This “Tiger Cub” hedge funder owns nearly 10% of Compass

first_img Tags Email Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink “The guy’s a walking encyclopedia,” investor Chris Shumway, a former Tiger colleague, told the Journal for the profile. “He’s not going to be an expert on everything all the time, but he tries to be an expert on the things that matter.”Housing betAs a “macro” hedge fund, Discovery has bet on broad market swings and economic trends, particularly in emerging markets.It currently has $3.6 billion in assets under management, down from $12 billion in 2013, regulatory filings show. That year, its returns were up 15 percent through the first half of the year, among the best performances by a big hedge fund, according to news reports.Discovery invested in Compass the following year, joining Salesforce’s Marc Benioff and Advance Publications in the startup’s $40 million Series B. “We keep track of highly successful entrepreneurs and [Ori] Allon was one of them,” Discovery said in a statement. Prior to founding Compass, Allon sold startups to Google and Twitter.After a rough couple of years, the fund bounced back and posted “scorching gains” of 55.5 percent in 2020, according to Institutional Investor. In January, it had gains of 6.45 percent.Today, the fund’s portfolio is dominated by tech and healthcare picks, according to WhaleWisdom, which collects data on asset managers.Discovery owns 4.5 million shares of data analysis company Palantir, for example, a stake currently valued at $107.7 million. It also holds a $61 million stake in Fiserv, a financial technology company, and a $60.7 million stake in the computing giant Intel.In its statement, Discovery said it has a track record of backing “innovative companies that are shaping the future of their respective sectors,” citing early investments in Uber, Lyft, Spotify, Alibaba Group and Ant Group.“We have strong conviction that the technology and tools that Compass is building for agents will help them grow their business and better serve their clients,” it said.Regulatory filings show that after its initial investment, Discovery increased its wager on Compass in 2018, investing $15 million in a Series F that was led by SoftBank and the Qatar Investment Authority. In conjunction with that investment, at $118 per share, Discovery also made a tender offer and bought $23 million worth of stock from prior investors.Road to IPOCompass’ early backers now stand to reap the greatest returns on its IPO. Along with Discovery, those include 406 Ventures, Joshua Kushner’s Thrive Capital and real estate playersincluding LeFrak, the Naftali Group and the Rudin family.According to Compass’ S-1, its revenue grew 56 percent in 2020 to $3.7 billion. It lost $270 million last year, down from $388 million in 2019.In a founder’s letter included in the filing, CEO Robert Reffkin pitched Compass’ vision for boosting agents’ productivity by giving them novel technology. The claim is one that rivals have challenged, arguing that Compass’ tools are elegant but not disruptive.But investors like Discovery believe otherwise. “Similar to what the Bloomberg application did for investment professionals or Adobe Create Suite did for design professionals, the Compass platform will over time transform the way agents do business,” it said.Contact E.B. Solomont compassIPOReal Estate InvestmentResidential Real Estate Full Name* Message* Share via Shortlink Hedge fund manager Robert Citrone (Getty)As an emerging markets specialist, hedge funder Robert Citrone is used to eyeing distant shores for his next investment.His bet on Compass — and by extension the U.S. housing market — hits a lot closer to home.Citrone’s Discovery Capital Management is Compass’ second-largest shareholder, with a 9.2 percent stake, according to Compass’ S-1, filed this week ahead of its impending public offering.Discovery’s investment was not previously reported, and the size of its stake is second only to SoftBank’s, which owns nearly 35 percent of the brokerage. The next biggest shareholders are co-founder Ori Allon, CEO Robert Reffkin and CTO Joseph Sirosh.A former high-school wrestler who grew up in Pittsburgh, Citrone, 56, is among a group of investors known as Tiger Cubs, who worked for hedge fund legend Julian Robertston’s Tiger Management.ADVERTISEMENTCitrone started his career as a corporate-bond analyst at Fidelity in 1990 and joined Tiger in 1995. He left in 1999 to start Discovery Capital Management, which is based in South Norwalk, Connecticut, attracting capital from investors such as George Soros and Robertson. In 2012, he and his wife, Cindy, became minority owners of the Pittsburgh Steelers. He made it to the Forbes billionaire’s list in 2017, with a net worth of $1.1 billion, but fell off the following year after Discovery posted a rough few years of returns.Unlike his peers who are active on Twitter, such as Third Point’s Daniel Loeb or Point72’s Steven Cohen, Citrone keeps a low profile, rarely speaking at investment conferences or making TV appearances. He’s said to favor Hawaiian shirts and Steelers gear. He has a notoriously messy office, according to a 2013 Wall Street Journal profile, but makes extremely precise bets in a number of areas.Read moreInside Compass’ S-1 filing How much Compass paid to scale up The definitive guide to Compass’ C-suite last_img read more

