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Insider Monkey HF Newsletter
Q3 2012 Issue:2 Inside This Issue 1 Why Track Hedge Funds 3 22 Billionaire Fund Managers 47 Most Popular Stocks Among Hedge Funds 54 Least Popular Stocks Among Hedge Funds 57 15 Picks by Insider Monkey’s Secret Strategy 57 15 Stocks That are Dumped by Hedge Funds 58 In-depth Look: Stock 1 59 In-depth Look: Stock 2 61 In-depth Look: Stock 3 63 In-depth Look: Stock 4 64 In-depth Look: Stock 5 65 In-depth Look: Stock 6 Don’t pay hedge funds hefty fees when you can buy the best stock picks of best hedge fund managers at a fraction of what they charge A Gift To You From Insider Monkey Please enjoy the first half of our newsletter, as a gift from us to you. In it you'll find extensive analytical discussions on the nation's best hedge fund managers. If you like what you see, you have a few options to get more and better information. Become a Newsletter Subscriber and access to our two strategies' stock picks. Here's what the subscribers of the newsletter fared with the picks from last quarter: The Small Cap Strategy gained an average of 4.2% between the end of August and November 16th. During the same time period S&P 500 index ETF (SPY) lost 2.9%. Our “Secret” strategy lost an average of 0.9%, also beating the SPY by 2 percentage points. The real value in the newsletter lies in the stock picks of the two investment strategies developed by our Ph.D. -
I Hedge Fund Basics
ccc_strachman_ch01_9-44.qxd 6/15/05 12:03 PM Page 9 1Chapter Hedge Fund Basics or the better part of the past twenty years, the only time the press mentioned hedge funds was when one blew up or some Fsort of crisis hit one of the world’s many markets. All that changed in the late summer of 1998. The currency crisis in Asia spread to Russia, then crept into Europe, and finally hit the shores of the United States in mid-July and early August. Many who follow the markets assumed that things were bad and were going to stay that way for a very long time. And of course the first people who were looked at when the volatility hit was the hedge fund community. Although no one knew for sure what was going on and who and how much was lost, one thing was clear: Many of the most famous hedge funds were in trouble. After COPYRIGHTEDweeks of speculation and rumors, MATERIAL the market finally heard the truth: The world’s “greatest investor” and his colleagues had made a mistake. At a little before 4 P.M. eastern standard time (EST) on Wednesday, August 26, Stanley Druckenmiller made the an- nouncement on CNBC in a matter-of-fact way: The Soros organiza- tion, in particular its flagship hedge fund, the Quantum Fund, had lost more than $2 billion in recent weeks in the wake of the currency 9 ccc_strachman_ch01_9-44.qxd 6/15/05 12:03 PM Page 10 10 HEDGE FUND BASICS crisis in Russia. The fund had invested heavily in the Russian mar- kets and the trades had gone against them. -
Triδngulated Research, LLC
TriΔngulated Research, LLC www.triinv.com [email protected] THE GREATEST MONEYMAKING MACHINE IN HISTORY A Longitudinal Study of the Trading Methods of Stan Druckenmiller By George Coyle 1 Contents • Introduction: 3 • Caveats: 4 • Soros Similarities: 6 • Risk Management: 8 • Trend Following: 10 • Summary/Back to the Top: 12 • Philosophy: 13 • Technical Analysis/Fundamental Analysis/Liquidity: 15 • Hot/Cold: 16 • Developing a Thesis: 17 • Druckenmiller’s Specific Indicators: 19 • Other Pertinent Information: 20 • Taking a Position: 21 • Position Sizing: 22 • Difficult Periods: 23 • What Makes a Great Trader: 24 • Conclusion: 25 • Bibliography: 26 • About Me: 27 WWW.TRIINV.COM 2 Introduction Stan Druckenmiller is one of the greatest traders ever. In speaking about him, notable hedge fund manager Scott Bessent once said, “Stan Druckenmiller may be the greatest moneymaking machine in history” providing the title for this paper. In the name of brevity, I will cut to the chase here and say that Druckenmiller is a must if researching great traders. The goal of this paper is to decipher those things from Druckenmiller’s tool kit that can be used to increase the odds of successful investing and trading. Few quick notes, I abbreviate Stan Druckenmiller as “SD” at times throughout this paper. I also use the terms trader and investor interchangeably and intend for these terms to indicate someone attempting to make a profit in liquid markets. WWW.TRIINV.COM 3 Caveats In recent years, Druckenmiller has publicly stated he had to change his strategy (from the one he used to produce the legendary returns) as his former methods to earn his outstanding returns were no longer working as well. -
DEFENDING AGAINST a DECLINING DOLLAR Has the US Dollar Bear Emerged from Hibernation?
