DOCSLIB.ORG

Has This Action, Case, Or Proceeding, Or One Essentially the Same Been Previously Filed in SDNY at Any Time? Ncevesqjudge Previously Assigned Ifyes, Was This Case Vol

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Has This Action, Case, Or Proceeding, Or One Essentially the Same Been Previously Filed in SDNY at Any Time? Ncevesqjudge Previously Assigned Ifyes, Was This Case Vol n! r iaj JS«44C/SDNY CIVIL COVE REV. 4/2014 14 Cf "PtSJJwH wRovef^iBrana'tne information contained herein neither replace nor supplement the filing and service qtjL pleadings or other papers as required bylaw, exceptas provided bylocal rulesofcourt. Thisform, approved bythe 2 1 2014 Judicial Conference ofthe United States inSeptember1974, is required foruse ofthe Clerk ofCourtforthe purposeof initiating the civil docket sheet. PLAINTIFFS DEFENDANTS BRIDGEWATER ASSOCIATES, LP CONVOYFUNDS, LP, CONVOYFUND, LP, CONVOYGLOBAL FUND,LP, CONVOYINVESTMENTS, LLC, CONVOYMACRO FUND, LP, CONVOYOPTIMAL FUND, LP, CONVOYPREMIUM FUND,LP, WENQUAN WU, AND HOWARD WANG ATTORNEYS (FIRM NAME, ADDRESS, ANDTELEPHONE NUMBER ATTORNEYS (IF KNOWN) Atif Khawaja , KIRKLAND & ELLIS LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212)446-4800 Facsimile: (212)446-6460 • CAUSE OFACTION (CITE THE U.S. CIVIL STATUTE UNDER WHICH YOU ARE FILING AND WRITE ABRIEF STATEMENT OF CAUS^ (DO NOTCITEJURISDICTIONAL STATUTES UNLESSDIVERSITY) False advertising inviolation of section 43(a)(1)(B) ofthe Lanham Act. See 15 U.S.C. § 1125(a)(1)(B). Has this action, case, or proceeding, or one essentially the same been previously filed in SDNY at any time? NcEVesQjudge Previously Assigned Ifyes, was this case Vol. • Invol. • Dismissed. No [~J Yes • If yes, give date &Case No. IS THIS AN INTERNATIONAL ARBITRATION CASE? No [*] Yes [~J (PLACE AN[x] INONEBOXONLY) NATURE OF SUIT ACTIONS UNDER STATUTES CONTRACT PERSONAL INJURY PERSONAL INJURY FORFEITURE/PENALTY BANKRUPTCY OTHER STATUTES [ ] 367 HEALTHCARE/ [X1375 [ ] 110 PHARMACEUTICAL PERSONAL FALSE CLAIMS X'. INSURANCE [] 310 AIRPLANE ] 625 DRUG RELATED [] 422 APPEAL [ J400 STATE [ ]120 MARINE INJURY/PRODUCT LIABILITY [ )315 AIRPLANE PRODUCT SEIZURE OF PROPERTY 28 USC 158 REAPPORTIONMENT [ ]130 MILLER ACT LIABILITY [] 365 PERSONAL INJURY 21 USC 881 [] 423 WITHDRAWAL [ ]410 ANTITRUST [ J140 NEGOTIABLE [] 320 ASSAULT, LIBEL & PRODUCT LIABILITY ,, R„ nTHFR 28 USC 157 [ J430 BANKS & BANKING INSTRUMENT SLANDER [ J368ASBESTOS PERSONAL IJesuumtK [ H50 COMMERCE [ ]150 RECOVERY OF [] 330 FEDERAL INJURY PRODUCT f ]460 DEPORTATION OVERPAYMENT & EMPLOYERS' LIABILITY PROPERTY RIGHTS [ H70 RACKETEER INFLU ENFORCEMENT LIABILITY ENCED & CORRUPT OF JUDGMENT [ ] 340 MARINE PERSONAL PROPERTY [] 820 COPYRIGHTS ORGANIZATION ACT (J 151 MEDICARE ACT [] 345 MARINE PRODUCT [] 830 PATENT (RICO) ( ]152 RECOVERY OF LIABILITY [] 370 OTHER FRAUD [ 1840 TRADEMARK ]480 CONSUMER CREDIT DEFAULTED [ ] 350 MOTOR VEHICLE [ ] 371 TRUTH IN LENDING 1490 CABLE/SATELLITE TV STUDENT LOANS [ ] 355 MOTOR VEHICLE (EXCL VETERANS) PRODUCT LIABILITY SOCIAL SECURITY ] 850 SECURITIES/ [ ]153 RECOVERY OF [ ] 360 OTHER PERSONAL COMMODITIES/ OVERPAYMENT INJURY ] 380 OTHER PERSONAL LABOR [ ]861 HIA(1395ff) EXCHANGE OF VETERAN'S [ ] 362 PERSONAL INJURY - PROPERTY DAMAGE [] 862 BLACK LUNG (923) BENEFITS MED MALPRACTICE ] 385 PROPERTY DAMAGE [ ] 710 FAIR LABOR [] 863 DIWC/DIWW (405(g)) I ]160 STOCKHOLDERS PRODUCT