Tuesday, 30 September 2014
Last updated 1 min ago
Aug 25 2008 | 1:00am ET
Appaloosa Management’s timing could not have been worse.
The Chatham, N.J., hedge fund, run by former Goldman Sachs trader David Tepper, rushed into energy stocks just in time to seem them fall through the floor. The fund bought a whopping $2.4 billion in oil and gas stocks in the second quarter, boosting its allocation to the sector to 79% of U.S. equity holdings from less than 1%, according to a filing with the Securities and Exchange Commission.
Unfortunately for Tepper and his investors, oil prices have taken a beating in recent weeks, dragging down the whole energy sector. According to Bloomberg News, the value of Appaloosa’s holdings has fallen 14% in July and August.
Among the 18 names Appaloosa entered last quarter are Chevron Corp., ConocoPhillips and Devon Energy Corp. The fund also increased its holdings of the Energy Select Sector SPDR exchange-traded fund.
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...