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<ul class="summary-list"><li>Peter Doyle's Kinetics Paradigm Fund rose over 20% in October and is up 97% year-to-date.</li><li>The fund has outperformed the S&amp;P 500, driven by Texas Pacific Land Corporation's 148% gain.</li></ul>Earlier this year, we started highlighting some of the <a target="_blank" class="" href="https://www.businessinsider.com/investors-of-the-month-top-fund-managers-stock-picks-august-2024-9">top-performing fund managers each month</a> as a way to highlight money managers delivering impressive returns who might be flying under the radar.Narrowing selections isn't the easiest task. Do you consider all funds, even those leveraged for outsized returns? What about funds listed outside the US, which most readers don't have access to anyway? What if a fund is up big in a particular month but performing just average over the last year and even worse over a longer time horizon?These questions resulted in selecting fund managers from a few different categories over the last couple of months, but going forward, we're to handle things a bit differently. For our investor of the month, we'll select a fund manager by considering a few different criteria: their fund is listed in the US; their fund outperformed peers in a given month; and their fund is outperforming a benchmark index (in most cases this will be the S&amp;P 500) on a trailing 12-month basis.Weighing these factors, choosing our investor of the month for October wasn't difficult.It's Peter Doyle, manager of the Kinetics Paradigm Fund (<a target="_blank" class="" href="https://markets.businessinsider.com/funds/kinetics-paradigm-fund-no-load-class-us4946136078">WWNPX</a>), which was up more than 20% in October and 97% year-to-date. Over the last 12 months, it has returned 78%, beating the S&amp;P 500's 35% gain. Over the longer term, the Paradigm fund's performance is even more impressive. Since December 1999, it's up 1,363% versus the S&amp;P 500's 304%.Rather surprisingly, Doyle has delivered these returns without the help of Nvidia or other Magnificent Seven stocks. The fund's top performer has been the Texas Pacific Land Corporation (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tpl-stock">TPL</a>), a firm that makes money leasing the land it owns in the western part of Texas.Demand from AI firms looking to build out data centers on the land has pushed up shares of TPL a staggering 148% year-to-date."The amount of capital that's going to be spent to build out data centers and bringing AI and all of the things that are associated with that to fruition needs to be done where there's cheap energy, cheap electricity, and available real estate, and water," Doyle told Business Insider. "I think people are coming to the conclusion, although I think we're still early in the game, that a big chunk of that is going to take place in the western part of Texas."The stock is the Paradigm Fund's top holding and has soared to a 65% weighting in the fund amid its outperformance, even as Doyle has drastically taken profits and reduced his position by around half. When Doyle opened his position in the stock, its weight in the fund was 8%.Despite its massive weighting in the fund, Doyle seems extremely confident in the company and said its business model is highly predictable."They own very valuable real estate, and I know that that real estate is basically not going anywhere. And I know that people want to build AI data centers, and I know that that's the most logical place for that to happen in a very significant way," Doyle told Business Insider. "If 100% of my net worth were in TPL, I would be sleeping very well. That's how good I think it is."Other top holdings in the fund include the Grayscale Bitcoin Trust (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gbtc-stock">GBTC</a>) at an 8.8% weighting, Brookfield (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/brppf-stock">BRPPF</a>) at 3.3%, and Landbridge (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/lb-stock">LB</a>) at 3.1%.

This fund manager up 97% this year thanks to an under-the-radar stock is BI's investor of the month for October

These 4 unflashy mid-cap stocks are on track to be tomorrow's mega-caps, according to one $3.2 billion fund manager 