DEFENDING AGAINST A DECLINING DOLLAR Has the US dollar bear emerged from hibernation? April 2021 1 www.saturna.com About Saturna Capital Saturna Capital, manager of the Amana, Saturna Sustainable, Sextant, and Idaho Tax-Exempt Funds, uses years of investment experience to aid investors in navigating today’s volatile markets. Founded in 1989 by professionals with extensive experience, Saturna has helped individuals and institutions build wealth, earn income, and preserve capital. We are long-term, values-based, and socially responsible investors. We view consideration of environmental, social, and governance (ESG) factors as essential in forming portfolios of high-quality companies that are better positioned to reduce risk and identify opportunities. We believe that companies proactively managing business risks related to ESG issues make better contributions to the global economy and are more resilient. At Saturna, we believe in making your investment dollars work hard for you and that your interests always come first. Saturna strives to not only offer the best investment opportunities from mutual funds to IRAs, but to match those sound investments with superior customer service. About Saturna Sdn. Bhd. Saturna Sdn. Bhd. is the wholly-owned Malaysian subsidiary of Saturna Capital Corporation, resulting from the 2010 purchase by Saturna Capital of Alpha Asset Management located in Kuala Lumpur. Saturna Sdn Bhd holds an Islamic Fund Management Licence (IFML) with the Malaysian Securities Commission. Saturna is the first conventional asset manager to be converted to an Islamic asset manager. Please consider an investment’s objectives, risks, charges, and expenses carefully before investing. To obtain this and other important information about the Amana, Sextant, Idaho Tax-Exempt, and Saturna Sustainable Funds in a current prospectus or summary prospectus, please visit www.saturna.com or call toll free 1-800-728-8762. -
For the Wealthiest, a Private Tax System That Saves Them Billions
For the Wealthiest, a Private Tax System That Saves Them Billions The very richest are able to quietly shape tax policy that will allow them to shield billions in income. By NOAM SCHEIBER and PATRICIA COHEN DEC. 29, 2015 SOURCE: http://www.nytimes.com/2015/12/30/business/economy/for-the-wealthiest-private-tax-system-saves-them-billions.html WASHINGTON — The hedge fund magnates Daniel S. Loeb, Louis Moore Bacon and Steven A. Cohen have much in common. They have managed billions of dollars in capital, earning vast fortunes. They have invested large sums in art — and millions more in political candidates. Moreover, each has exploited an esoteric tax loophole that saved them millions in taxes. The trick? Route the money to Bermuda and back. With inequality at its highest levels in nearly a century and public debate rising over whether the government should respond to it through higher taxes on the wealthy, the very richest Americans have financed a sophisticated and astonishingly effective apparatus for shielding their fortunes. Some call it the “income defense industry,” consisting of a high-priced phalanx of lawyers, estate planners, lobbyists and anti-tax activists who exploit and defend a dizzying array of tax maneuvers, virtually none of them available to taxpayers of more modest means. Daniel S. Loeb, shown with his wife, Margaret, runs the $17 billion Third Point hedge fund. Mr. Loeb, who has owned a home in East Hampton, has contributed to Jeb Bush’s super PAC and given $1 million to the American Unity Super PAC, which supports gay rights. -
100WHF's 400Th Education Session with Stanley Druckenmiller, Chairman and CEO of Duquesne Family Office