SINKEX Units Sink Former USS Fresno

first_img View post tag: units View post tag: News by topic Authorities SINKEX Units Sink Former USS Fresno September 16, 2014 View post tag: USS Fresno View post tag: Navy View post tag: Sink View post tag: SINKEXcenter_img View post tag: americas Back to overview,Home naval-today SINKEX Units Sink Former USS Fresno View post tag: Naval Ships and aircraft sank the decommissioned former USS Fresno (LST 1182) yesterday, in waters 18,000 feet deep, 215 nautical miles northeast of Guam as part of the exercise Valiant Shield 2014. The participating sinking exercise (SINKEX) units included the U.S. Navy, Air Force and Marine Corps, each of whom were able to gain proficiency in tactics, targeting and live firing against a surface target at sea.“This exercise provided an important opportunity for realistic at-sea training with live ordnance, in conditions that could not be duplicated otherwise,” said U.S. Navy Rear Adm. Russell Allen, the U.S. Pacific Fleet Valiant Shield exercise lead. “This particular event enhanced our collective combat readiness and allowed us to improve our interoperability by working together to achieve specific training objectives.”“The SINKEX is conducted on the front end of Valiant Shield mostly so we can safely dispose of the hulk involved,” said Rear Adm. Mark Montgomery, commander, Battle Force 7th Fleet. “It allows us to test both systems and tactics, techniques and procedures we developed for the employment of those systems in a live-fire environment. It’s a mixture of Navy, Air Force and Marine Corps weapons systems from surface ship, fixed-wing, and rotary-based platforms.”USS Fresno was the fourth ship in the Newport class of tank landing ships and was named for the city and county in California. The ship was assigned to the Amphibious Force, Pacific Fleet, and homeported in San Diego.[mappress]Press Release, September 16, 2014; Image: Wikimedia View post tag: Former Share this articlelast_img read more

Senator Braun Hashing it Out On Podcast

first_imgAs the House voted to send the impeachment articles against President Trump to the Senate for a trial, the debate is intensifying over how the Republican-led chamber should proceed. Should Senate Majority Leader Mitch McConnell move to bring forward witnesses in the trial or should he look for a speedy acquittal of the president?My guest today is Sen. Mike Braun, a first-term Republican from Indiana.On today’s show, we’re going to discuss how Republicans are approaching the Senate trial, as well as other political issues being debated on Capitol Hill such as healthcare, combating climate change, and restricting President Trump’s war powers.FOOTNOTE: Hashing it Out is a podcast hosted by Siraj Hashmi, Washington Examiner’s commentary video editor and writer. Each episode includes a political guest to offer historical context of the news and politics of the day and insight into how we got to where we are. If you want to find the deeper meaning behind current events, then Hashing it Out is the podcast for you. On Wednesday, Senator Braun sat down with Siraj Hashmi on The Washington Examiner‘s podcast Hashing it Out for a wide-ranging discussion on the Senate impeachment trial of President Donald Trump, as well as the real issues Hoosiers care about, like ideas to fix the broken healthcare system through price transparency and free-market principles, his bipartisan Climate Solutions Caucus, and the foreign policy situation with Iran.Watch the full podcast below. center_img FacebookTwitterCopy LinkEmailSharelast_img read more