<ul class="summary-list"><li>Hedge fund manager Eric Jackson believes an 'everything rally' can take hold in the stock market.</li><li>Jackson compared the current economic environment to the 1982 bull market, when rates dropped and the economy grew.</li></ul>The stock market's relentless rise higher could turn into an "everything rally," according to hedge fund manager Eric Jackson of EMJ Capital.In an interview on Tuesday, Jackson told CNBC that the current environment of economic growth and interest rates is reminiscent of the early days of the 1982 bull market, which is one of the stock market's best-performing advances of all time.The first 10 months of the 1982 bull market saw the <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq</a> soar 107%, according to Jackson."The last time that the yield curve was inverted for so long and then finally broke out to the upside the way that we've seen recently, in a benign economic environment where rates are coming down, was August of 1982," Jackson said.He added: "And when that happened, there was a stock market rally which lasted 10 months. Nasdaq went up 107% over those 10 months. So I think we could be in for an everything rally."That means, according to Jackson, everything from small-cap technology stocks to the mega-cap tech stocks will rally higher, together. The combination of <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">interest rate cuts from the Fed,</a> resilient economic growth, and the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/recession-indicator-perfect-track-record-flashes-yield-curve-spread-disinversion-2024-9">un-inversion of the yield curve</a> is overall a favorable environment for risk assets, especially if inflation stays subdued.When a similar scenario played out in the summer of 1982, the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> launched a five-year bull market that delivered a total return of 229% and annualized gains of 26.7%, the second-highest annualized gain on record, according to data from FirstTrust. The un-inversion of the 2-year and 10-year US Treasury yield curve is significant because it has been in negative territory for about 26 months, the longest in history. The yield curve <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/recession-indicator-perfect-track-record-flashes-yield-curve-spread-disinversion-2024-9">finally went positive earlier this month.</a> The yield curve flashing between positive and negative and positive is considered <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/recession-indicator-perfect-track-record-flashes-yield-curve-spread-disinversion-2024-9">a reliable recession indicator,</a> but with the economy still in good shape, this time appears to be different, as it was in 1982.

'We could be in for an everything rally': Stocks are mirroring the early days of one of history's biggest bull markets, hedge fund manager says

<ul class="summary-list"><li>Investors face diminishing returns from cash alternatives as interest rates decline.</li><li>Money market funds offered low-risk yields, but missed gains in the S&amp;P 500.</li></ul>Just a year ago, if the stock market got bumpy or felt risky, investors could shave a bit off their positions and park in cash-like <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/what-is-a-money-market-account">money market funds</a> yielding slightly over 5%.Today, cash alternatives are yielding slightly less. Still, they remain near or above 4.5%, which is a tempting return in exchange for no risk. But as we head deeper into an <a target="_blank" class="" href="https://www.businessinsider.com/fed-cut-rates-inflation-powell-blackrock-ceo-larry-fink-2024-10#:~:text=The%20Federal%20Reserve%20will%20disappoint,a%20rise%20in%20global%20inflation.">interest-rate-cutting cycle</a>, the benefits of sitting on the sidelines will diminish, and investors will need to rethink their strategy.While the perk of a low-risk asset with a decent yield seems like a sweet deal, it actually did some investors a disservice, says Mark Malek, the CIO at Siebert. Specifically, those who didn't have liquidity needs but chose to sit in cash anyway missed out on a strong year for the S&amp;P 500."I'm going to say something controversial, which is that we weren't having as many of these conversations when money markets were almost zero," Malek said. "Clients had no other alternatives, so they were putting their money to work in the equity markets or in the best bonds they could find. Many people should have probably invested in equities and would've probably gotten great returns."The main advantage money markets give investors is quick access to their cash, followed by lower risk and then a decent yield. The former is harder to match. But the latter two can be found in <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/treasury-bonds">Treasuries, notes, and bonds</a>, Malek said. By sticking to shorter-term Treasuries, investors can still meet their liquidity needs."That's where the whole conversation changes because now you're saying, 'OK, we can get you into a three-month bill, but then you would want to hold that,'" Malek said, adding that he would never advise a client who needs liquidity to go further out and buy a two-year note. And anyway, the yield curve is inverted, meaning there's no term premium, with the best yields coming from the one-month out to the six-month Treasury.It's about gauging liquidity needs and then sticking to bills or looking for older notes that are months away from maturity, Malek said. The main challenge with going shorter term is the rollover risk, which happens when you're faced with less favorable yields once the current Treasury matures. For investors who don't have immediate cash needs, Malek advises a six-month bill at a 4.5% yield since he expects rates to be 75 basis points lower by then. If liquidity needs arise, investors may be able to sell for a profit if the Fed's cutting cycle is steeper than expected, he added.Investors with a bit more of a risk appetite who want to maintain a yield just over 5% should consider investment-grade corporate bonds, which are AAA to BB-rated, Malek said.<h2 id="ac89e755-a442-47d7-b00d-34e1f8eb6a94">Dollar alternatives</h2>While interest-rate cuts are part of the move away from cash, there are other factors that make the dollar, in general, a crummy place to be right now, says David Miller, the CIO at Catalyst Funds.Inflation remains present even if it's not as high as it was. The Federal deficit continues to balloon. And, the weaponization of the dollar against countries like Russia has made it less attractive globally, Miller noted.Based on these additional concerns, Miller says the closest alternative would then be <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-record-high-became-etf-interest-rates-trump-costco-2024-10">gold</a>, and big money is vying for it. Central bank demand for gold reached its highest in a decade in 2022 and 2023. Although it slowed in 2024, it was still up by 6% from a year ago in the second quarter, according to the World Gold Council.Investors may feel queasy about the asset as it hits peak prices near $2,800 per ounce. But you have to consider the value of the dollar against that backdrop, Miller noted. Simply put, the M2 money supply, which includes cash and cash alternatives, has skyrocketed since 2020 by over 36%, debasing the dollar.For investors looking for that gold alternative, Millers says they can <a target="_blank" class="" href="https://www.businessinsider.com/how-to-invest-in-gold-price-record-highs-safe-haven-2024-10">buy coins, bars, and even gold ETFs</a>.<a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/buy-bitcoin">Bitcoin</a> is another alternative that more risk-prone investors look to. As of Tuesday, it surpassed $71,000, hitting near its all-time highs as hedging demand grows. While it has similar liquidity to cash, it's much more speculative, Miller noted.