100WHF's 400th Education Session with Stanley Druckenmiller, Chairman and CEO of Duquesne Family Office September 23, 2013 at 6 PM New York Stanley Druckenmiller, former manager of Duquesne Capital Management, an alternative investment fund in operation for 30 years before he closed to outside investors two years ago, shares his insights on generating and maintaining high returns, from an outsider's perspective. Learn his outlook for the US and global markets in 2013- 14. An alumnus of Bowdoin College, he will be interviewed by Paula J. Volent, CFA, Senior Vice President for Investments, Bowdoin College. Participants Stanley F. Druckenmiller, Duquesne Family Office LLC Paula J. Volent, CFA, Bowdoin College Education, one of the three pillars of 100 Women in Hedge Funds, provides opportunities for members to engage in forums and discussions of key market, operations, regulatory and career development issues for participants in the alternative investment industry. 100 Women in Hedge Funds takes the opportunity of the milestone of its 400th Education event to thank the many speakers, event organizers and sponsors who together have contributed to the knowledge base, professionalism and connections between 100WHF members. Event Details Date: September 23, 2013 Time: 5 PM Registration. We will begin promptly at 6 PM; please arrive early. Since it is disruptive to everyone when latecomers enter the session, those arriving after an education session has begun will only be admitted at the discretion of 100WHF and the host. Please note the start time on this invite and plan to arrive early. Host: Citi Location: 399 Park Avenue, 13th floor, between East 53rd and 54th Streets, New York, NY 10022 RSVP: Please refer to your invite If you have any questions about this event, please contact the New York Education committee. -
St. James Quarterly Letter
S T. JAMES INVESTMENT COMPANY INDIVIDUAL PORTFOLIO MANAGEMENT INVESTMENT ADVISER’S LETTER JULY 2020 W W W. STJIC.COM 3838 OAK LAWN AVENUE, SUITE 1414 DALLAS, TEXAS 75219 SECOND QUARTER LETTER “Many shall be restored that now are fallen and many shall fall that now are in honor.”-Horace Capital markets have existed for as long as humans have engaged in trade. In France during the twelfth century, a network of courtier de change managed agricultural debts on behalf of banks. The merchants of Venice traded government securities as early as the thirteenth century, as well as the bankers in the nearby cities of Pisa, Verona, Genoa, and Florence. The first stock markets appeared in the sixteenth century in Belgium. Antwerp was the commercial center of Belgium and home to the Van der Beurze family; today, the word ‘bourse’ is common in Europe to mean a market organized for the purpose of trading securities. The world’s first publicly traded company was the East India Company—established with the goal of pooling the risk of sailing to the far corners of the world. When European explorers discovered the East Indies, enterprising ship merchants immediately charted trade explorations. Unfortunately, few of these voyages ever returned home. Financiers realized they needed to mitigate their risk. As a result, they formed a unique corporation in 1600 called the Governor and Company of Merchants of London trading with the East Indies, the first company to use a limited liability formula. Rather than invest in one voyage and risk the loss of all investment capital, investors could purchase shares in multiple companies. -
Stanley Druckenmiller - Forbes
3/22/2016 Stanley Druckenmiller - Forbes The World's Billionaires 2016 RANKING | REAL TIME RANKING 2 FREE Issues of Forbes Log in | Sign up | Connect | Help DOW to Drop 80% in 2016 80% Stock Market Crash to Strike in 2016, Economist Warns. Previous Next #338 Stanley #338 #338 Tweet Druckenmiller Follow (29) Real Time Net Worth As of 3/22/16 $4.4 Billion Age 62 Source Of Wealth hedge funds, Self Made Self-Made Score 8 Residence New York, NY Citizenship United States Marital Status Married Stanley Druckenmiller on Education Bachelor of Arts / Forbes Lists Science, Bowdoin College #338 