first_imgFacebookTwitterCopy LinkEmailShare BREAKING NEWS:  LINKS TO THE STATE BOARD OF ACCOUNTS  AUDIT REPORTS OF WATER AND WASTEWATER UTILITIES CITY OF EVANSVILLE  FOR JANUARY 1, 2014 to DECEMBER 31, 2014.We urge you to take your time and read both reports (LINKS) provided by the State Board of Accounts.We also look forward to your comments pertaining to these audit reports of the Evansville Water and Sewer  Utilities Department of Evansville. Link to:Financial Statements Examination Report of Water and Wastewater Utilities of City of Evansville Vanderburgh County, Indiana January 1, 2014 to December 31, 2014 Compliance Report of the Financial Statements Examination Report of Water and Wastewater Utilities of City of Evansville Vanderburgh County, Indiana January 1, 2014 to December 31, 2014  The important pages in these reports that you need to read are:A)  Notes E. and F. that run from page 16 to page 19.   And the public also needs to be aware that the utility had a “total current liability” at the end of 2014 of….. $330,271,913.00.B)  Note F on page 22 where the utility discusses the rejection of the consent decree where the city agrees to implement the elimination of the CSO over 28 years however, the EPA has rejected based on certain issues. Those issues were that the city would prepare a affordability study to demonstrate that the residences would not be able to support expenditures exceeding $540,000,000.   Could the reason Why did the EPA rejected terms of the study was because in the stipulations our citizens should be able to pay 2.5% of their incomes on water and sewer?C)  The study that Winnecke presented used only 2% and excluded the incomes in the county which materially distorted the study and quite frankly insulted the intelligence of the EPA officials. This is why our city will eventually be forced into much higher levels of expenditures.   Some engineer we spoke with say the total may exceed $700,000,000.D)  Now, the other observation, the findings noted within the supplement indicate that the Utility is CASH SHORT by $523,000.  It should be noted that they were CASH SHORT for 2013 was $395,000  The CASH SHORTAGES seems to grow year by year and the State Board of Accounts simply dismisses the occurrence as immaterial.E)  Coupled with the Civil City and the Utility Department, we are missing cash in the aggregate of $1,182,000 broken down as follows: City = $659,000 Utility = $523,000.F)  We wonder why doesn’t this terrible situation of CASH STORAGES isn’t reported by the mainstream media?last_img read more

Gibsons factory enters consultation period

first_imgThe owners of a major sandwich business based in Wiltshire have indicated that it may have to close as it is no longer economically viable.Ultimate Foods, which runs the Gibsons factory in Devizes, has entered into a 30-day consultation period with staff over the future of the plant.A total of 95 staff work at the plant, which is one of the largest sandwich making businesses in the country.The company said in a statement that following a thorough analysis of the business, it had concluded that the site was “not viable as a production unit in its current form in the long term”. The statement went on: “While Ultimate Foods will explore every possible option during the 30-day consultation over the future of the Devizes operation, it is very possible that the outcome will be the closure of the site. “The prospect of making hard-working and dedicated employees redundant is probably one of the hardest decisions any business has to make.” Previous owners Uniq announced in 2004 that it would close the factory but Gibsons stepped in and reopened it at the beginning of 2005. However, Gibsons themselves got into trouble when they lost a contract with Weight Watchers and an anticipated contract to supply sandwiches to WH Smith did not materialise. The plant was then taken over by Ultimate Foods.last_img read more

Indiana lawmaker wants privacy protection on workers’ salary history

first_img Twitter Pinterest WhatsApp Facebook Google+ Pinterest By Network Indiana – May 28, 2020 0 291 WhatsApp Indiana lawmaker wants privacy protection on workers’ salary history Google+ Twitter IndianaNews (“The grindstone” by Kathryn Decker, CC BY 2.0) Potential employers can ask you about your salary history to help decide what you should be paid, if you get the job. State Rep. Sue Errington (D-Muncie), says she’s introducing a bill that would keep employers from being able to ask that question.Errington said that when women or minorities are asked that question, if they were paid less than they should have been for the job, they might not be offered a fair wage if they are hired, and that means they suffer perpetual discrimination.“When women are paid less than their male counterparts, they don’t just suffer lost wages – often, contributions to retirement and other workplace benefits are tied to salary – meaning women also miss out here, too,” she said. “In Indiana, nearly two million women are part of our labor force. If we value Hoosier women, we should do all we can to eradicate pay discrimination and ensure that people are paid appropriately for their skills and contributions.”Errington said she introduced a similar bill last year, but that it did not get a hearing. She said that the pandemic may give lawmakers reason to rethink some laws about employment.“There’s a lot of things that will be different when we go back to work,” she said. “This is the time when we could make some changes and this would be a change that could even the playing field for women and minorities.”Errington said other implications to continue allowing the question to be asked are that people end up pricing themselves out of a job, even if they could work cheaper, simply because the potential employer knows what they made at their last job, and she points to studies that show that some people do not know if they are being discriminated against if they don’t discuss salaries with colleagues.Errington said she was surprised to find out last year, how many Hoosier women claim they had been victims of wage discrimination. Facebook Previous articleTwo arrested in series of storage unit theftsNext articleTGI Friday’s locations close in Mishawaka and South Bend Network Indianalast_img read more

