Tuesday, 5 May 2015
Last updated 8 hours ago
Feb 5 2013 | 2:27am ET
The world's hedge fund managers are taking sides on nutritional supplements company Herbalife. Count Kyle Bass among those betting on the company and against Pershing Square Capital Management's William Ackman.
The Hayman Capital Management founder told CNBC on Friday that he doesn't have a position in Herbalife. But, he added, if he did, it would be on the long side, alongside Third Point and its founder, Daniel Loeb.
"Dan Loeb is one of the most talented investors in the world," Bass said. "He's a good friend. I would never bet against Dan Loeb. I think Ackman has a tough road here."
Ackman in December launched an attack on Herbalife, calling it a "pyramid scheme" and announcing a huge short position in the company. Last month, Loeb publicly refuted Ackman's thesis and took an 8% stake in Herbalife.
In addition to Bass, Loeb can count Chapman Capital, East Side Capital and Carl Icahn in his corner. The latter has a long-standing feud with Ackman; the two had a much-discussed 25-minute joint interview and verbal spar on CNBC last week. On Ackman's side is believed to be Kynikos Associates, also said to have a short position on Herbalife.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…