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Nov 19, 2013

Short-seller Chanos says oil majors increasingly look like ‘value traps’

NEW YORK, Nov 19 (Reuters) – Short-seller Jim Chanos said on
Tuesday that shares of international oil majors like Exxon Mobil
Corp increasingly look like a value trap for investors
as cash flows decline and return on capital slides.

His comments at the Reuters Global Investment Outlook Summit
in New York came a week after Warren Buffett disclosed a large
position in Exxon, the world’s largest publicly traded oil
company.

Nov 19, 2013

Short-seller Chanos bearish on oil, coal companies

NEW YORK (Reuters) – Short-seller Jim Chanos said on Tuesday that shares of the international oil majors like Exxon Mobil Corp increasingly look like a value trap for investors as cash flows decline and returns slide.

His comments at the Reuters Global Investment Outlook Summit in New York came a week after Warren Buffett disclosed a large position in Exxon, the world’s largest publicly traded oil company.

Nov 15, 2013

Hedge funds tune into Pandora, discard Apple in Q3

NEW YORK (Reuters) – Hedge funds took a liking to online music company Pandora Media Inc in the third quarter but soured on Apple Inc, according to regulatory filings published Thursday.

Hedge funds including Philippe Laffont’s Coatue Management and Patrick McCormack’s Tiger Consumer Management both opened stakes in Pandora of about 1.1 million and 2.9 million shares, respectively, U.S. Securities and Exchange Commission filings showed.

Nov 15, 2013

Hedge funds tune into Pandora, discard Apple in third-quarter

NEW YORK (Reuters) – Hedge funds took a liking to online music company Pandora Media Inc (P.N: Quote, Profile, Research, Stock Buzz) in the third quarter but soured on Apple Inc (AAPL.O: Quote, Profile, Research, Stock Buzz), according to regulatory filings published Thursday.

Hedge funds including Philippe Laffont’s Coatue Management and Patrick McCormack’s Tiger Consumer Management both opened stakes in Pandora of about 1.1 million and 2.9 million shares, respectively, U.S. Securities and Exchange Commission filings showed.

Nov 14, 2013

Hedge funds drawn to Sotheby’s in third quarter

NEW YORK, Nov 14 (Reuters) – Hedge funds including Eton Park
Capital Management and Ellington Management Group took new
positions in Sotheby’s during the third quarter, joining
activist investor Daniel Loeb as he pushes for change at the
269-year-old auction house.

Hedge fund managers have long been players in the world of
high-end art, buying and hanging Picassos and Warhols on the
walls of their homes and offices. But now the industry is
seeking to cash in on another part of the art market.

Nov 4, 2013

SAC will be much smaller, but Cohen’s impact could endure

BOSTON/NEW YORK, Nov 4 (Reuters) – After settling criminal
charges of insider trading, SAC Capital Advisors hedge fund
could operate with as little as one fifth of its roughly 900
employees, but founder Steven A. Cohen’s personal fortune is big
enough to keep him important on Wall Street.

The 57 year-old billionaire, often called his generation’s
greatest trader, has a taste for expensive objects from Jeff
Koons and Pablo Picasso artwork to mansions in Connecticut and
on New York’s Long Island, all part of his $9 billion fortune.

Oct 31, 2013

Fortress profits rise slightly in Q3, hedge fund losses hurt

By Katya Wachtel

(Reuters) – Fortress Investment Group (FIG.N: Quote, Profile, Research, Stock Buzz) on Thursday reported its profits rose slightly in the third quarter due to higher management fees across its various fund products but the firm was hampered by lower income fees in its hedge fund unit.

Fortress, one of a handful of publicly traded alternative asset managers, reported pre-tax distributable earnings inched up just over 1.5 percent to $65 million, or 13 cents per share, from $64 million, or 12 cents per share, a year earlier.

Oct 24, 2013

Pimco’s Gross tells Icahn to leave Apple alone

By Jennifer Ablan and Katya Wachtel

(Reuters) – Bill Gross, the co-chief investment officer at bond giant Pimco, lambasted billionaire investor Carl Icahn on Thursday for his involvement in Apple Inc’s strategy, but he failed to elicit an equally biting response from the veteran activist.

Gross said on Twitter: “Icahn should leave #Apple alone & spend more time like Bill Gates. If #Icahn’s so smart, use it to help people not yourself.”

Oct 23, 2013

Cohen’s SAC will close London office by year-end

NEW YORK (Reuters) – Steven A. Cohen’s SAC Capital Advisors will shut its London office by the end of the year as the hedge fund downsizes in response to a long-running insider trading investigation, according to a memo sent to staff on Tuesday.

In the memo, SAC President Tom Conheeney, who informed the London staff of the decision in person on Tuesday, also told employees that the hedge fund cut six portfolio managers based in the United States this week.

Oct 23, 2013

Investor Ader turns to full-time activism with new firm

NEW YORK, Oct 23 (Reuters) – Former Wall Street gaming
analyst Jason Ader tried his hand at activism this year, going
to battle with a U.S slot-maker International Game Technology
in a successful campaign to win a board seat for his
firm. Now he appears to be making a deeper commitment to
activist investing.

Ader has merged his Ader Investment Management with hedge
fund Cumberland Associates to form a new activist firm called
Owl Spring Asset Management, the company is scheduled to
announce Wednesday.

    • About Katya

      "Katya Wachtel is a hedge fund and big money reporter for Reuters. She hails from Melbourne. Australia, not Florida. You can contact her at katya.wachtel@thomsonreuters.com"
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