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2020 - Click on a date in left column to access the Briefings. HELPCENTER
2019  
20 Nov. 2020 Opalesque most forwarded article - week 47: Investing Where EcoR1 stands to profit from healthy deal making, Top 10 stocks billionaire George Soros just bought, Bill Ackman likely lost more money on Warren Buffett's Berkshire Hathaway than 'anyone in the world', JPMorgan's quant chief shares 5 trade recommendations following Pfizer's vaccine 'game-changer' [more]

Where EcoR1 stands to profit from healthy deal making From Institutional Investor: These are busy times for the folks at Oleg Nodelman's EcoR1 Capital, an investment firm focused on therapeutic companies in the biotechnology sector. Silverback Therapeutics, a clinical-stage biopharmaceutical company backed by EcoR1 Capital, filed plans with regulators this week ...

13 Nov. 2020 Opalesque most forwarded article - week 46: Private debt to grow with a 73% increase in AUM to $1.46tn by 2025 [more]

Laxman Pai, Opalesque Asia: Already one of the fastest-growing alternative asset classes, with total assets under management (AUM) rising 168% from $315bn in 2010 to $845bn in 2019, the growth of private debt is expected to continue with a 73% increase in AUM to $1.46tn by 2025, said Preqin. "Private debt will continue the expansion of the past decade over the next five year...

06 Nov. 2020 Opalesque most forwarded article - week 45: PE/VC Private-equity deals head for busy year-end, Advisors seek venture-investing gold in fintech, PE has a London problem - and it is hurting the UK [more]

Private-equity deals head for busy year-end From WSJ: Private-equity firms are bracing for a busy year-end, regardless of who wins the presidential election. A combination of an overstuffed pipeline of deals put on hold because of the Covid-19 pandemic, low interest rates for borrowing and concerns about potential tax increases if Democrats prevail in the...

30 Oct. 2020 Opalesque most forwarded article - week 44: SPACs Hedge funds scoop up SPAC shares, Hedge funds surface in wave of Biopharma SPAC deals, SPAC to the future How blank-check acquirers could reshape emerging companies' roles in public markets [more]

Hedge funds scoop up SPAC shares From Institutional Investor: Hedge funds aren't just launching their own special purpose acquisition companies -they're also scooping up shares of these blank-check companies. Basso and Difesa have cashed in on the boom in blank-check companies. Firms such as Adage Capital Management, Falcon Edge Capital and Weiss ...

16 Oct. 2020 Opalesque most forwarded article - week 42: And, finally Wait until he's grown up...! [more]

From BizarreNews: A Tennessee boy is being honored by Guinness World Records for an unusual accomplishment: achieving nuclear fusion just hours before his 13th birthday. Jackson Oswalt, now 15, of Memphis was dubbed by Guinness as the world's youngest person to achieve nuclear fusion after officials verified that he built his own nuclear fusion reactor at his family's home and successful...

09 Oct. 2020 Opalesque most forwarded article - week 41: PE/VC Coronavirus triggers borrowing spree by private equity managers, Venture capital investments reach new high in Brazil, Private-equity giants are racing to sell assets before year-end [more]

Coronavirus triggers borrowing spree by private equity managers From FT: Private equity managers are turning to specialist borrowing facilities to ensure their highly leveraged strategies can survive the coronavirus pandemic, but there are growing concerns that the use of these complex financing deals poses new threats to investors. Demand for additional f...

02 Oct. 2020 Opalesque most forwarded article - week 40: Activists A hedge fund looks to stop a big real estate owner from breaking up, Elliott steps in to boost Arconic's sale process [more]

A hedge fund looks to stop a big real estate owner from breaking up From CNBC: Land & Buildings is a real estate focused long-short hedge fund that will try to engage with management on a friendly basis when they see deep value. They invest in real estate in the public markets and select corporate engagements. Their positions are often under the thresh...

25 Sep. 2020 Opalesque most forwarded article - week 39: Investing Tech stocks aren't in a bubble, but investors should be pickier, Credit Suisse says, Pandora tops world's best-performing market as hedge funds exit, What Bill Ackman is investing in now [more]

Tech stocks aren't in a bubble, but investors should be pickier, Credit Suisse says From Business Insider: Credit Suisse on Thursday trimmed its overweight rating for tech stocks, recommending investors be more selective with their sector picks. Crowding in tech giants and the stocks' high-flying valuations sparked some concerns of a dot-com-era bubble f...

