Wednesday, 1 October 2014
Last updated 31 min ago
May 1 2012 | 12:31pm ET
Jana Partners' Barry Rosenstein is taking a bit of a bow after his investment in Barnes & Noble paid off in a big way this week.
The activist hedge fund manager made a paper gain of $49.2 million on its 12% stake in the bookseller, after Microsoft announced yesterday that it would invest $300 million in a new unit that will cover B&N's Nook digital reader and college businesses, two of its most profitable business lines.
"The question is, why would anyone short that stock?" Rosenstein asked on CNBC. "We figured we have very little downside. We thought there was a very high probability that some sort of strategic transaction like this would occur."
The Microsoft deal will create a still-unnamed business that will report separately from B&N and that is, at a stroke, worth more than B&N itself with a $1.7 billion valuation. Microsoft will own about 18% of the business, and B&N the rest.
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...