• bmoreland
    07/10/2014 - 08:29
    The Fed spends an inordinate amount of time focusing on increasing Lending with the idea that loan growth increases economic activity. Is it possible that it is Interest Income derived from Savings...
  • bmoreland
    07/10/2014 - 08:29
    The Fed spends an inordinate amount of time focusing on increasing Lending with the idea that loan growth increases economic activity. Is it possible that it is Interest Income derived from Savings...

Third Point

Tyler Durden's picture

"A Scam Of Unmatchable Balls And Cruelty" - Matt Taibbi On Wall Street's "Triple-Fucking Of Ordinary People"





"This is the third act in an improbable triple-fucking of ordinary people that Wall Street is seeking to pull off as a shocker epilogue to the crisis era. Five years ago this fall, an epidemic of fraud and thievery in the financial-services industry triggered the collapse of our economy. The resultant loss of tax revenue plunged states everywhere into spiraling fiscal crises, and local governments suffered huge losses in their retirement portfolios – remember, these public pension funds were some of the most frequently targeted suckers upon whom Wall Street dumped its fraud-riddled mortgage-backed securities in the pre-crash years.... It's a scam of almost unmatchable balls and cruelty, accomplished with the aid of some singularly spineless politicians. And it hasn't happened overnight. This has been in the works for decades, and the fighting has been dirty all the way."

 
Tyler Durden's picture

Frontrunning: September 19





  • Bernanke Resets Policy by Doing Nothing as Markets Soar (BBG)
  • Stocks Jump to Five-Year High as Metals Rally on Fed (BBG)
  • Centre-left bigwig says hard to stay allied with Berlusconi (ANSA)
  • J.P. Morgan 'Whale' Fine Put at Over $900 Million (WSJ)
  • Banks’ $10 Billion Sweet Spot Sets Off Buying Spree for Lenders (BBG)
  • Time to taper? Not if you look at bank loans (Reuters)
  • Mortgage Lending Reaches 5-Year High (WSJ) ... and then plunges as Fed gives "all clear" for a few months
  • Yellen Chances Grow as Obama Aides Test Senate Support (BBG)
 
Tyler Durden's picture

Frontrunning: August 27





  • Opposition figure: major decisions on Syria expected within hours (Al Arabiya)
  • Syria challenges U.S. to "produce the evidence" that Assad regime launched chemical attack (CBS)
  • British PM says world must act on Syria, weighs response (Reuters)
  • U.S. Treasury to Hit Debt Limit in Mid-October (WSJ)
  • U.S. could look beyond U.N. Security Council in any Syria strike (Reuters)
  • Nasdaq, NYSE at odds on outage cause as SEC seeks facts (Reuters)
  • Ackman’s J.C. Penney Sale Ends Failed Saga to Agitate for Change (BBG)
  • Zandi, LaVorgna, Blinder, Rattner all is one con puff piece (BBG)
  • Best Buy Founder Schulze Plans Stock Sale to Diversify Assets (BBG) - "diversify assets" = dump overpriced junk
  • Zero Worship: Credit-Card Firms Compete With No-Interest Transfers (WSJ)
  • Len Blavatnik wins $50m in JPMorgan lawsuit (FT)
  • Danone Finds Yogurt’s All Greek as Oikos Chases Chobani (BBG)
 
Tyler Durden's picture

Frontrunning: August 6





  • Washington Post Company Chairman and CEO Donald Graham talks about the sale, what it means for the future of The Post (WaPo)
  • Private-equity firms are adding debt to companies they own to fund payouts to themselves at a record pace (WSJ)
  • U.S., U.K. Urge Citizens to Leave Yemen (WSJ)
  • India Names Rajan Central Bank Governor as Rupee Plunges (BBG)
  • Family Offices Chasing Wealthy’s $46 Trillion in Assets (BBG)
  • UK 'bad bank' repays $2.9 billion to taxpayers in first half (Reuters)
  • Sony rebuffs Daniel Loeb’s push for entertainment spin-off (FT)
  • Public Pensions Up 12% Get Most in 2 Years as Stocks Soar (BBG)
  • Hidden Billionaire Found With Food Fortune in California (BBG)
  • Fonterra under fire over milk scare; more product recalls (Reuters)
  • Crédit Agricole Profit Rises After Greek  (WSJ)
 
Tyler Durden's picture

Frontrunning: July 23





  • Biggest Banks Face Fed Restoring Barriers in Commodities (BBG)
  • SAC to Employees: Cohen Didn't Read Dell Email at Heart of SEC's Case (WSJ)
  • Second (and Third) liens are back, and so is 2005: As Banks Retreat, Hedge Funds Smell Profit (WSJ)
  • Singapore funds benefit from Asian wealth (FT)
  • 2 years later the lies haven't changed one bit - Tepco hit over slow admission of radioactive leak (FT)
  • How big tech stays offline on tax (Reuters)
  • Hilton Leads Rush to Africa in Fastest Boom (BBG)
  • U.S. and UK fine high-speed trader for manipulation (Reuters)
  • Key witness takes stand in SEC case against Goldman's Tourre (Reuters)
  • Boomer Sex With Dementia Foreshadowed in Nursing Home (BBG)
  • Bentley SUV gives £800m boost to UK car industry (FT)
 