Billionaires (2016) #120 in United States #577 in 2015 #124 Forbes 400 (2015) Famed investor Stan Druckenmiller was George Soros' main man when together they "broke the Bank of England," earning a $1 billion profit by shorting the pound in 1992. Born in a middle class home in Pittsburgh, Forbes Video Pennsylvania, Druckenmiller attended Bowdoin College and pursued a PhD at the University of Michigan. He eventually dropped out and went to work for Pittsburgh National Bank. After becoming head of equity research, Druckenmiller left to launch the legendary Duquesne Capital Management, a hedge fund he ran until 2010, when he converted it into a family office. 0:00 / 2:07 More On Forbes Why Starbucks' Billionaire CEO Pushes Social Invest Like A Billionaire: Buy Amazon Responsibility And Facebook, Sell Apple The Starbucks founder says he has no intention Bubble or not, the technology sector has been a hedge fund favorite in recent of running for president, despite powerful years. -
Biden Chooses Yellen to Lead U.S. Treasury
P2JW329000-6-A00100-17FFFF5178F ****** TUESDAY,NOVEMBER 24, 2020 ~VOL. CCLXXVI NO.124 WSJ.com HHHH $4.00 DJIA 29591.27 À 327.79 1.1% NASDAQ 11880.63 À 0.2% STOXX 600 388.84 g 0.2% 10-YR. TREAS. g 9/32 , yield 0.857% OIL $43.06 À $0.64 GOLD $1,837.80 g $34.80 EURO $1.1842 YEN 104.55 The Face of Hong Kong Activism Awaits Jail What’s Biden Chooses News Ye llen to Lead Business&Finance U.S. Treasury iden plans to nominate B former FedChairwoman Janet Yellen, an economist at President-elect JoeBiden firstwoman to lead the Fed, the forefront of policy-making plans to nominateformer Fed- would become the firstperson forthree decades,tobecome eral ReserveChairwoman Janet to have headed the Treasury, the next Treasurysecretary. A1 Yellen, an economist at the the central bank and the forefront of policy-making for WhiteHouse Council of Eco- TheU.S.economy contin- three decades,tobecome the nomic Advisers. ues to recoverfromthe pan- next Treasury secretary, ac- Ms.Yellen declined to com- demic-induced downturn, ac- cording to people familiar with ment on Monday. cording to businesssurveys the decision. Separately,Mr. Biden’s tran- that showservices and manu- sition team said he would nom- facturing activity growing By Nick Timiraos, inateAlejandroMayorkas to despiterising infections. A2 Kate Davidson lead the Department of Home- U.S. stocks rose, with and Ken Thomas land Security and Avril Haines theDow,S&P 500 and Nas- as director of national intelli- daq advancing 1.1%, 0.6% If confirmed by the Senate, gence. -
Glioma Research Surges in the Department of Pathology and Cell
Volume ?, Issue ? Holiday Edition 2012-2013 Glioma Research Surges This edition of The Newsletter, the 9th in the series, has a lot to cover. The last Newsletter was dedicated to the 25th anniversary of the modern era and included almost all of the recent his- in the Department of tory of the Department, as well as much that occurred many years ago. For those who did not Pathology and Cell Biology see it, it is on-line. There was no room for our usual features: Annals of Administration, New By Lloyd Greene and Peter Canoll Grants, New Faculty, New Administrators, New Residents, New Graduate Students, Promo- tions, Anniversaries, and all of the good things that help to unify a department of almost 400 There were nearly 14,000 deaths from people. This issue returns to that format and we hope to make up for lost time. We also fea- brain tumors in the US last year and for ture a short article that explains the increasing glioma research in the Department. We salute Grade IV glioblastomas (GBM), there is Carol Mason, President-elect of the Society for Neuroscience. There were two laggards for the currently no effective cure. Over the past Anniversary Newsletter-the Breast and Neuropath Services and because we are forgiving, we few years, the Department of Pathology include them here. We are back to saluting our administrators, including the HR staff and also and Cell Biology has become a vigorous Ellie Johnson our Business Manager. We admire all of the many people who got important center for brain tumor research with stud- grants in this difficult financial time. -
