Wednesday, 1 October 2014
Last updated 13 hours ago
Oct 1 2010 | 3:34am ET
A defensive Philip Falcone blasted the news media in a conference call with investors this week—and made a point of noting his unhappiness with some of those investors, as well.
The Harbinger Capital Partners head criticized the coverage of his $9 billion hedge fund’s investment in LightSquared, a high-speed Internet company. New York-based Harbinger has committed some one-third of its capital to the 4G network, leading to reports that some investors are unhappy with what has been characterized as a risky bet, especially given Harbinger’s poor performance this year.
“He started off by talking about the press, saying they don’t have the facts straight,” one person who heard the call told Reuters. And he also asked investors to stop doing things like talking to Reuters.
“He was upset with investors for leaking info,” the same source said, noting that Falcone sounded defensive.
Falcone himself told Reuters that he plans to have another call with investors within a few weeks to talk about the LightSquared investment.
“The good news,” he told Reuters in an e-mail, “we actually are making money this month.” Harbinger’s flagship is down some 13% this year.
“Yes, we are turning it around,” he said.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...