Cash is no longer king. Here are 3 alternatives investors are trading it for, according to chief money managers.

<ul class="summary-list"><li>As election day draws near, 400 Wall Street money managers identified their top concerns.</li><li>National debt, economic growth, and immigration reform are big issues for the next administration.</li></ul>With just a few weeks until Election Day, the presidential race is neck and neck between Kamala Harris and Donald Trump.There's a lot at stake in November. Policy initiatives could have a significant impact on the economy, especially on issues concerning inflation, the housing market, employment, and international trade.The $1.3 trillion asset manager PGIM surveyed 400 institutional investors collectively overseeing $9 trillion in assets under management about the election. Most investors surveyed agreed that elections influenced how they allocated funds in their portfolios.Overall, 46% of the investors surveyed said that a Republican sweep across the White House and Congress would be the optimal outcome for the market. 29% of investors preferred split control of the White House and Congress. Investors can benefit from both parties: Republicans would likely pass investor-friendly tax and energy policy, while Democrats would pass more favorable US-China and trade policy.Here's what Wall Street is worried about this election cycle and how top money managers are preparing their portfolios for November.<h2 id="c2ba8bee-0e1c-46d1-9407-b7e2f9e02c0b">Wall Street's 3 biggest election concerns</h2>There was one clear standout issue: the national debt. 35% of institutional managers flagged the US national debt as the most important policy change they wanted to see.Kara Murphy, chief investment officer at Kestra Investment Management, says the deficit will continue to balloon from its current level of $35 trillion as higher Medicare, Social Security, and interest expenses stack up.However, neither candidate has put forward a concrete plan to address this issue."The candidates' relative silence on the deficit shows that it's an American problem – not just a party problem – and one so big and intractable that the next president isn't likely to be able to make much of a near-term impact," Murphy wrote in a note.Seventeen percent of investors responded that fueling economic growth was their biggest concern. There are both domestic and international challenges to the health of the economy, with institutional managers flagging issues such as <a target="_blank" href="https://www.businessinsider.com/recession-odds-rising-inflation-geopolitcal-concerns-surge-investing-strategy-volatility-2024-10">inflation</a>, <a target="_blank" href="https://www.businessinsider.com/stocks-hedge-geopolitical-china-risk-retaining-upside-international-beijing-stimulus-2024-10">US-China relations</a>, and tariffs.It's likely that the next administration will implement new tariffs, regardless of which party takes the White House, according to PGIM.While Trump is well-known for his love of tariffs, Harris isn't exactly anti-tariff either. Murphy points out the Biden-Harris administration has kept many of the tariffs that Trump passed during his presidency, and even enacted additional tariffs.Increased trade tensions could have negative implications for both US and international markets in China, Latin America, and Southeast Asia. Tariffs often have inflationary effects by slowing down trade and raising prices for consumers. The results of the presidential election will clarify how many new tariffs to expect.The third biggest concern was <a target="_blank" href="https://www.businessinsider.com/immigration-policy-boost-labor-market-national-debt-job-market-taxes-2024-10">immigration reform</a>, with 15% of investors placing it as their most important policy concern. Investment advisor Research Affiliates sees an urgent need for immigration reform as the US population growth rate continues to decline, harming the labor market. According to Research Affiliates, policies such as removing the cap on green cards for immigrants with higher education degrees in STEM fields could solve this issue.<h2 id="96c99c05-0f43-49e9-bcc5-3b7a39e8f265">Preparing your portfolio</h2>The tight race makes it unlikely for a single party to hold a sweeping majority in the House and Senate and pass drastic policy changes. However, the election winner still has implications for portfolios.One survey respondent, a portfolio manager for a US-based pension fund, said elections have "been a big factor" when it comes to allocating money. A Republican president is likely to benefit the oil and gas industries, while a Democrat win will boost healthcare, the portfolio manager said.An investment director for another pension fund shared the following investment outlook regarding the ongoing decline in globalization and trade relations: "Given reshoring, friend-shoring, [and] less reliance on the likes of China and other trading partners from past decades, we've felt even more confident in some of our exposures, particularly within the US. Basic industry, materials, very middle-market and lower focused, but dedicated US exposure such that if we really continue along this deglobalization path, and if there are further and future rifts, these are the areas that are going to benefit the most."As international supply chains experience disruption and technological competition with other countries increases, investors should put money into the companies and sectors benefiting from deglobalization while also adding safe-haven assets to their portfolios. The trend of reshoring will lead to increased domestic construction and jobs.PGIM recommends gold, Treasurys, and the US dollar as examples of stable, low-risk assets.