LIABILITY STANDARDS ACT [ ] 864 SSID TITLE XVI SUITS [] 720 LABOR/MGMT [] 865 RSI (405(g)) ] 890 OTHER STATUTORY I 1190 OTHER PRISONER PETITIONS RELATIONS ACTIONS CONTRACT [] 463 ALIEN DETAINEE [] 740 RAILWAY LABOR ACT ] 891 AGRICULTURAL ACTS [ 1195 CONTRACT [ ] 510 MOTIONS TO [ ] 751 FAMILY MEDICAL FEDERAL TAX SUITS PRODUCT ACTIONS UNDER STATUTES VACATE SENTENCE LEAVE ACT (FMLA) LIABILITY 28 USC 2255 [] 870 TAXES (U.S. Plaintiff or ] 893 ENVIRONMENTAL [ ] 196 FRANCHISE CIVIL RIGHTS (] 530 HABEAS CORPUS [) 790 OTHER LABOR Defendant) MATTERS [ 1 535 DEATH PENALTY LITIGATION [ ] 871 IRS-THIRD PARTY ] 895 FREEDOM OF [] 540 MANDAMUS & OTHER [] 440 OTHER CIVIL RIGHTS [ ] 791 EMPL RET INC 26 USC 7609 INFORMATION ACT (Non-Prisoner) SECURITY ACT ) 896 ARBITRATION REAL PROPERTY I 899 ADMINISTRATIVE [ ] 441 VOTING IMMIGRATION PROCEDURE ACT/REVIEW OR I 1210 LAND [] 442 EMPLOYMENT PRISONER CIVIL RIGHTS CONDEMNATION [] 443 HOUSING/ ] 462 NATURALIZATION APPEAL OF AGENCY DECISION [ ]220 ACCOMMODATIONS FORECLOSURE [ ] 550 CIVIL RIGHTS APPLICATION [] 950 CONSTITUTIONALITY OF [ ]230 RENT LEASE & [] 445 AMERICANS WITH [] 555 PRISON CONDITION ] 465 OTHER IMMIGRATION STATE STATUTES EJECTMENT DISABILITIES - [ ] 560 CIVIL DETAINEE ACTIONS [ ]240 TORTS TO LAND EMPLOYMENT CONDITIONS OF CONFINEMENT [ ]245 TORT PRODUCT [] 446 AMERICANS WITH LIABILITY DISABILITIES -OTHER [ ]290 ALL OTHER [] 448 EDUCATION REAL PROPERTY Check ifdemandedincomplaint: CHECK IF THIS IS ACLASS ACTION DaYpy CLAJM THIS CASE IS RELATED TO ACIVIL CASE NOW PENDING IN S.D.N.Y.? • UNDERF.R.C.P. 23 DEMAND $_ OTHER JUDGE DOCKET NUMBER Check YES onlyifdemanded incomplaint JURY DEMAND: DYES ENO NOTE: You must also submit at the time of filing the Statement of Relatedness form (Form IH-32). (PLACEAN x INONEBOXONLY) ORIGIN |XJ 1 Original Q 2 Removed from •—' 3 Remanded d 4 Reinstated or Q 5 Transferred from • 6 Multidistrict • 7 Appeal to District Proceeding State Court from Reopened (Specify District) Litigation Judge from • a. a„Parti„repreSe„,ed Appenate »££Judge I I b. At least one party is pro se. (PLACE AN x INONEBOXONLY) BASIS OF JURISDICTION IF DIVERSITY, INDICATE • 1 U.S. PLAINTIFF • 2 U.S. DEFENDANT [x] 3 FEDERAL QUESTION \J4 DIVERSITY CITIZENSHIP BELOW. (U.S. NOT A PARTY) CITIZENSHIP OF PRINCIPAL PARTIES (FOR DIVERSITY CASES ONLY) (Place an [X] in one box for Plaintiffand one box for Defendant) PTF DEF PTFDEF PTF DEF CITIZEN OFTHIS STATE [ ] 1 [ ] 1 CITIZEN ORSUBJECT OFA [ ] 3 [ ] 3 INCORPORATED and PRINCIPAL PLACE [ ] 5 [ ] 5 FOREIGN COUNTRY OF BUSINESS IN ANOTHER STATE CITIZEN OFANOTHER STATE []2 []2 INCORPORATED or PRINCIPAL PLACE []4[]4 FOREIGN NATION []6 []6 OF BUSINESS IN THIS STATE PLAINTIFF(S) ADDRESS(ES) AND COUNTY(IES) DEFENDANT(S) ADDRESS(ES) AND COUNTY(IES) DEFENDANT(S) ADDRESS UNKNOWN REPRESENTATION IS HEREBY MADE THAT, AT THIS TIME, I HAVE BEEN UNABLE, WITH REASONABLE DILIGENCE, TO ASCERTAIN RE9IBENCE ADDRESSES OF THE FOLLOWING DEFENDANTS: Checkone: THIS ACTION SHOULD BE ASSIGNED TO: • WHITE PLAINS [x] MANHATTAN (DO NOT check either box if this a PRISONER PETITION/PRISONER CIVIL RIGHTS COMPLAINT.) DATE 10/21/2014 SIGNATUBEOF ATTORNEY OF RECORD ADMITTED TO PRACTICE IN THIS DISTRICT A "ff/^ « [] NO f]h+rW/) ' [X YES (DATE ADMITTED Mo.OJ Yr. 2005 RECEIPT* II Attorney Bar Code #AK5894 Magistrate Judge is to be designated by the Clerk of the Court. Magistrate Judge fHFll*lilW **^ w