Richard Beales joined Breakingviews in 2007 from the Financial Times, where he was U.S. markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker at Schroders and Citigroup, based largely in Hong Kong and working on project finance, mergers and acquisitions. He has also lived in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s College, Cambridge. Follow Richard on Twitter @richardbeales1
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The hedgie’s latest Herbalife broadside was lengthy but lacked a smoking gun. The stock recovered more than it lost in anticipation of the revelations. Short-sellers can be proved right in the end, but the Pershing Square boss’s loud, $50 mln campaign isn’t winning followers.
Theranos is applying Apple-meets-Tesla ambition to lab testing and phlebotomy. Though ordinary punters can’t buy into the Silicon Valley firm, already valued at $9 bln, believers in founder Elizabeth Holmes could short LabCorp or Quest. They’re also worth $9 bln each – for now.
Mom-and-pop investors are being served big portions of hedge-fund style access in U.S. mutual fund form. At $140 bln and growing, the securities are a potent mix for managers and distributors seeking assets – and fees. For buyers, though, so-called liquid alts are far from solid.
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