Here's what Wall Street money managers are doing to prepare their portfolios for their 3 biggest election concerns 

The <keyword id="20340200" type="General" weightage="100" keywordseo="assets-under-management" source="keywords">Assets Under Management</keyword> (<keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword>) of <keyword id="20300870" type="General" weightage="20" keywordseo="equity-mutual-funds" source="keywords">equity mutual funds</keyword> have <keyword id="20641508" type="General" weightage="20" keywordseo="surged" source="keywords">surged</keyword> by 5.37 per cent sequentially to Rs 25,12,845.59 crore in July 2024 from Rs 23,84,727.69 crore in June 2024, <keyword id="22838645" type="General" weightage="20" keywordseo="PL-Wealth-Management" source="keywords" meta.keywordsubtype="org" meta.entityname="PL Wealth Management" meta.hostid="261" meta.entityid="PL Wealth Management">PL Wealth Management</keyword> said in a statement. The observation, which is based on 283 open-ended equity diversified funds, cited that 39 per cent of these funds have outperformed their respective benchmarks over the past month, ending July 31st, 2024, The cumulative total of funds that outperformed stood at 109 during the month ending July 2024 (one month). AUM measures the total market value of assets that a person or entity manages for clients or on behalf of investors. Under the <keyword id="21184260" type="General" weightage="20" keywordseo="large-cap-funds" source="keywords">large-cap funds</keyword>, about 58 per cent of <keyword id="19915334" type="General" weightage="20" keywordseo="schemes" source="keywords">schemes</keyword> outperformed on S&amp;P BSE 100 - TRI benchmark, out of 31 schemes observed by <keyword id="19999821" type="General" weightage="20" keywordseo="Prabhudas-Lilladher" source="keywords" meta.keywordsubtype="org" meta.entityname="Prabhudas Lilladher" meta.hostid="261" meta.entityid="Prabhudas Lilladher">Prabhudas Lilladher</keyword>'s wealth management arm. About 24 per cent of schemes outperformed under the large and mid-cap funds, of which 29 were observed. Under the multi-cap funds about 40 per cent of schemes outperformed, whereas in the flexi-cap funds, the percentage of schemes outperforming was 33 per cent. Going further, about 38 per cent of schemes under the midcap outperformed. Interestingly, the data observed that not a single scheme in small-cap funds manages to outperform their respective benchmarks. According to the observations made by L Wealth Management, Value Contra Div Yield Funds was the best-performing category, where 78 per cent of the schemes outperformed the benchmark. It was followed by schemes of large-cap funds and multi-cap funds, which outperformed their respective benchmarks by 58 per cent and 40 per cent respectively, during July 2024. Large and mid-cap funds were the least performing fund category, with only 24 per cent of funds outperforming the benchmark, as shown in the analysis. <keyword id="22838646" type="General" weightage="20" keywordseo="PL-Capital-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="PL Capital Group" meta.hostid="261" meta.entityid="PL Capital Group">PL Capital Group</keyword> specialises in research-driven advisory services in the Indian capital markets. The company's business is spread across 200 plus cities in India, catering to institutions, corporations, family offices, HNIs, and retail clients in India and globally.