iTsoTJesignated.is so Desigi Ruby J. Krajick, Clerk of Court by Deputy Clerk, DATED UNITED STATES DISTRICT COURT (NEW YORK SOUTHERN) ORIGINAL BB00EB\Cfc UNITED STATES DISTRICT COURT JVJDG6 SOUTHERN DISTRICT OF NEW YORK BRIDGEWATER ASSOCIATES, LP ) 14 CV 8418 Plaintiff, ) Civil Action No. CONVOY FUND, LP, ) CONVOY FUNDS, LP, ) CONVOY GLOBAL FUND, LP, ) CONVOY INVESTMENTS, LLC, ) CONVOY MACRO FUND, LP, ) CONVOY OPTIMAL FUND, LP, ) CONVOY PREMIUM FUND, LP, ) WENQUAN WU, AND ) HOWARD WANG. ) Defendants. ) COMPLAINT '3 <•' • Plaintiff Bridgewater Associates, LP ("Bridgewater"), by and through its attorneys,0 Kirkland & Ellis LLP, for its Complaint against Convoy Fund, LP, Convoy Funds, LP, Convoy ---i ,— O Global Fund, LP, Convoy Investments, LLC, Convoy Macro Fund, LP, Convoy Optimal Fund, -^ LP, and Convoy Premium Fund, LP (together, "Convoy"), and Wenquan WuandHoward Wang (collectively with Convoy, the "Defendants"), hereby alleges as follows: NATURE OF THE CASE 1. This action arises out of a series of false and misleading advertising claims published by Convoy and its founders, Wenquan "Robert" Wu and Howard Wang, about their affiliation with Bridgewater. As one of the largest and most successful hedge fund firms in the world, Bridgewater is widely recognized by insiders as both a market- and thought-leader in the field of investment management. Fully aware of Bridgewater's venerable reputation, Mr. Wu and Mr. Wang tried to publicize their own newly-formed competing hedge fund, Convoy, by lying to the market about their former roles at Bridgewater. Despite having served in only low- ranking roles at Bridgewater with limited responsibility, Mr. Wu and Mr. Wang have tried to pass themselves off in several public forums as former key figures responsible for core aspects of Bridgewater's business. 2. They were nothing of the sort. In reality, Mr. Wu and Mr. Wang were junior- level Bridgewater employees who left Bridgewater in 2010 and 2012, respectively. Despite agreeing to inform Bridgewater of their post-employment plans before pursuing any such plans, Mr. Wu and Mr. Wang kept their competitive ambitions hidden—telling Bridgewater that they were "traveling," "ballroom dancing," and only passively advising "friends and family" on how to invest their money. Mr. Wu and Mr. Wang sustained their charade until their non-compete periods with Bridgewater ended, at which point they began marketing Convoy as a "global macro investment hedge fund" that caters to the very clients that Bridgewater has successfully serviced for years. 3. Rather than promote their new venture honestly, Defendants elected to trade off of Bridgewater's hard-earned reputation. To that end, Defendants advertised Convoy by exaggerating and misrepresenting their short, limited stints at Bridgewater to suggest an affiliation between the two firms. Indeed, although Mr. Wu and Mr. Wang were only junior members of Bridgewater's information technology and Client Services departments respectively, Defendants published extravagant claims on Convoy's website and elsewhere about Mr. Wu and Mr. Wang's prior roles and responsibilities at Bridgewater, including that: • Mr. Wang—one
Load more

Recommended publications
  • How the Economic Machine Works