Tyler Durden's picture

Frontrunning: June 18





  • Obama Says Bernanke Fed Term Lasting ‘Longer Than He Wanted’ (Bloomberg)
  • Merkel Critical Of Japan's Credit Policy In Meeting With Abe (Nikkei)
  • China Wrestles With Banks' Pleas for Cash (WSJ)
  • Biggest protests in 20 years sweep Brazil (Brazil)
  • Pena Nieto Confident 75-Year Pemex Oil Monopoly to End This Year (Bloomberg)
  • G8 leaders seek common ground on tax (FT)
  • Putin faces isolation over Syria as G8 ratchets up pressure (Reuters)
  • Former Trader Is Charged in U.K. Libor Probe (WSJ) - yup: it was all one 33 year old trader's fault
  • Draghi Says ECB Has ‘Open Mind’ on Non-Standard Measures (BBG)
  • Loeb Raises His Sony Stake, Drive for Entertainment IPO (WSJ)
 
Tyler Durden's picture

Stephen Roach: "The American Consumer Is Not Okay"





The spin-doctors are hard at work talking up America’s subpar economic recovery. All eyes are on households. Thanks to falling unemployment, rising home values, and record stock prices, an emerging consensus of forecasters, market participants, and policymakers has now concluded that the American consumer is finally back. Don’t believe it. In short, the American consumer’s nightmare is far from over. Spin and frothy markets aside, the healing has only just begun.

 
Tyler Durden's picture

Hedge Fund Performance Update: Dan Loeb Is Crushing It In 2013, Everyone Else - Not So Much





Just like last year, when it was the turn of Europe-focused crushed and battered hedge funds to generate outsized returns due to some brief ECB-inspired euphoria, if only for a brief period, and then promptly fall back into obscurity, so now it is the time of the "Japan" strat. As the latest HSBC hedge fund performance report confirms, the best YTD returns are, as expected, those for Japan-focused funds. So how are the legacy titans of the hedge fund world doing? The answer is in the table below: of the vast majority of hedge funds, only a handful are outperforming the market year to date. This is becoming a major concern for an industry that has underperformed the S&P for the fifth year in a row, and which has to fight tooth and nail to justify its exorbitant fees in a world in which there is noneed to hedge any risk any more: after all, Ben Bernanke has everyone covered. One fund that has nothing to worry about is Dan Loeb's Third Point as it continues its juggernaut of crushing both returns and competition without pause.

 
rcwhalen's picture

Apple as Another Sony?: Talking to Michael Whalen





"It's highly debatable whether AAPL iCloud is making the inroads that they predicted..."

 
Tyler Durden's picture

Third Point Q1 Holdings Update: Reduces YHOO, AIG Stakes, Adds New Stakes In Virgin Media, Tiffany And B/E Aerospace





With Paulson's star long gone down, there are few remaining "new generation" hedge fund wunderkinds, especially in a world in which the best performing hedge fund is Federal Reserve Capital LLC - Onshore Fund. One among them is Third Point's Dan Loeb, who continues to be one of the best performing hedge fund managers for the 4th year in a row. He just filed his Q1 13F, amounting to $5.3 billion in disclosed long equity positions, which are summarized below. Of note are the following changes:

  • New stakes in Virgin Media ($538MM), Tiffany ($188MM), Anadarko ($105MM), Thermo Fisher ($99MM), Cabot Oil and Gas ($84MM), Hess ($72MM) and others. Some of these overlap with the initiations of David Tepper and David Einhorn especially Hess: did some "idea dinners" take place in Q1 we were not aware of?
  • Fully exited stakes in Tesoro, Morgan Stanley, Nexen, Symantec, Herbalife, Illumina, Coke, PVH, Abbott Labs and others.
  • Reduced positions in Yahoo, AIG, New Corp, Murphy Oil, Delphi, Lyondell and others
  • Added to stakes in International Paper, Abbvie, Dollar General, Constellation, and Ariad
 
Tyler Durden's picture

Frontrunning: May 14





  • Controversies give Obama new governing headaches (Reuters)
  • About that Capex... BHP to Rein In Investment, Chief Says (WSJ), considers returning cash to shareholders (FT)
  • Bloomberg users’ messages leaked online (FT)
  • Japanese mayor sparks China outrage with sex-slave remarks (Reuters)
  • Economists Cut China Forecasts (WSJ)
  • U.S. oil boom leaves OPEC sidelined from demand growth (Reuters)
  • U.S. banks push back on change in loan loss accounting (Reuters)
  • Fed’s Plosser Says Slowing Inflation No Concern for Policy (BBG)
  • Watchdog probes 1m US swap contracts (FT)
  • Used Gold Supply Heads for ’08 Low as Sellers Balk (BBG)
  • Ex-BlackRock Manager Said to Be Arrested in U.K. Probe (BBG)
 