Assets Under Management of equity mutual funds surged 5.4% sequentially in July: PL Wealth Management

<ul class="summary-list"><li>The biggest worry for allocators to hedge funds is crowding, according to a new Bank of America survey.</li><li>But the survey also found that allocators' own portfolios of managers have become more concentrated.</li></ul>Allocators are growing more worried about crowding at hedge funds. But these same investors are increasingly concentrating their portfolios into the same few mega firms, according to a new Bank of America survey of allocators.The survey — which spoke to 160 allocators with roughly $680 billion invested in around 4,300 hedge funds globally — found that the biggest hedge fund managers in the industry are still gobbling assets and market share despite their investors bickering about costs."Respondents have generally moved towards fund consolidation rather than diversification within their HF portfolio," the report reads."Anecdotally, we are hearing 'one in, two out' (i.e., 1 new allocation per 2 full redemptions) as the new normal."The result is the biggest are getting bigger.Only $7 billion of net inflows into the entire $4.3 trillion industry in the first half of 2024, and multi-strategy hedge funds like Millennium, Citadel, and others led the way. This flavor of hedge fund brought in $10 billion in net flows in 2024's first six months, and the average multimanager firm runs $1.7 billion.By comparison, the average hedge fund overall runs $528 million.Despite this, allocators, paradoxically, have grown even more concerned about crowding risks in their hedge fund portfolios. According to Bank of America, half of respondents said that "crowding" will be their top concern as they close out the year.While one of the selling points for multimanager funds is their broad reach across different markets, geographies, and asset classes, these firms have proven to move in lockstep in volatile markets over the years — or <a target="_blank" href="https://www.businessinsider.com/hedge-funds-betting-electricity-power-grid-congestion-trading-2024-3">chase after a hot area that one firm has found</a>.For example, when the pandemic sent markets spiraling in early 2020, many of these firms lost money <a target="_blank" href="https://www.businessinsider.com/citadels-relative-value-losses-last-week-wiped-nearly-all-gains-2020-3">on the basis trade</a>, a type of relative value bet that seeks to advantage of price differences between similar securities. In the years since, concentration in this trade and the leverage these managers use to juice their returns <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-30/ken-griffin-s-citadel-hedge-fund-rivals-draw-scrutiny-over-crowding-leverage">have gotten the attention of regulators</a>.LPs have finally regained a bit of leverage over these multimanager funds, some of which have struggled to outperform the risk-free rate since interest rates increased. Bank of America notes that <a target="_blank" href="https://www.businessinsider.com/exoduspoint-multistrategy-hedge-funds-lower-fees-adopt-cash-hurdle-2024-9">fee hurdles</a> are becoming more common — 42% of respondents have some sort of hurdle in place for at least one of the funds in their portfolio — amid a "buyers' market.""Asset raising remains challenging for most managers," the survey noted, which should lead to "increasing manager/allocator alignment."