    Productivity and Structural Reform: Why Countries Succeed & Fail, and What Should Be Done So Failing Countries Succeed by Ray Dalio In this report the drivers of productivity are shown and are used to create an economic health index. That index shows how 20 major countries are doing as measured by 19 economic health gauges made up of 81 indicators, and it shows what these gauges portend for real GDP growth in each of these countries over the next 10 years. As you will see, past predictions based on this process have been highly reliable. For this reason this economic health index provides both a reliable prognosis for each of these country’s growth rates over the next 10 years and a reliable formula for success. By looking at these cause-effect relationships in much the same way as a doctor looks at one’s genetics, blood tests and regimes for exercise and diet, we can both see each country’s health prospects and know what changes each can make so that these countries can become economically healthier. We are making this research available in the hope that it will facilitate the very important discussions about structural reforms that are now going on and will help both the public and policy makers to look past their ideological differences to see the economy as a machine in much the same way as doctors see bodies as a machine and look at the relationships of cholesterol and heart attacks analytically rather than ideologically. The Template This study is presented in three parts: • In Part 1, “The Formula For Economic Success,” we show how indicators of countries’ productivity and indebtedness would have predicted their subsequent 10-year growth rates going back 70 years, and how these economic health indicators can be used to both predict and shape the long-term economic health of countries.
    [Show full text]
  • 2018 Fore- Machines, Rather Than Humans
    CREATING PUBLIC VALUE BY ENGAGING BUSINESS AND GOVERNMENTGOVERNMENT Seminars & Events M - RCBG ED BALLS PLANNING AND PETER MILESTONE SANDS PFUBLISHALL EVENTS ON Seminars & Events M-RCBG has over 80 seminars USINESS WNERS AND REXIT As M-RCBG continues toB celebrate the 30th O anniversary of the Center’sB founding, it is planning Mand-RCBG events has over scheduled 30 seminars each and events scheduled for the fall semester. Below is a numerous events this semester as it continues to seek new ways to add value to our changing semester. Below are a few of the worldl Among them are: British businesses want to stay in the customs small selection. Please see our website upcoming events. For a complete union and the single market after Brexit, accord- (www.hks.harvard.edu/centers/mrcbg) for a A 30th anniversary forum lecture on “The Vexed Relationship between Business & Govern- completelisting, listing. visit www.mrcbg.org. ment”. Speakers will include Centering to Director a Harvard Lawrence survey Summers, conducted Prof. Roger by Porter,M-RCBG Ben Heineman and Nina Easton (JFKresearch Jr. Forum, fellow October Ed 30, Balls 6pm).. The former shadow Regulatory Policy: The James Hammitt,EU Harvard Variation; School of Public The 2012 Glauber Lecture featuring Ed Haldeman, former CEO of Freddie Mac (JFK Jr. Fo- chancellor interviewed over 120 individual busi- Health. PositiveElizabeth v. Normative Golberg, Justifications rum, October 18, 6pm). nesses, trade associations and experts in Britain of Cost Benefit Analysis.European Bell Hall,Commis- October 4, 11:45-1pm. The 20th Doyukai Symposium will focus on “A Vision for Japan in 20 Years”.
