CNBC – Remember Superman the movie, where Lex Luther takes away the super hero’s powers with a Kryptonite necklace? Well we’re here again. Only this time it is the financial equivalent of the man of steel – the hedge fund manager that has met their own version of the power-draining substance.

Barely a day passes it seems without one of these masters of the universe crashing to earth with swinging losses in their fund, or non-survivable business issues.

RAB Capital star, Philip Richards, has stepped down from his role as CEO of the business in the wake of a profit warning and a plunging share price. Mr Richards has already taken some flak taking a large position in ailing UK bank Northern Rock before it was nationalized. Now he goes back to focusing on the group’s special situations fund. So at least he keeps the day job, but this is an embarrassing development for the company.

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Tags: absolute-return, board-of-directors, capital-group, glg-fund, market-investment, porsche-dealers, trillion

Globe and Mail – Hedge-fund manager Ben Shoval, wearing a green Thomas Pink shirt and a $1,600 Giorgio Armani suit, grabbed the microphone last week at New York’s Broadway Comedy Club to riff on his day job.

The 31-year-old hedge fund manager started his stand-up career in January, taking as many as a dozen private and group lessons a month that have cost about $3,500, he says. By humbling himself before small groups at open-mike shows, Mr. Shoval said he hopes he’ll learn to perform at conferences and charity events.

Hedge fund managers may need comic relief. The industry is composed of unregulated investment pools that typically charge 2 per cent in fees and reap 20 per cent of profits. Hedge funds suffered their worst first-half performance in almost two decades, according to Hedge Fund Research Inc.

"When things are bad, particularly like they are now, we seem to be a good scapegoat for absolutely everything," Mr. Shoval said. "That’s what’s neat about the whole hedge fund manager routine that I’m doing, because there are so many misunderstandings."

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Tags: armani-suit, broadway-comedy, combination-of-the-two, giorgio-armani, kenneth-heinz, liberalisation, market-investment, opec, redneck, rjr-nabisco, shoval, volatility, wisecracks

StockPickr.com – Wexford Capital is opposing the proposed acquisition of Bronco Drilling (BRNC) by Allis-Chalmers (ALY).

Wexford Capital believes the deal “is not in the best interest of Bronco shareholders.” Bronco Drilling provides contract land drilling and workover services to oil and natural gas exploration and production companies in the U.S. Bronco Drilling has operating margins of 18% and profit margins of 12%.

Wexford Capital also has positions in Fannie Mae (FNM), Walter Industries (WLT) and Apple (AAPL).

Jana Partners is a $5 billion activist fund based in San Francisco. Run by Barry Rosenstein, it has a value-oriented and research-intensive approach to special situation public securities. It has core long and short positions in companies in which it constantly reviews strategic alternatives. It also invests in underfollowed orphan equities and other event-driven strategies. Jana Partners’ latest move was selling Cnet! to CBS (CBS) for a hefty 45% premium.

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Tags: feeling-the-pinch, frustration, liquidation, market-investment, sister-sites

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