18 Sep. 2020 Opalesque most forwarded article - week 38: Apollo jumps into impact investing with a new team [more]

Laxman Pai, Opalesque Asia: Apollo Global Management is venturing into the world of impact investing, following some of its biggest peers in targeting funds dedicated to sustainability. The New York-based global alternative investment manager announced the leadership team for the new platform known as Apollo Impact. Marc Becker, a senior partner at Apollo, and Joanna Re...

11 Sep. 2020 Opalesque most forwarded article - week 37: Opinion Druckenmiller says inflation could reach as high as 10%, The Biden effect Dalio on market reaction to US election outcome [more]

Druckenmiller says inflation could reach as high as 10% From Bloomberg: The markets are in a "raging mania" and rising inflation is a big threat, investor Stan Druckenmiller said. Inflation could hit 5% to 10% in the next four to five years, Druckenmiller said Wednesday in a CNBC interview, adding that the Federal Reserve has created conditions that have se...

04 Sep. 2020 Opalesque most forwarded article - week 36: Investing Empty hotels might just be next big short for hedge funds, Marshall Wace makes record bet against Lloyds, U.S. big tech dominates stock market after monster rally, leaving investors on edge, SoftBank plans to sell $14bn stake in telecom unit [more]

Empty hotels might just be next big short for hedge funds From Bloomberg: Hedge funds and other short sellers are beginning to set their sights on a U.S. credit-derivatives index with outsized exposure to hotel debt as the pandemic sinks the hospitality industry into distress. The firms are starting to build up wagers against the synthetic index, known as C...

28 Aug. 2020 Opalesque most forwarded article - week 35: Legal Founder of Vista Equity Partners under US tax investigation [more]

From Forbes: Billionaire investor and philanthropist Robert F. Smith, the wealthiest Black man in America and founder of Vista Equity Partners, is under investigation for possible tax crimes, according to a Bloomberg investigation. Federal authorities have reportedly spent four years investigating whether Smith failed to pay U.S. taxes on about $200 million in assets that moved from Vis...

21 Aug. 2020 Opalesque most forwarded article - week 34: Regulatory PE compliance functions in focus as SEC uncovers conflicts of interest, Global regulators fine firms $5.6bn so far this year - Fenergo [more]

PE compliance functions in focus as SEC uncovers conflicts of interest Some private fund managers still do not meet their compliance obligations or fulfill their fiduciary duties despite being subject to the rules since the Dodd-Frank Act required them to register with the Securities and Exchange Commission in 2012. Compliance procedures have fallen short i...

14 Aug. 2020 Opalesque most forwarded article - week 33: PE/VC How private equity co-investments can accelerate investor returns following a crisis, Pandemic slowed private equity fund closings in first half, Private-equity giants inking more deals in Asia [more]

How private equity co-investments can accelerate investor returns following a crisis Investing in a post-crisis period is never simple. The atmosphere of opportunity compels investors to put capital to work. However, where and how to best invest becomes more important than ever. Private equity can perform especially strongly in the years following a crisi...

07 Aug. 2020 Opalesque most forwarded article - week 32: GCM Grosvenor to merge with Cantor Fitzgerald SPAC, to go public [more]

Laxman Pai, Opalesque Asia: GCM Grosvenor, a global alternative asset management solutions provider with approximately $57 billion in assets under management, is planning to go public by merging with a special purpose acquisition company backed by the financial-services firm Cantor Fitzgerald in a deal valued at $2 billion. The 50-year-old Chicago asset manager, currently owned...

31 Jul. 2020 Opalesque most forwarded article - week 31: Investing Yield stocks are the way to go for this Australian hedge fund, Tech stock rally is far from repeating the 1990s dot-com bubble, SunTrust says, Stocks now in 'the painful stage' before a more balanced bull market emerges, Morgan Stanley chief US equity strategist says [more]

Yield stocks are the way to go for this Australian hedge fund From Bloomberg: Equities that offer attractive yields are the last remaining place investors can get returns in a world of zero interest rates, according to Kardinia Capital. The Sydney-based absolute return manager of one of Australia's longest-running long/short funds is increasing exposure ...