    [Show full text]
  • Geographic Diversification Can Be a Lifesaver, Yet Most Portfolios Are Highly Geographically Concentrated
    Geographic Diversification Can Be a Lifesaver, Yet Most Portfolios Are Highly Geographically Concentrated FEBRUARY 2019 MELISSA SAPHIER KAREN KARNIOL-TAMBOUR PAT MARGOLIS © 2019 Bridgewater Associates, LP he best way we know to earn consistent returns and preserve wealth is to build portfolios that are as resilient as possible to the range of ways the Tworld could unfold. To uncover vulnerabilities that are outside of investors’ recent lived experiences, we find it valuable to stress test portfolios across the various environments that have cropped up across countries throughout history. One common vulnerability is geographic concentration. dominant economic force and keeper of a stable global In the past century, there have been many times when geopolitical order. Looking ahead, China’s ascent as an investors concentrated in one country saw their wealth independent economic and financial center of gravity wiped out by geopolitical upheavals, debt crises, monetary with an independent monetary policy and credit system reforms, or the bursting of bubbles, while markets in is highly diversifying, making the world less unipolar other countries remained resilient. Even without such and less correlated. At the same time, the rising risk of extreme events, there is always a big divergence across conflict within and across countries also increases the the best and worst performing countries in any given chances of divergent outcomes. Additionally, geographic period. And no one country consistently outperforms, as diversification felt less urgent during the recent decade outperformance can lead to relative overvaluation and a of great returns for most assets and portfolios. Low asset subsequent reversal. Rather than try to predict who the yields going forward make diversification and efficient winner will be in any particular period, a geographically risk-taking all the more important to investors.
    [Show full text]
  • Can Policy Makers Actually Get What They Want?
    Can Policy Makers Actually Get What They Want? MAY 28, 2020 GREG JENSEN JASON ROGERS © 2020 Bridgewater Associates, LP he pandemic and the shutdowns that followed have opened two distinct but related holes—a hole in incomes (the real economy), and Ta hole in asset markets. If left unfilled, these holes would produce a self-reinforcing collapse and intolerable economic and social outcomes. The longer they persist, the greater the accumulated problems and the higher the likelihood of prolonged economic weakness as households and businesses sell assets and eat through cash balances until more and more entities are bankrupt. Faced with this, the main policy choice is whose balance sheets will bear the losses, which will determine to some extent how the economy rebounds after the health emergency eases. Many policy makers are now attempting to use government balance sheets to fill these two holes through coordinated monetary and fiscal policy (MP3)—filling the gap in markets with the central bank balance sheet through QE, and filling the gap in incomes with the government balance sheet through fiscal stimulus monetized by that QE. The intent is to avoid a collapse in markets and to bridge the gap in incomes so that when the pandemic is over companies are still intact, workers can get back to work, and the economy can quickly get back on its feet. In other words, policy makers hope to reduce the impact of the pandemic to a short- term interruption in activity and avoid long-term economic problems. While this approach makes sense to us, it is far from assured that policy makers will be able to get what they want.