Allocators that crowded into the biggest hedge funds are worried about these managers crowding into the same trades

<ul class="summary-list"><li>Millennium Management has lost money in just one year since its 1989 founding.</li><li>The $69 billion hedge fund uses a strict trading strategy to make sure it consistently makes money.</li></ul>The $69 billion <a target="_blank" class="" href="https://www.businessinsider.com/category/hedge-funds">Millennium Management hedge fund</a> employs a simple yet effective trading strategy to make sure it almost always makes money in the stock market: cut losing stock positions as quickly as possible.The firm, which is one of the largest hedge funds in the world, was founded in 1989 and since then has lost money in just a single year — 2008, when a financial crisis turned into a sharp recession and sent the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> crashing 38%.The fund still managed to massively outperform the S&amp;P 500 that year, shedding just 3.5%.Other than that outlier year, Millennium has posted gains every single year of its 35-year history, racking up $56 billion in cumulative profits for its investors.When the S&amp;P 500 was down 10% in 2000 as the dot-com bust got underway, Millennium saw its best year ever, delivering a 35% return for its investors, according to data from Bloomberg. And in 2022, when the S&amp;P 500 finished the year down 19%, Millennium was up 12%.The consistent string of positive returns at Millennium stems from it's being a multi-strategy approach.That means its 2,600 traders, investment analysts, and portfolio managers run independent groups concurrently using various investment strategies across stocks, bonds, options, and commodities.According to a report from <a target="_blank" class="" href="https://www.wsj.com/finance/investing/the-giant-hedge-fund-that-hates-risk-and-still-wins-1110e90a">The Wall Street Journal</a>, the game is simple: make money and stay employed, or lose money and probably get fired.The report said that when a Millennium portfolio manager that manages $1 billion loses $50 million, or 5%, the first threshold is reached and that manager's pool of available capital to trade is slashed in half, to $500 million.From there, if the portfolio manager loses an additional $25 million, or a total of 7.5% on the initial $1 billion allocated to them, they will likely be fired, the report said, adding that sometimes exceptions are made.This strict stop-loss trading strategy means the hedge fund goes through a lot of employees, sporting a high turnover rate of about 15%-20% of its staff each year.But the trading strategy is also what turned its founder, Israel Englander, into a billionaire.According to data from Bloomberg, Englander is worth $13.3 billion, making him the 172nd richest person in the world.And the strategy is still working. Millennium posted returns of about 10% in 2023, <a target="_blank" class="" href="https://www.businessinsider.com/september-hedge-fund-performance-exoduspoint-citadel-millennium-point72-2024-10">and year-to-date it is up another 9.5%.</a>Millennium Management did not respond to a request for comment.

The strategy a $69 billion hedge fund uses to make sure it never loses money in the stock market