24 Jul. 2020 Opalesque most forwarded article - week 30: PE/VC Venture funds and their investors differ on portfolio valuation during pandemic, Coronavirus stalls PE in first half but rebound may be on the horizon, Private equity investments reach all time high in CEE, with prospects remaining strong, European venture report Q2 2020 Funding down to 2018 levels after record high in 2019 [more]

Venture funds and their investors differ on portfolio valuation during pandemic From WSJ: Venture-capital funds and their investors don't always agree on how to tally up the performance of venture portfolios, and estimating the value of a portfolio has become much more complicated this year. Since private company stock is illiquid there is no single ...

17 Jul. 2020 Opalesque most forwarded article - week 29: Satori Capital buys into hedge fund manager Mountain Cove Capital Management [more]

Laxman Pai, Opalesque Asia: Dallas-based alternatives manager founded on the principles of conscious capitalism, Satori Capital has agreed to back compatriot investment firm Mountain Cove Capital Management. Satori, a multi-strategy firm with more than $1 billion in assets under management, committed to investing $10 million in Mountain Cove as part of its Satori XL Partnership P...

10 Jul. 2020 Opalesque most forwarded article - week 28: New Launches Hedge fund Marshall Wace will bet on ESG stocks with new $1bn fund, Stafford Capital raises initial $532m for ninth timberland fund, Nalanda Cap eyes $800m fund, China's Unity Ventures hits first close on US dollar fund [more]

Hedge fund Marshall Wace will bet on ESG stocks with new $1bn fund From Forbes: Hedge fund Marshall Wace plans to raise $1 billion for a new fund that will invest in stocks with strong environmental, sustainability and governance (ESG) ratings while betting against stocks with poor ratings, according to a source familiar with the matter. The London-based f...

03 Jul. 2020 Opalesque most forwarded article - week 27: New Launches GP Bullhound raises $141m for its fifth tech fund, LBC Credit Partners V aims to raise $1bn, B Capital shores up $820m in second fund, BayernKapital closes second Bavarian Growth Fund, PGIM Investments launches global corporate ESG bond fund, MSIM launches Paris Agreement-aligned global balanced sustainable fund, Unigestion announces closes for Secondary V and Direct II, Waterton plans $1.25bn fundraise for latest US apartment fund [more]

GP Bullhound raises $141m for its fifth tech fund From PE News: Technology-focused investment firm GP Bullhound has held the first close of its latest fund with €125m ($141m) of capital commitments. GP Bullhound Fund V is a pan-European venture capital fund targeting primarily late-stage digital economy investments, with a focus on Sweden, Spain, th...

26 Jun. 2020 Opalesque most forwarded article - week 26: Opinion Steve Schwarzman predicts a 'big V' economic rebound in next few months [more]

From SMH: Steve Schwarzman, chief executive officer of Blackstone Group said the economy is likely to benefit from a V-type recovery in the next few months. The co-founder of the world's biggest alternative asset management firm weighed in on markets in an interview during the Bloomberg Invest Global virtual event. "You'll see a big V in terms of the economy going up for t...

19 Jun. 2020 Opalesque most forwarded article - week 25: Sterling Group reels in $2bn for its fifth private equity fund [more]

Laxman Pai, Opalesque Asia: Operationally focused middle-market private equity firm the Sterling Group has closed its fifth flagship private equity fund on a $2 billion hard cap, exceeding a predecessor that raised $1.25 billion in 2015. Founded in 1982 and based in Houston, Sterling is a middle-market firm that typically invests in manufacturing, distribution and industrial serv...

12 Jun. 2020 Opalesque most forwarded article - week 24: PE/VC Dealmaking coming to a crashing halt, sellers and buyers finding a way to agree to a transaction, Value creation in private equity, Precursor's Hudson The venture industry has a systemic race problem, For private assets, the pandemic repricing is just getting started, Alternatives specialist Stafford buys Robeco's $1.5bn PE business [more]

Dealmaking coming to a crashing halt, sellers and buyers finding a way to agree to a transaction From Institutional Investor: In the last financial crisis, private equity firms that quickly put money to work in struggling companies generated the best returns when the economy recovered. That's not lost on the current crop of private equity buyers in the current C...