    [Show full text]
  • Oundtable Reenwich
    The Education Committee of reenwichThe oundtable G Knowledge,R Veracity, Fellowship 2010 In This Issue The Art of Asking Questions Best Practices in Hedge Fund Strategies Alternative Investments: DUE DILIGENCE Private Illiquid Strategies The Final Analysis The Greenwich Roundtable One River Road Cos Cob, Connecticut 06807 Tel.: 203-625-2600 Fax: 203-625-4523 www.greenwichroundtable.org Best Practices in alternative investments: www.greenwichroundtaBle.org due diligence Research About the Greenwich Education Council Roundtable Committee Tudor Investment Corporation The Greenwich Roundtable, Inc., is a not-for- BEST PRACTICE MEMBERS Blenheim Capital Management profit research and educational organization located in Greenwich, Connecticut, for investors Robert M. Aaron Bridgewater Associates, Inc. who allocate capital to alternative investments. Gilwern Investments, LLC It is operated in the spirit of an intellectual BlackRock, Inc. cooperative for the alternative investment Benjamin Alimansky Moore Capital Management community. Its 150 members are comprised of Glenmede Trust mostly institutional and private investors, who The Lumina Foundation collectively control $4.5 trillion in assets. Edgar W. Barksdale Federal Street Partners The purpose of the Greenwich Roundtable is to discuss and provide current, cutting-edge Ray Gustin IV information on non-traditional investing. Our Drake Capital Advisors, LLC mission is to reveal the essence of both trusted and new investing styles and to create a code of Damian Handzy best practices for the alternative investor. Investor Analytics Brijesh Jeevarathnam Commonfund Capital, Inc. Jennifer Keeney Tatanka Asset Management, LLC The Research Council enables the Jeffrey P. Kelly Greenwich Roundtable to host Summit Rock Advisors the broadest range of investigation that serves the interests of the Russell L.
    [Show full text]
  • Year Quarter DJIA 25.08% 10.33% NASDAQ 28.24% 6.27% S&P 500
    Winter 2018 “May all your troubles last as long as your New Year’s resolutions.” Joey Lauren Adams What a year! If I knew any other languages I would repeat this phrase multiple times in multiple languages just for emphasis. In an Spreng Capital Management is an investment year that literally began the day after the 2016 Presidential investment advisory firm with the Securities and Exchange Commission. election, investors around the world rejoiced in exceptional gains. Founded in 1999 by James Spreng, The US markets recoiled initially at President Trump’s election and Spreng Capital has grown to then immediately began an inexorable rise over the past 14 months. encompass the very best in service and It has risen 25% since Election Day in 2016. Those obsessed with support for our clients. politics would give all of the credit to President Trump and his cutting of onerous regulations that had been imposed by his predecessor. To Our client base is quite diverse. With be fair, based upon surveys of small business owners in the US, credit clients in 25 states, we offer structured, must be given to President Trump for relieving small business owners customized investment management for individuals, profit sharing plans, from regulations that the owners felt were strangling their efforts to Foundations, endowments and grow their businesses. But that does not explain why the rest of the businesses. We are fee only investment world’s stock markets rose so substantially this year. While the United managers, receiving no commissions States stock markets enjoyed very nice returns, we lagged behind the nor do we sell any financial products.
    [Show full text]
  • NOVAGOLD Q3 2020 Results and Project Update
    2020 Third Quarter Results & Project Update TSX, NYSE American: NG | novagold.com | October 1, 2020 Third Quarter 2020 Webcast and Conference Call Attendees Introduction Mélanie Hennessey (Vice President, Corporate Communications) Third-Quarter Update Greg Lang (President & Chief Executive Officer) Third-Quarter Financials Update David Ottewell (Vice President & Chief Financial Officer) Corporate Update & Gold Market Commentary Dr. Thomas Kaplan (Chairman) Closing Remarks Greg Lang (President & Chief Executive Officer) Question & Answer Session 2 Cautionary Statements REGARDING FORWARD-LOOKING STATEMENTS This presentation includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the permitting, potential development, exploration, construction and operation of Donlin Gold and statements relating to NOVAGOLD’s future operating and financial performance and production estimates are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, “poised”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or “should” occur or be
    [Show full text]
  • Bloomberg Briefs: Hedge Funds