<ul class="summary-list"><li>David Tepper is growing even more bullish on Chinese stocks amid the nation's new fiscal stimulus measures.</li><li>The new measures include interest-rate cuts, liquidity support, and encouraging company stock buybacks.</li></ul>It's a buy "everything" moment for Chinese stocks after the country <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-stock-market-bazooka-liquidity-stimulus-sparks-panic-speculation-2024-9">launched a fiscal stimulus bazooka this week</a>, according to billionaire investor David Tepper.In an interview with CNBC on Thursday, Tepper outlined his bull case for China's stock market, which has been practically left for dead in recent months as it trades at the same level it did in 2007."I thought that what the Fed did last week would lead to China easing, and I didn't know that they were going to bring out the big guns like they did," Tepper said, referring to the Federal Reserve's <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">jumbo 50-basis point interest rate cut last week.</a>That big cut is giving China's central bank some breathing room in implementing its own fiscal and monetary stimulus policies, according to Tepper.In recent days, China has cut key interest rates, announced liquidity support for its stock market, lowered bank reserve requirements, and even encouraged company stock buybacks."Encouraging buybacks of stocks. Ok, this is China. This is stock buybacks. Not only encouraging it, lending you money to do it," Tepper said.He added: "I took it that they did a lot, they exceeded expectations, and he promised to do more and more and more, and that's very strange language, especially for any central banker, but especially over there," referring to <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">recent dovish comments</a> from People's Bank of China governor Pan Gongsheng.Chinese stocks have responded to the stimulus measures with big moves higher. On Thursday, shares of large-cap China tech stocks like <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/pdd-stock">PDD Holdings</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tctzf-stock">Tencent Holdings</a> surged more than 7%.Even the broader <a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-msci-china-etf-us46429b6719?miRedirects=1">iShares MSCI China ETF</a> soared 8% on THursday and is up more than 16% this week alone.But Tepper believes Chinese stocks have plenty of room to run higher, even after the recent surges."Even with the recent moves they're like on a flat-line low compared to where they have been in the past. And you're sitting there with single multiple PEs, with double-digit growth rates for the big stocks that trade over here," Tepper said.As to whether steep tariffs from a potential Donald Trump Presidency would shake his bullish view on China, Tepper said it probably wouldn't matter because of the "internal stimulus" measures."Obviously this is incredibly good for very undervalued Chinese equities, especially when the government is encouraging buybacks," Tepper said.On US markets, Tepper said he is not following his buy "everything" mantra with Chinese stocks and is being more selective in buying US stocks.Tepper, who runs the $6 billion hedge fund Appaloosa Management, highlighted US casinos that have exposure to China, like <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/wynn-stock">Wynn Resorts</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/lvs-stock">Las Vegas Sands</a>, as well as companies that are exposed to the power demand of the AI tech trade as potential buys."I don't love the US markets on a value standpoint, but I sure as heck won't be short, because I'd be nervous as heck of the setup with easing money everywhere, a relatively good economy, and China just doing massive stimulus coming in, so it would make me nervous not to be somewhat long the US," Tepper said.He added: "You can't be short the US."Tepper's biggest position as of June 30 was Alibaba, which made up 12% of his portfolio. He hinted that he's buying more of the stock."I have limits. I probably said a long time ago I don't go above 10% or 15%, well that's probably not true anymore," Tepper said.Tepper also owns shares of PDD Holdings, Baidu, the KraneShares China Internet ETF, and JD.com.As to how Tepper is hedging his bullish China trade, as some might expect a hedge fund to do, he's not."My counter bet is that I don't care," Tepper said.

Hedge fund billionaire David Tepper says he's loading up on Chinese stocks after the nation's stimulus bazooka

<ul class="summary-list"><li>John Paulson will sell his stocks and buy gold if Kamala Harris wins the presidency.</li><li>The Trump-supporting hedge fund billionaire criticized Harris' tax plans on a <a target="_blank" class="" href="https://www.foxbusiness.com/politics/billionaire-hedge-fund-manager-says-he-would-pull-his-money-from-market-harris-wins-election">Fox Business segment</a>.</li></ul>Billionaire hedge fund manager and Trump donor John Paulson <a target="_blank" href="https://www.foxbusiness.com/politics/billionaire-hedge-fund-manager-says-he-would-pull-his-money-from-market-harris-wins-election.amp">told Fox Business</a> that he will sell his stocks if Kamala Harris wins the presidency in November."I'd go into cash and I'd go into gold because I think the uncertainty regarding the plans they outlined would create a lot of uncertainty in the markets and likely lower markets," Paulson said on "The Claman Countdown."Paulson was particularly focused on Harris' proposal to levy a 25% tax on unrealized gains for individuals worth more than $100 million. He says such a measure could trigger major asset-dumping across the economy, and broader catastrophe for markets."If they do implement a 25% tax on unrealized gains, that would cause mass selling of almost everything: stocks, bonds, homes, art," Paulson said. "I think it would result in a crash in the markets and an immediate, pretty quick recession."Despite Paulson's gloomy view of the policy, the specifics of Harris' proposal have not yet been confirmed. Kent Smetters, the faculty director of the Penn Wharton Budget Model, told Business Insider recently that he's only been able to confirm two firm policies. The first is a bump up in corporate tax from 21% to 28%, and the second is an increase to the top rate for long-term capital gains to 28% for those making above $1 million. Much of the rest is hearsay based on media discussions with sources or a belief that she will take on Biden policies, he noted.Meanwhile, former president Donald Trump has indicated that he would extend the Tax Cut and Jobs Act, which is set to expire in 2025. The legislation lowered the corporate tax to 21%, and Paulson characterized it as "very successful."Not every wealthy taxpayer is siding with Trump.Billionaire Mark Cuban <a target="_blank" href="https://x.com/mcuban/status/1834442641108598947">took to X</a>, formerly Twitter, to compare how businesses would do between Harris' tax policy and Trump's plans for broad-sweeping tariffs, concluding that Harris would offer more in after-tax profit.Further, many on Wall Street have scrutinized Trump's tariff idea, fearing it could spark higher <a target="_blank" href="https://www.businessinsider.com/trump-tariff-plan-inflation-policy-impact-trade-war-china-rates-2024-5">inflation</a> and trigger trade wars. The Republican candidate has pledged to apply 10% tariffs on all US trade, and even suggested <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariff-trade-policy-barrier-income-tax-rate-hikes-krugman-2024-7#:~:text=Trump%27s%20wide%2Dreaching%20tariff%20plan,%25%2C%20Nobel%2Dwinning%20economist%20says&amp;text=Trump%27s%20proposed%20tariffs%20would%20benefit,%2Dtax%20income%2C%20he%20said">replacing the income tax with duties</a>.Paulson sees tariffs as an effective strategy, telling Fox Business that it would be a powerful way to boost revenue.

