Ruane Cunniff & Goldfarb Inc., managers of the Sequoia Fund Inc., made a paper profit of about $300 million today on shares of Valeant Pharmaceuticals International Inc., bringing its gain on the investment to approximately $3.8 billion since it first bought the stock in 2010.
Kenneth Lee and Michael Yoshino, former Soros Fund Management LLC Asia specialists, plan to start their own hedge fund investing in Asian equities with the backing of Hong Kong’s HS Group Ltd. in the third quarter.
A Chinese online activist said Tencent Holdings Ltd. shut down his WeChat instant messaging account after he set up a chat group called “Shorting China” to share information on protecting human rights in the country.
Columbia University Professor and Nobel laureate Joseph Stiglitz said high-frequency trading gives an unfair advantage to a select group of investors and could be taxed as a way to discourage the practice.
Early results of Afghanistan’s presidential election indicate there’ll be a runoff between Abdullah Abdullah and Ashraf Ghani Ahmadzai, which would further delay the signing of a pact to keep U.S. troops in the country.