What we’re reading (2/23)
“December Home Prices Rose 10.4%, The Biggest Gain In 7 Years, Case-Shiller Says” (CNBC). “That is the strongest annual growth rate in over six years, and a significantly stronger gain than in November, when prices were up 9.5%. It also ranks as one of the largest annual gains in the more than 30-year history of the index.”
“World’s Top 10 Hedge Fund Managers Earn $20.1 Billion In 2020” (Reuters). “Hedge funds made gains of 11.7% on average in 2020 amid a huge sell-off in March and large economic shutdowns following the emergence of the novel coronavirus, according to data from Hedge Fund Research.”
“Private Equity Ownership Is Killing People At Nursing Homes” (Vox). “When private equity firms acquire nursing homes, patients start to die more often, according to a new working paper published by the National Bureau of Economic Research…[r]esearchers from Penn, NYU, and the University of Chicago studied Medicare data that covers more than 18,000 nursing home facilities, about 1,700 of which were bought by private equity from 2000 to 2017…[t]hey found that going to a private equity-owned nursing home increased mortality for patients by 10 percent against the overall average.”
“A complete Guide To Cathie Wood's Mind-Blowing Success, Her Firm's Investing Strategies, And The Stock Picks She's Betting On For The Future” (Business Insider). “While her career dates back to 1981, 2020 was the year when her performance and fund inflows earned her a cult-like following in the industry. The $27 billion ARK Innovation ETF, her flagship exchange-traded fund, rose 150% last year, thanks partly to Tesla's 730% gain. Her other funds that cover the fintech, genomic, and internet industries all landed on the list of the 10 best-performing ETFs of 2020.”
“Kohl’s Tried Striking A Deal With Amazon. It Wasn’t Enough” (CNN Business). “An activist group, which includes Macellum Advisors, Ancora Holdings, Legion Partners Asset Management and 4010 Capital LLC, said Monday that it has taken a 9.5% stake in Kohl's and has nominated nine new members to its board of directors. The news, first reported by the Wall Street Journal, sent Kohl's (KSS) shares up 8% in Monday trading.”
