US stocks set to climb for third day
S&P 500 futures are up 18 points to 1906 after a 31 point rally on Tuesday. Stocks briefly fell to a two-year low on Thursday but later trimmed losses and have been soaring since.
Late yesterday, the Dec 31 of 13F filings were released. Hedge funds are required to disclose holdings 45 days after the end of each quarter.
Some highlights:
- Gold permabull John Paulson cut his gold holdings back by 37% in Q4, missing out on the rally so far this year
- Carl Ichan cut his Apple holdings by 13% while David Einhorn sold 44% of his shares
- Paul Singer and David Tepper made big moves into stocks late last year, leaving them on the wrong side of the stock market decline this year
- Tepper added 40% to his stock longs and also bought pipeline companies Energy Transfer Partners and Kinder Morgan
To me, David Tepper represents everything that's wrong with hedge funds. He paid himself $3.5 billion in 2013 for having a good year and then followed it up by taking another 2% of AUM for a flat performance the next year. Near the start of Q4 he was on CNBC and said it was a good time to take money of the table and now we find out he was on a buying spree.