05 Jun. 2020 Opalesque most forwarded article - week 23: New Launches Apeira Capital seeks $200m for hedge fund-like bets, PIMCO filing reveals ESG fund launch could be ahead, BEA Systems co-founder launches venture fund, Salesforce Ventures launches $125m Europe Trailblazer Fund, The D. E. Shaw group closes first onshore China investment fund, Legg Mason and ClearBridge launch non-transparent ETF, Hong Kong-based asset manager MaiCapital launches actively managed bitcoin hedge fund [more]

Apeira Capital seeks $200m for hedge fund-like bets From Bloomberg: Natalie Hwang, the former head of Simon Property Group Inc.'s venture capital arm, has launched a new firm and is seeking $200 million for a debut fund. Hwang has been discussing the vehicle with prospective investors, according to documents seen by Bloomberg and a person with knowledge of the mat...

29 May. 2020 Opalesque most forwarded article - week 22: Investing Singer bets on Europe, emerging markets, Britain's unhealthy appetite for financial risk in essential services, How Stan Druckenmiller shook up his portfolio [more]

Singer bets on Europe, emerging markets From Investment Magazine: William Blair's Brian Singer is looking to invest in Europe and the emerging markets as the recovery from the global economic shutdown to contain the pandemic will likely take longer than what the market has priced in. The head of dynamic allocation strategies said the swings in pricing ov...

22 May. 2020 Opalesque most forwarded article - week 21: Tiger Global tops the list US-based venture capital market [more]

Laxman Pai, Opalesque Asia: Tiger Global Management holds on to its position as market-leader in US-based venture capital, said a study. According to Preqin, the closure of tech-focused Tiger Global Private Investment Partners XII in January means the New York-based firm has raised more than $16bn in venture capital over the past 10 years. New Enterprise Associates has...

15 May. 2020 Opalesque most forwarded article - week 20: Legal Elliott files first U.K. suit to say coronavirus can't stop its deal, Shuttered hedge fund TCA accused by SEC of overstating revenue [more]

Elliott files first U.K. suit to say coronavirus can't stop its deal From Bloomberg: The question of whether the coronavirus pandemic can be used to terminate an acquisition is set to get a first hearing in a U.K. court. Activist Elliott Management Corp.'s Travelport unit, filed a lawsuit in London Monday to stop Wex Inc. from abandoning its $1.7 b...

08 May. 2020 Opalesque most forwarded article - week 19: Investing 'Last chance to sell' Hedge fund warns of impending stock market crash, Why this hedge fund is betting big on Peloton, Einhorn dumps GM after 5-year 'disappointment' as Greenlight funds extend slump, Investors flock to 'fake meat' firms as coronavirus highlights supply chain troubles, Warren Buffett abandons U.S. airlines with a $6bn stock sale [more]

'Last chance to sell': Hedge fund warns of impending stock market crash From CCN: Hedge fund manager Kevin Smith is extremely bearish on the stock market, and he says this may be your "last chance to sell" before the crash. The founder of Crescat Capital says the stock market is about to suffer another plunge. Kevin Smith draws...

01 May. 2020 Opalesque most forwarded article - week 18: Quant giant Two Sigma's funds sink in first quarter, BH Macro The hedgie trust that lives for wild rides, Scaramucci's SkyBridge hit with heavy redemption requests as fund fell [more]

Quant giant Two Sigma's funds sink in first quarter From Institutional Investor: Two Sigma has posted its worst stretch of performance in recent memory. The quant titan lost money in most of its key funds in the first quarter, according to investors and private databases. The funds have recovered somewhat in the first half of April. Most of the quant g...

24 Apr. 2020 Opalesque most forwarded article - week 17: PE/VC The Q1 2020 global VC report Funding slowly impacted by coronavirus, China's PE market to rebound as epidemic eases, Private equity firms offer cash lifelines to public companies [more]

The Q1 2020 global VC report: Funding slowly impacted by coronavirus From Crunch Base: Chronologically, the first quarter of 2020 began just over three months ago. But psychologically, it feels like a lifetime ago. The New Year rolled in with bullish expectations for startup investment across much of the globe. Now, consensus is we're in for a protracted decline.&...

17 Apr. 2020 Opalesque most forwarded article - week 16: Good time to bet on USD, oil futures [more]

B. G., Opalesque Geneva: Giles Coghlan, chief currency analyst at HYCM, a forex broker, shares his take on currencies, cash, recovery, and oil. Opalesque: You say the USD, the JPY and the CHF act as safe-haven currencies. Do you think that is likely to last? ...