    Tuesday March 7, 2017 March 7, 2017 Alaska's Wealth Fund Seeks 11 Funds for Investments Number of the Week By Hema Parmar Alaska’s $55.4 billion wealth fund is seeking up to 11 hedge funds for allocations, following its decision in May to redeem from its funds of hedge funds and invest in $1.06 Billion managers directly. The Alaska Permanent Fund Corp. prefers experienced managers that have a track Net inflows into macro hedge funds in record of producing returns of at least inflation plus 5 percent, according to public January, according to eVestment. documents from its quarterly board of trustees meeting. Alaska is seeking funds with low correlation to equity markets, "appropriate" risk controls as measured by historical drawdowns and volatility and that can show they have protected capital during down Inside markets, the documents from the Feb. 22-23 board meeting show. Equity-focused Viking Global saw a Marcus Frampton, Alaska’s director of private markets, declined to comment. slight loss in February, while Alaska currently has nine managers in its program that invests directly in hedge funds. Renaissance's equities fund gained It plans to invest a total 5 percent of the firm’s assets, or about $2.8 billion, in managers in the month: Returns in Brief via that program, the documents said. As of Dec. 31, Alaska had a 4.5 percent exposure to commingled funds, either directly Macro funds run by Prologue and or via the funds of hedge funds from which it is redeeming. The move to allocate to State Street are closing: Closures managers directly will save Alaska $15 million a year, according to the documents, as it allows the wealth fund to cut the layer of fees paid to funds of funds for making Ray Dalio jolts Bridgewater as Jon investments.
    [Show full text]
  • Threat from the Right Intensifies
    THREAT FROM THE RIGHT INTENSIFIES May 2018 Contents Introduction ..................................................................................................................1 Meeting the Privatization Players ..............................................................................3 Education Privatization Players .....................................................................................................7 Massachusetts Parents United ...................................................................................................11 Creeping Privatization through Takeover Zone Models .............................................................14 Funding the Privatization Movement ..........................................................................................17 Charter Backers Broaden Support to Embrace Personalized Learning ....................................21 National Donors as Longtime Players in Massachusetts ...........................................................25 The Pioneer Institute ....................................................................................................................29 Profits or Professionals? Tech Products Threaten the Future of Teaching ....... 35 Personalized Profits: The Market Potential of Educational Technology Tools ..........................39 State-Funded Personalized Push in Massachusetts: MAPLE and LearnLaunch ....................40 Who’s Behind the MAPLE/LearnLaunch Collaboration? ...........................................................42 Gates
    [Show full text]
  • How the Economic Machine Works – Leveragings and Deleveragings
    Economic Principles I. How the Economic Machine Works 1 II. Debt Cycles: Leveragings & Deleveragings a) An In-Depth Look at Deleveragings 25 b) US Deleveraging 1930s 63 Timeline of Events c) Weimar Republic Deleveraging 1920s 125 Timeline of Events III. Productivity and Structural Reform: Why Countries Succeed & Fail, and What Should Be Done So Failing Countries Succeed 1. Part 1: The Formula for Economic Success 180 2. Part 2: The Rises and Declines of Economies Over the Last 500 Years 244 Draft Version © 2014 Ray Dalio How the Economic Machine Works The economy is like a machine. At the most fundamental level it is a relatively simple machine. But many people don’t understand it – or they don’t agree on how it works – and this has led to a lot of needless economic suffering. I feel a deep sense of responsibility to share my simple but practical economic template, and wrote this piece to describe how I believe it works. My description of how the economy works is different from most economists'. It has worked better, allowing me to anticipate the great deleveragings and market changes that most others overlooked. I believe that is because it is more practical. Since I certainly do not want you to blindly believe in my description of how the economic machine works, I have laid it out clearly so that you can assess the value of it yourself. So, let’s begin. How the Economic Machine Works: “A Transactions-Based Approach” An economy is simply the sum of the transactions that make it up.
