Thursday, 2 October 2014
Last updated 37 min ago
Feb 14 2013 | 12:13pm ET
Major public pension funds—and major Apple Inc. investors—are taking sides in the company's fight with Greenlight Capital.
Greenlight has sued Apple to prevent the company from linking a proposal to do away with preferred share issuance with two other, more widely-supported, corporate governance moves. And the New Jersey Division of Investment seems to think that Greenlight founder David Einhorn, who fears the preferred-share rule could allow Apple to continue to hold on to its huge cash horde, is right about the basics.
The Garden State pension manager's chairman, Bob Grady of private-equity firm Cheyenne Capital, did not say where he or the pension stood on the proxy issue. But he told the New York Post, "Apple has over $130 billion in cash and we think more of that cash should be returned to shareholders."
Two even bigger pensions, however, are backing their home-state company. The California Public Employees' Retirement System and California State Teachers' Retirement System are both in favor of Apple's proposal. CalSTRS corporate governance chief Anne Sheehan told the Post that "blank check" preferred stock issuance "can be used as anti-takeover defenses and entrench a board."
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...