10 Apr. 2020 Opalesque most forwarded article - week 15: Hedge funds' defensiveness finally pays off [more]

From WSJ: The $3 trillion hedge-fund industry, with its defensive approach to investing, has significantly underperformed the stock market over the past decade. But in the current market turmoil, hedge funds have been holding up much better than stocks. During the first two months of the year (February being the latest full month for which hedge-fund data is available from the Backstop B...

03 Apr. 2020 Opalesque most forwarded article - week 14: Investing Ray Dalio's Bridgewater scales down European short bets after $3.2bn windfall, Here's what top hedge funds are buying in the coronavirus stock market crash [more]

Ray Dalio's Bridgewater scales down European short bets after $3.2bn windfall From Financial News: Bridgewater Associates, the world's biggest hedge fund, has retreated from shorting European stocks after making an estimated €2.9bn ($3.2bn), as its founder and co-chairman Ray Dalio contends with recent performance struggles. According to an...

27 Mar. 2020 Opalesque most forwarded article - week 13: Hedge funds eye buying opportunities, capital raises as markets selloff [more]

Bailey McCann, Opalesque New York: Markets are selling off, but some hedge fund managers are finding buying opportunities and a few shops are raising new funds in order to participate in the recovery. In an i...

20 Mar. 2020 Opalesque most forwarded article - week 12: PE/VC Unicorns sometimes sting, Private equity at crossroads as rout offers deals, curbs lending, S&P survey shows sagging prospects for private equity [more]

Unicorns sometimes sting From PIonline.com: Venture capital firms are on a roll. Some 259 U.S. venture capital funds amassed $46.3 billion in 2019, the second highest by amount of capital raised and number of funds since 2006, according to the PitchBook-NVCA Venture Monitor. The biggest fundraising year since 2006 was 2018, when 299 venture capital funds raised $58 bil...

13 Mar. 2020 Opalesque most forwarded article - week 11: Double Black Swans [more]

Matthias Knab, Opalesque: A comment from Ian Hamilton, Chairman, Scotstone: The Corona Virus has put the world on hold with investors behaving like people fighting over toilet rolls. But was it unexpected? In 2007 Nassim Taleb, in his book "Black Swan" warned of such an event: "as we travel more on this planet, epidemics will be...

06 Mar. 2020 Opalesque most forwarded article - week 10: Petershill in talks to invest in Permira [more]

Bailey McCann, Opalesque New York: Petershill, an investing unit within Goldman Sachs that makes minority investments in asset managers, is in talks to invest in British private equity house Permira. The Wall Street Journal first reported the news. T...

28 Feb. 2020 Opalesque most forwarded article - week 9: Legal Philip Falcone sued over alleged $65.8m default, Warhol painting [more]

From Bloomberg: Former Harbinger Capital hedge fund manager Philip Falcone was accused in a New York lawsuit of defaulting on $65.8 million in loans and violating the terms of lending agreements by selling two paintings used as collateral, including one by Andy Warhol. Melody Business Finance LLC sued Falcone in Manhattan state court Friday, claiming he and his wife, Lisa Falcone, had pe...

21 Feb. 2020 Opalesque most forwarded article - week 8: PE/VC Venture debt Is it a loan? Is it equity? Is it an pportunity?, PE, VC investments in India hit all-time high in 2019 [more]

Venture debt: Is it a loan? Is it equity? Is it an pportunity? From Forbes: Venture Capital is usually the default option for fast-growth startups looking for a cash injection, thanks to our willingness to take risks in return for equity, and with no need to pay anything back - at least not until you've made it big. But in recent years, a new type of financing h...

14 Feb. 2020 Opalesque most forwarded article - week 7: Evolution of shrinking hedge fund fees - what do investors and managers need to know? [more]

By Don Steinbrugge, Founder and CEO, Agecroft Partners (DonSteinbrugge@agecroftpartners.com): Hedge funds fees remain under extreme pressure across the industry. This strong trend is driven by declining return expectations from investors, increased competition across the industry, and an increasing share of industry assets...

07 Feb. 2020 Opalesque most forwarded article - week 6: Investors poured billions into low-volatility factor strategy. It's not panning out. [more]

From Institutional Investor: Investors expect low-volatility factor funds to give them most of the equity market's return during good times, while also softening the blow if there's a correction. But early indications show that these funds have been disappointing investors by massively trailing equity markets, a new analysis shows. With low-vol strategies, investors are willing...

