Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
Globe and Mail – When Salida Capital Corp. beat all other bidders in a charity auction last month to score lunch with Warren Buffett, the $1.68-million (U.S.) win sent a signal to Bay Street: Salida is back.
Salida, the once high-flying, resource-focused hedge fund manager known for its appetite for risk, became one of Canada’s high-profile victims of last year’s market meltdown when its flagship Multi Strategy Fund plunged 67 per cent and three of its hedge funds got locked up in the Lehman Brothers Holdings Inc. bankruptcy.
That was followed by a rapid exodus of key staffers and by dwindling assets under management.
Sioux City Journal – Last year’s winning bid for lunch with legendary investor Warren Buffett topped $2.1 million, but given the economic turmoil, who knows if this year’s bidding will approach that level.
Yet Buffett has built a devoted following as demonstrated by the crowd of 35,000 people at his recent Berkshire Hathaway shareholders meeting, and he offers only one lunch per year.
The online bidding begins at $25,000 Sunday in a charity auction that benefits the Glide Foundation, which provides social services to the poor and homeless in San Francisco. The bids will likely escalate significantly before the auction closes Friday evening at 9 p.m. CDT.
Bloomberg – If there’s anything tougher than being married to a hedge-fund guy, it’s being divorced from one. That’s the lesson of Jill Kargman’s new novel, “The Ex-Mrs. Hedgefund.”
Kargman specializes in the wealthy residents of Manhattan’s Upper East Side. In “Momzillas” and now “Mrs. Hedgefund,” she knows where the wealthy eat lunch (or used to, La Goulue is closing end of June) and where they hold chic fundraisers (the Puck Building in SoHo, for a little downtown frisson).
