitoring of its now-evaporated Sentry funds and claims PricewaterhouseCoopers consistently turned in clean audit reports when it examined them. They claim they were simply duped like everyone else.
However, judging by conversations we’ve had with hedge fund managers who did not invest with Madoff due to his complete and utter lack of transparency, FGG’s chances of convincing the world it was paying close enough attention are not high.
More detail is available here.
No new credit from the banks
Posted on April 13, 2009 at 12:55 pmNew figures from the Fed show that U.S. banks’ commercial loan portfolios shrank 2.9 percent during the first quarter. Commercial real estate exposure – seen by many as the next domino to fall – fell by 0.5 percent.
For a glass-half-full take on these numbers, check out hedge fund manager Gary Townsend’s opinion that “banks are not only able to lend, but that they’re taking ample market share from non-bank financiers and the shadow banking system.” For the glass-almost-empty approach, read the first few comments to Townsend’s piece.
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Hedge fund adds to O’Charley’s stake
Posted on March 1, 2009 at 11:00 pmCrescendo Partners, which a year ago negotiated a deal to take three board seats at the restaurant chain, last week bought almost 100,000 shares of the company, lifting its stake to 13.4 percent. The purchases, detailed here and here, ramped up throughout the week:
Monday - 815 shares
Tuesday - 5,002
Wednesday - 13,983
Thursday - 17,000
Friday – 59,934
At the end of it all, O’Charley’s stock (Ticker: CHUX) wrapped up the week down 24 percent and trading at a tenth of its June 2007 value.
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Wellington, Baron big buyers of CHS
Posted on February 22, 2009 at 11:26 am
Two big money management firms have doubled down on shares of Community Health Systems lately. Boston-based Wellington Management, which controls about $160 billion in assets, bought 3.2 million shares of the Franklin-based hospital company (Ticker: CYH) last month, lifting its stake from 8.5 percent to almost 12 percent. The buying spree came after the more measured addition of almost 1.8 million in the fourth quarter of 2008.
Also during the fourth quarter, Baron Capital Group Inc., the holding company for many of New York investor Ron Baron’s interests, added 3 million shares to its CHS stake, which now stands at a shade under 10 percent.
For every buyer a seller, right? A big seller of CHS during the last few months of 2008 was hedge fund TPG-Axon Capital, which unloaded all of its 4.9 million shares during the quarter.
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Yanking your money will cost you
Posted on December 12, 2008 at 1:39 pmSo says Owen professor Nick Bollen, who has looked into the numbers behind hedge fund redemptions. Besides, buy and hold will soon make comeback, right?
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An index of economic indicators
Posted on December 11, 2008 at 1:15 pmAn Economist blogger says he can judge the health of an economy by taking a look at the faces of the men in its economic capital:
During the 2001 recession I knew things were getting better when I noticed lots of men sporting tans. I called it the hedge-fund tan. The tanned men I spoke with had lost their jobs at big banks, used their severance to take a long holiday, and just returned to work at a hedge fund. But for now, the New York man remains pale and stubbly (note—this was always the look in much of Brooklyn).
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