Agenda Setting: a Wise Giver's Guide to Influencing Public Policy
AGENDA SETTING MILLER Agenda Setting A Wise Giver’s Guide to Influencing Public Policy Donating money to modify public thinking and government policy has now taken its place next to service-centered giving as a constructive branch of philanthropy. Many donors now view public-policy reform as a necessary adjunct to their efforts to improve lives directly. This is perhaps inevitable given the mushrooming presence of government in our lives. In 1930, just 12 percent of U.S. GDP was consumed by government; by 2012 that had tripled to 36 percent. Unless and until that expansion of the state reverses, it is unrealistic to expect the philanthropic sector to stop trying to have a say in public policies. Sometimes it’s not enough to build a house of worship; one must create policies that make it possible for people to practice their faith freely within society. Sometimes it’s not enough to pay for a scholarship; one must change laws so that high-quality schools exist for scholarship recipients to take advantage of. Yet public-policy philanthropy has special ways of mystifying and frustrating practitioners. It requires understanding of governmental practice, interpretation of human nature, and some philosophical perspective. Public-policy philanthropists may encounter opponents operating from different principles who view them as outright enemies. Moreover, public-policy struggles never seem to end: victories and ZINSMEISTER and ZINSMEISTER one year become defeats the next, followed by comebacks, then setbacks, and on and on. This book was written to help donors navigate all of those obstacles. It draws Agenda on deep history, and rich interviews with the very best practitioners of public- policy philanthropy in America today. -
THE NETWORK for PUBLIC EDUCATION ACTION We Are Many
THE NETWORK FOR PUBLIC EDUCATION ACTION We are many. There is power in our numbers. Together we will save our schools. AN NPE ACTION INVESTIGATIVE REPORT THE NETWORK FOR PUBLIC EDUCATION ACTION We are many. There is power in our numbers. Together we will save our schools. TABLE OF CONTENTS Introduction . 1 Index of Billionaires . 4 Newark, New Jersey: New York Billionaires Flood a New Jersey Mayoral Election with Cash . 11 Washington State: Charter Advocates Refuse to Take “No” for an Answer . 20 Los Angeles, California: Charter Advocates Buy Majority Board Control . 32 Perth Amboy, New Jersey: Big Money Floods a Small School Board Race . 40 Louisiana: Jeb Bush Calls and Billionaire Dollars Follow . 43 Rhode Island: Anti-Pension Texas Billionaire a Major Player in Rhode Island Governor’s Race . 64 Minneapolis, Minnesota: Billionaire-backed Reform Organization Funnels Cash into School Board Race . 70 New York: Hedge-fund Billionaires Contribute Millions to Charter-friendly Governor . 74 Denver, Colorado: Billionaire Dollars Ensure School Board Majority in a Reform-friendly District . 85 Conclusion: How to Follow the Money . 99 Hijacked By Billionaires: How The Super Rich Buy Elections To Undermine Public Schools An NPE Action Investigative Report www.npeaction.org THE NETWORK FOR PUBLIC EDUCATION ACTION We are many. There is power in our numbers. Together we will save our schools. “We will have charter schools in Washington state . BOOYA . Thanks Bill and Melinda (Gates) and Mike and Jackie (Bezos) and Anne and Michael (Dinning/Wolf) and Paul (Allen) ”. So tweeted Washington billionaire, Nick Hanauer in November 2012 after a charter referendum passed—a referendum that voters had previously rejected three times.