Event-driven / Special Situations PM For informational purposes. Not investment advice/recommendation to buy/sell securities. Views are my own.
Joined June 2022
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The SaaSpocalypse has led to many takeovers. One potential target that is left: Alfa Financial Software #ALFA.
The core platform that banks, carmakers’ finance arms and other lenders use to run their auto and equipment finance contracts. Systems like this take years to implement
absreturnchaser retweeted
The SaaSpocalypse has led to many takeovers. One potential target that is left: Alfa Financial Software #ALFA.
The core platform that banks, carmakers’ finance arms and other lenders use to run their auto and equipment finance contracts. Systems like this take years to implement
absreturnchaser retweeted
Any pods above 1bn GMV in L/S equity and event-driven out of London? DM me for discussion.
absreturnchaser retweeted
Was told that more pod shops other than Walleye and Engineers Gate as well as single managers are impacted by this week's carnage. I have received dozens of DMs what has gone wrong.
Couple of points, all my opinion only:
I am sure @StevenACohen2, @BillAckman and others have their views on this.
6. A hedge fund's DNA and legacy: nowadays, every shop is multi-asset class, multi-strat, multi-manager. Stick to your trade. Don't expand into every asset class and strategy just to scale and replicate the tier 1 shops.
5. Hiring: some platforms have had disastrous hirings. Giving capital to people from the sell-side and giving juniors/analysts risk too early are just some examples. Where are the checks when it comes to giving someone capital? And no, running capital for 6 months is not a track.
4. I am surprised about the lack of differentiation of platforms. By definition, that doesn't make sense some would argue. But many shops copying every of MLP's / Cit's moves to this day is just ridiculous. Recipe to fail.
3. There is still too many pod shops, period. Looking at the past 24-36 months returns of some firms I wonder who the LPs are. IMO some "tier 2" shops benefited from the top 3 returning capital. Nevertheless, I expect more pod shops to shut, net returns for many too low.
2. Obviously, PMs generate the returns (or not), but it appears some pod shops have been struggling or failed at managing risk across the firm. So they are equally to blame. And please, I do not want to hear about that this market is in a 6-sigma state.
1. I run an event-driven book, which is holding up. I am very surprised how poorly (or not at all) some of the pod shops have been risk managed. @__paleologo et al are the risk mgt experts, but a platform should not be down 7% in a single month. That tells me risk wasn't managed.
Was told that more pod shops other than Walleye and Engineers Gate as well as single managers are impacted by this week's carnage. I have received dozens of DMs what has gone wrong.
Couple of points, all my opinion only:
absreturnchaser retweeted
4. SPD Berlin state executive (Landesvorstand)
- Write to: SPD Berlin, Müllerstraße 163, 13353 Berlin.
- Demand: Commit in coalition agreement that before any socialisation law (1) the framework law has been reviewed by a constitutional court,
absreturnchaser retweeted
3. Letters to SPD and Green members of Berlin House of Representatives
- Find your constituency member at parlament-berlin.de.
- Arguments: tenants' back payments after rent cap ruling, money for new housing instead of compensation, debt brake puts schools & daycare at risk
absreturnchaser retweeted
2. Petitions to the Bavarian and Hessian state parliaments
- Bavaria: bayern.landtag.de
- Hesse: hessischer-landtag.de
- Demand: A Bundesrat initiative for a federal ban on socialisation and an assessment of a constitutional review (Normenkontrolle).
absreturnchaser retweeted
1. Petition to the Berlin House of Representatives - Online at parlament-berlin.de
- Demand: Publish the legal opinion on Art. 23 of the Berlin constitution and an up-to-date cost estimate; no socialisation before a constitutional court ruling.
absreturnchaser retweeted
Anyone looked at the #NESF NextEnergy Solar formal sale process? DM me.