Wednesday, 24 August 2016
Last updated 14 hours ago
Mar 8 2011 | 3:43pm ET by Deirdre Brennan
Here are a few fun reads for your commute home.
A Subdued Start to the Galleon Trial (Dealbook)
Jury selection began today in what will be the most high-profile insider trading case in history. Fifty-three-year-old Galleon Group founder Raj arrived at court this morning to lots of cameras and little fanfare (the AP video is just too boring to even embed). One funny tidbit was picked up by a Dealbook reporter, as quoted below:
Juror No. 13, in response to the judge’s question about whether anyone in the pool worked for, or had a friend or relative, at a bank or a hedge fund, said that she had a friend who “owns a hedge fund.”
Judge Holwell asked her the person’s name. “David Tepper,” she said, causing a stir among the dozen or so reporters in the courtroom. “We spend holidays together.” She said that this would not affect her ability to serve on the jury.
Berkowitz Vs. Einhorn
Showdown in the Sunshine State (The Atlantic)
St. Joe Company was until recently the largest landowner in Florida. So what is St. Joe Company worth today? Two well-known value investors are on different sides of the fence when it comes to this question. David Einhorn = bearish. Bruce Berkowitz = bullish. This one will be fun to look back at a year from now.
“Like a lot of other people, including many money managers, I couldn’t understand how two very smart guys with strong track records could have such different—and vehement—opinions on what’s basically a simple real-estate operation,” says the article’s author Megan McArdle.
Size Does Matter
Tour De Gall (Vanity Fair)
This article has absolutely nothing to do with hedge funds, money management or Wall Street. But there is nothing I love more than when someone strips off the emperor’s new clothes. Besides, this is the best advice I’ve received in years: “The rule with snails is: Don’t eat one you couldn’t get up your nose.”