In a time with no “home-run trade,” investors should look for sell-offs that aren’t driven by logic, which Pine River Capital Management LP’s Steve Kuhn likened to betting against a card player who’s had too much to drink.
For 20 years, Don Brownstein taught philosophy at the University of Kansas. He specialized in metaphysics, which examines the character of reality itself. In a photo from his teaching days, he looks like a young Karl Marx , with a bushy black beard and unruly hair.
Pine River Capital Management LP, whose bets on U.S. home-loan bonds fueled the second-best hedge fund performance of last year, is picking winners and losers among the publicly traded companies that invest in the debt.
Eastman Kodak Co., the 131-year-old camera maker that tapped a credit line last week, is likely to default on its debt and liquidating the company may produce the biggest return to investors, Fitch Ratings said.
The yen and the Swiss franc slid versus their major counterparts, with Japan’s currency dropping against the euro for the first time in six days, as gains in stocks and commodities damped demand for safer assets.