    [Show full text]
  • Richest Hedge Funds the World's
    THE WORLD’S DR. BROWNSTEIN’S WINNING FORMULA RICHEST PAGE 40 CANYON’S SECRET EMPIRE HEDGE PAGE 56 CASHING IN ON CHAOS FUNDS PAGE 68 February 2011 BLOOMBERG MARKETS 39 100 THE WORLD’S RICHEST HEDGE FUNDS COVER STORIES FOR 20 YEARS, DON BROWNSTEIN TAUGHT philosophy at the University of Kansas. He special- ized in metaphysics, which examines the character of reality itself. ¶ In a photo from his teaching days, he looks like a young Karl Marx, with a bushy black beard and unruly hair. That photo is now a relic standing behind the curved bird’s-eye-maple desk in Brownstein’s corner office in Stamford, Connecticut. Brownstein abandoned academia in 1989 to try to make some money. ¶ The career change paid off. Brownstein is the founder of Structured Portfolio Man- agement LLC, a company managing $2 billion in five partnerships. His flagship fund, the abstrusely named Structured Servicing Holdings LP, returned 50 percent in the first 10 months of 2010, putting him at the top of BLOOMBERG MARKETS’ list of the 100 best-performing hedge CONTINUED ON PAGE 43 DR. BROWNSTEIN’S By ANTHONY EFFINGER and KATHERINE BURTON WINNING PHOTOGRAPH BY BEN BAKER/REDUX FORMULA THE STRUCTURED PORTFOLIO MANAGEMENT FOUNDER MINE S ONCE-SHUNNED MORTGAGE BONDS FOR PROFITS. HIS FLAGSHIP FUND’S 50 PERCENT GAIN PUTS HIM AT THE TOP OF OUR ROSTER OF THE BEST-PERFORMING LARGE HEDGE FUNDS. 40 BLOOMBERG MARKETS February 2011 NO. BEST-PERFORMING 1 LARGE FUNDS Don Brownstein, left, and William Mok Structured Portfolio Management FUND: Structured Servicing Holdings 50% 2010 135% 2009 TOTAL RETURN In BLOOMBERG MARKETS’ first-ever THE 100 TOP- ranking of the top 100 large PERFORMING hedge funds, bets on mortgages, gold, emerging markets and global LARGE HEDGE FUNDS economic trends stand out.
    [Show full text]
  • Regular Meeting: January 30, 2020
    Oregon Investment Council January 30 2020 Rukaiyah Adams Chair John Skjervem Chief Investment Officer Tobias Read State Treasurer OREGON INVESTMENT COUNCIL Agenda January 30, 2020 9:00 AM Oregon State Treasury Investment Division 16290 SW Upper Boones Ferry Road Tigard, OR 97224 Time A. Action Items Presenter Tab 9:00-9:05 1. Review & Approval of Minutes Rukaiyah Adams 1 December 11, 2019 OIC Chair 9:05-9:10 2. Proposed 2021 OIC Meeting Dates John Skjervem 2 Chief Investment Officer 9:10-9:15 3. Committee Reports and CIO Remarks John Skjervem 3 9:15-10:00 4. Risk Parity Manager Recommendation Karl Cheng 4 OPERF Risk Parity Portfolio Senior Investment Officer, Portfolio Risk & Research Janet Becker-Wold Senior Vice President, Callan LLC Kevin Machiz Vice President, Capital Markets Research Group, Callan LLC James L. Haskel Senior Portfolio Strategist, Bridgewater Associates, LP Joel Whidden Global Head of Sales, Bridgewater Associates, LP 10:00-10:10 5. Opportunity Portfolio Policy Update Michael Mueller 5 OPERF Investment Officer, Alternatives 10:10-10:25 6. Policy Updates Jennifer J. Peet 6 OIC and OPERF Corporate Governance Director 10:25-10:30 7. Special Officer Election Council Members 7 Rukaiyah Adams John Russell Rex Kim Patricia Moss Tobias Read Kevin Olineck Chair Vice Chair Member Member State Treasurer PERS Director OIC Meeting Agenda January 30, 2020 Page 2 10:30-10:45 -------------------- BREAK -------------------- B. Information Items 10:45-10:50 8. Annual Placement Agent Report John Hershey 8 Director of Alternative Investments 10:50-11:50 9. Private Equity Annual Review and 2020 Plan Michael Langdon 9 OPERF Private Equity Portfolio Senior Investment Officer, Private Equity Ahman Dirks Investment Officer, Private Equity Tiffany ZhuGe Investment Officer, Private Equity Eric Messer Investment Officer, Private Equity Tom Martin Managing Director, TorreyCove Capital Partners 11:50-12:00 10.
    [Show full text]