31 Jan. 2020 Opalesque most forwarded article - week 5: Investing JPMorgan takes contrarian view of energy stocks, How Extinction Rebellion's British hedge fund backer profits from 'dirty' firms, Value investing's time is coming again soon [more]

JPMorgan takes contrarian view of energy stocks From Institutional Investor: JPMorgan Chase & Co.'s asset management group sees investment opportunity in beaten-down energy stocks, a contrarian view as it looks beyond the sector's reputation for "poor capital discipline." "Our portfolio managers see some reasons to be a little mo...

24 Jan. 2020 Opalesque most forwarded article - week 4: J.P. Morgan makes strategic investment in tech company for alternatives [more]

Laxman Pai, Opalesque Asia: J.P. Morgan has taken an equity stake in Arcesium, an investment-management technology business that D.E. Shaw & Co. launched as an independent company in 2015. New York-based Arcesium LLC is an investment management technology and services firm, offering services in post-trade activities. Quant hedge fund giant D. E. Shaw group launched ...

17 Jan. 2020 Opalesque most forwarded article - week 3: Investing For Howard Marks, investing is like a game, Hedge fund Lone Pine Capital LLC takes big stake in Under Armour, Merit Medical shares rise after hedge fund Starboard discloses 9% stake [more]

For Howard Marks, investing is like a game From Institutional Investor: Investors can take apply lessons from games like backgammon and poker to their day jobs, according to Oaktree Capital Management's Howard Marks. Marks - who has enjoyed pursuits like Old Maid and gin rummy since childhood - shared those lessons in his latest memo, published Monday....

10 Jan. 2020 Opalesque most forwarded article - week 2: PFIC what U.S. investment funds should be particularly aware of and newly proposed regulations [more]

By: Kris Hatch, Idan Netser, Fenwick & West LLP U.S.-based venture capital and other funds that invest in foreign companies must be careful to avoid the passive foreign investment company (PFIC) rules, which could substantially increase the tax owed on exit for U.S. taxpaying investors. U.S. persons who are limited partners (LPs) of funds must also be aware of the PFIC rules, as they...

2019  

 

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  • Top Tracked
  • Top Searched
  1. SPACs: Seth Klarman bets big on Bill Ackman, other SPACs, CRE firms join the SPAC boom[more]

    Seth Klarman bets big on Bill Ackman, other SPACs From MSN: Hedge fund manager Seth Klarman revealed several investments in SPACs during the third quarter, including a big bet on the largest SPAC from Bill Ackman. A 13F filing from the third quarter reveals Klarman's Baupost Fund to

  2. Renaissance, Two Sigma see losses as quant giants navigate chaos, Hedge fund run by BofA veterans trounces 99% of Brazil peers, Amid a tough year, CQS makes changes - and sees a rebound[more]

    Renaissance, Two Sigma see losses as quant giants navigate chaos From Bloomberg: Two of the hedge fund industry's quantitative powerhouses are getting tripped up this year as wild markets throw off their investing models. Renaissance Technologies, which manages the world's biggest q

  3. Investing: Hedge funds bet on tech ahead of unpredictable fourth quarter, The Tiger crowd's fresh buys, raises Uber stake, David Einhorn adds Twitter and Intel shares, keeps big bets on inflation, Palantir stock rockets to record highs as hedge funds disclose stakes, Trian dumped GE stock, but Druckenmiller stood pat in Q3 as SEC probe heated up[more]

    Hedge funds bet on tech ahead of unpredictable fourth quarter From Bloomberg: Hedge funds mostly stuck with the safety of technology stocks during the third quarter as they headed toward the uncertainty of this month's U.S. election. If they're still holding on to those wagers, it will

  4. SPACs: As Ackman hunts blockbuster deal, he counts on big backers[more]

    From Reuters: Hedge fund veteran William Ackman has the support of some of Wall Street's top investors as he tries to pull off the biggest-ever deal carried out by a blank-check acquisition company, according to regulatory filings published in the last few days. Among the heavy hitters rounded u

  5. Bill Ackman is bullish on stocks for 2021, but has a hedge position for a 'tragic' end to 2020[more]

    From CNBC: Billionaire hedge fund manager Bill Ackman, who made big money betting against the markets earlier this year, said he's optimistic about a recovery in 2021, but investors will need to get through a "tragic" year-end first. "We think the next couple of months unfortunately are going to