Tyler Durden's picture

Dan Loeb Goes Activist On Sony: Demands Partial Spin Out Of Sony Entertainment, Sees 60% Stock Upsde





Can Sony repeat the magic of the Walkman, the Playstation and the Trinitron? Maybe, maybe not not, and judging by the stock price, soaring recently due to the plunge in the Yen which to many implies a ramp in future profitability (the jury is still out on that), it may not have to. However, activist investor Dan Loeb is not waiting. In a letter filed overnight, Third Point announced it has accumulated 64 million shares in the one time electronics and entertainment giant, making it the largest single shareholder of Sony. As a result, Loeb has a suggestion which is to partially (15-20%) spin off Sony Entertainment, in which Third Point would backstop a $1.5-$2 billion rights offering, with the resulting liquidity could go to boost Sony Electronics, as well as push off debt into the newly-created entity, reducing leverage at the parent company. Following this, the company could focus on restructuring Sony Eletronics, where Loeb believes there is untapped value, which could be as large as ¥725/share when factoring in for EURJPY moves. End result, Loeb sees 60% upside in Sony stock. We wish him the best of luck: other firms, such as Warren Lichtenstein's Steel Partners attempts to go activist in Japan in the past decade have largely crashed and burned. Perhaps for Loeb, the time of Abenomics will be different.

 
Tyler Durden's picture

Frontrunning: May 7





  • Microsoft prepares U-turn on Windows 8 (FT), Microsoft admits failure on Windows 8 (MW), After Bumpy Start, Microsoft Rethinks Windows 8 (NYT)
  • China reports four more bird flu deaths, toll rises to 31 (Reuters)
  • Republicans shift stance on US budget (FT)
  • NYC Tallest Condo Corridor Gets New Entrant With Steinway (BBG)
  • U.S. Says China's Government, Military Used Cyberespionage (WSJ)
  • China rejects Pentagon charges of military espionage (Reuters)
  • Bank of China Cuts Off North Korean Bank (WSJ)
  • Libya defense minister quits over siege of ministries by gunmen (Reuters)
  • London Recruiter Says City Job Vacancies Rose 19% (BBG)
  • Colleges Cut Prices by Providing More Financial Aid (WSJ)  or, said otherwise, loans
  • Jeweler agrees to plead guilty in KPMG insider-trading case (LA Times)
 
Tyler Durden's picture

The Bermuda 'Reacharound' Triangle Tax Dodge





With sequesters and loopholes the only two words that seem to matter in Washington (the latter more than the former as far as action), we suspect the popularity of the so-called 'Bermuda Triangle' tax dodge may raise more than a few eyebrows. Put simply, hedge fund managers create a Bermuda-based re-insurance entity, their clients (high-net-worth individuals) funnel their hard-earned gains through this offshore entity and back to the US hedge funds - dramatically reducing their personal income taxes. The re-insurers do a minimum of business to create the appearance of legitimacy but are enabling hedge fund investors to avoid paying high-rate income tax on any gains from the funds and growing tax-free while in the fund. Of course this is defended as "good tax management." Funds such as Paulson's, Third Point, Greenlight, and SAC all use this vehicle according to Bloomberg as a handy way to funnel a US hedge fund investment through a tax haven. It truly is good to be king...

 
Tyler Durden's picture

Frontrunning: February 14





  • John Kerry just got happier: Berkshire Hathaway, 3G Buying Heinz for $72.50 a Share, or $28 Billion - ~20% premium to last price (CNBC)
  • US Airways, AMR to Merge (WSJ) - can thousands of workers spell "synergies"?
  • Draghi, Carney show ascent of "whatever it takes" central bankers (BBG) ... to preserve the Goldman way of life
  • Euro zone economy falls deeper than expected into recession (Reuters)
  • Soros has made $1 billion betting against the Japanese Yen (WSJ)
  • Ex-Analyst at SAC Felt Pressured for Tips  (WSJ)
  • Desalination Seen Booming at 15% a Year as World Water Dries Up (BBG)
  • China's 'Wall' Hits Business (WSJ)
  • Israel publishes some details as Australian spy mystery deepens (Reuters)
  • Tata Motors Profit Falls 52% (WSJ)
  • AB InBev Will Sell Corona Unit to Salvage Modelo Takeover (BBG)
  • "Blade Runner" Pistorius charged with murdering girlfriend (Reuters)
  • In Ohio and beyond, Obama sees model for manufacturing revival (Reuters)
 
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