Trump-supporting hedge fund billionaire says he'll pull his money out of the market if Harris wins the election

<ul class="summary-list"><li>Jim Simons, the billionaire hedge-fund manager, has died.</li><li>The legendary investor was 86.</li></ul>Jim Simons, the legendary billionaire hedge-fund manager who founded the <a target="_blank" href="https://www.businessinsider.com/how-jim-simons-renaissance-technologies-has-outperformed-market-30-years-2019-12">wildly successful Renaissance Technologies</a>, died on Friday, <a target="_blank" href="https://www.simonsfoundation.org/2024/05/10/simons-foundation-co-founder-mathematician-and-investor-jim-simons-dies-at-86/">his foundation announced on its website</a>.He was 86 years old.Simons was a titan of investing and the 49th-richest person in the world, with a net worth of $31.8 billion, <a target="_blank" href="https://www.bloomberg.com/billionaires/profiles/james-h-simons/">according to Bloomberg's Billionaires Index</a>.Before he took Wall Street by storm, Simons made a career as an award-winning mathematician and a codebreaker for the National Security Agency. His work in pattern recognition and topology would later help form the bedrock of string theory in quantum mechanics.Simons founded what would become Renaissance Technologies, a hedge fund specializing in quantitative models, in 1978.For over four decades, Renaissance has been one of the most successful hedge funds in history, boasting staggering 66% pre-fee annualized returns over a 30-year period.His fund's biggest current holdings include investments in Uber, Nvidia, Meta, Amazon, Tesla, and Novo Nordisk.In Gregory Zuckerman's book "<a target="_blank" rel="nofollow sponsored noindex" href="https://affiliate.insider.com?amazonTrackingID=bi-auto-70052-20&amp;h=ef84b80df9156ff1ca5fcdfd2d733f5edc26b75dce9cb6cc93b891363683237e&amp;postID=663e4d99a7714381ceff229e&amp;postSlug=jim-simons-dead-obituary-founder-renaissance-technologies-hedge-fund-2024-5&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2FMan-Who-Solved-Market-Revolution%2Fdp%2F073521798X">The Man Who Solved the Market</a>," Simons said he got into investing after getting tired of academia.His strategy was unlike anything on Wall Street at the time. Simons used the same pattern-recognition analysis that propelled his academic career to scour financial data for trends.Simons' algorithmic approach paid off with huge profits. He also put his massive wealth to use as a prolific philanthropist, founding the Simons Foundation with his wife, Marilyn, to promote science and mathematics, and donating billions to various causes.Simons also founded Math for America, a nonprofit supporting STEM education in secondary schools, and has donated millions to leading universities, including his alma maters, the Massachusetts Institute of Technology and the University of California, Berkeley."Jim was an exceptional leader who did transformative work in mathematics and developed a world-leading investment company," David Spergel, the president of the Simons Foundation, said in a statement.Simons is survived by his wife, three children, five grandchildren, and a great-grandchild, his foundation said.Correction: May 10, 2024 — An earlier version of this story misstated the year that Renaissance Technologies was founded. The firm, which was originally called Monemetrics, was founded in 1978, not 1982. Simons also worked in topology, not topography.

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