Tuesday, 21 October 2014
Last updated 6 hours ago
Jul 29 2013 | 9:39am ET
There's no love lost between the CEO of online discount retailer Overstock.com and the hedge funds he accuses of driving his company's stock price down.
Patrick Byrne took out a full-page advertisement in The Wall Street Journal to congratulate SAC Capital Advisors founder Steven Cohen on the hedge fund's indictment last week on insider-trading charges. The ad depicts Byrne holding what appears to be the skull of a Sith Lord from the Star Wars film series.
"Congratulations on the indictment, Stevie, and remember: roll early, roll often," the ad reads.
Byrne, whose company has sued a hedge fund, a research firm and two major banks, accusing them of conspiring to drive down Overstock's share price, has said that a Sith Lord is behind the aggressive shorting of companies like his own. He has not previously identified SAC as that shadowy figure or mentioned the firm at all, and Overstock has not engaged in litigation with the $14 billion firm.
In Star Wars, Sith Lords have unique knowledge of the Dark Side.
SAC was hit with five fraud charges on Thursday and pleaded not guilty on Friday. Federal prosecutors plan to seek some $10 billion from the firm if it is convicted.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...