Elkhart Police Department impersonated in new scam

first_imgIndianaLocalNewsSouth Bend Market Elkhart Police Department impersonated in new scam (Photo supplied/ABC 57) The Elkhart Police Department is warning of a scam.Tuesday the EPD started receiving calls and in-person complaints about a suspect calling the victim and claiming they have missed court or jury duty and a warrant has been issued. They then explain that the victim can pay for the warrant by transferring money to a designated account. The scammers use names and the address of the Department.The Elkhart Police remind everyone that business of this sort would never be done over the phone. Twitter Twitter Pinterest Facebook WhatsApp Facebook Google+ By Tommie Lee – April 6, 2021 1 328 Google+ WhatsApp Pinterest Previous articleMichigan COVID vaccine programs receive money from CDCNext articleUPDATE: Silver Alert cancelled for Elkhart woman Tommie Leelast_img read more

GCA wants your views on supplying the supermarkets

first_imgDo you supply goods to the supermarkets? If so, the Groceries Code Adjudicator wants to hear from you.Adjudicator Christine Tacon is currently seeking responses for the seventh Groceries Code Adjudicator (GCA) survey, and wants suppliers to say how they think regulated retailers have complied with the Groceries Supply Code of Practice over the past 12 months.“My annual survey allows you to give honest feedback about your experience of how retailers are complying with the Groceries Supply Code of Practice,” she said.“It allows me to collect the most comprehensive set of views on current Code-related issues facing suppliers. Your views are very important, so please be frank when you complete the survey. Your response will help to show the retailers what progress they have made over the past year.”All information provided is treated in strict confidence, she added. Answers are collated and analysed by YouGov and respondents are not identified to the GCA without having given consent.The results will be announced on the GCA website in June.The survey can be completed here.last_img read more

Paul UK starts selling flour as it reopens more shops

first_imgBakery Paul UK has reopened more of its shops in London and, for the first time ever, is selling its own branded fresh yeast and flour.This week, stores in Holland Park, South Kensington and Hammersmith reopened, following Canary Wharf, Hampstead, Marble Arch and Wimbledon, which reopened earlier this month. Sites in Chelsea, Earls Court and Islington are also scheduled to open on 27 April.NHS workers, care workers, the elderly and disabled customers will be prioritised, according to the company, which said safety was “of paramount importance” and social distancing would be maintained.Staff at the shops will wear PPE at all times with handwashing and surface sanitising stepped up to take place every 10 minutes. In addition, all seating has been removed, transactions are cashless, and the use of reusable cups has been paused.“We took the careful decision to responsibly open some of our stores to extend our delivery miles and give access to those who can’t get to the supermarkets easily. We’ve put new processes in place and stepped up our already stringent hygiene measures. Our team members have returned on an opt-in volunteer basis – nobody feeling uncomfortable needs to come back – and the free coffees for NHS workers is a small token of our huge appreciation,” said Mark Hilton, CEO of Paul UK.The shops are open daily from 8am until 2pm for take-away, serving freshly baked loaves, baguettes, pastries, Viennoiserie and hot drinks. Baked goods are available for delivery via Deliveroo and Uber Eats.Paul Strong White Bread Flour is also being sold in 1kg bags for £2.00 and Paul Fresh Yeast is available at 50p for 50g.The move comes amid a shortage of retail-sized bags of flour, which has resulted in some shoppers being unable to buy in the supermarkets. The National Association of British and Irish Millers (Nabim) has created an online map showing the public where they can get hold of flour.last_img read more

Living Colour Tributes Chris Cornell In Australia [Video]

first_imgLiving Colour is currently on tour in Australia, last night stopping in Perth to perform at the Astor Theatre. The band’s music bends back and forth between heavy metal, funk, jazz, hip-hop, country, and alternative rock, inviting a variety of fans out to their shows since 1984. Friday night’s setlist included covers of Robert Johnson, The Notorious B.I.G., James Brown, and The Clash, amongst their own hits “Cult of Personality,” “Love Rears Its Ugly Head,” “Who Shot Ya,” and more.Fans in Perth were also treated to a special cover of “Blow Up The Outside World” by Soundgarden, in memory of Chris Cornell. Corey Glover led Vernon Reid, Doug Wimbish, and Will Calhoun through an emotional cover of the 1996 Down On The Upside number, welcoming fans to join in during the song’s chorus. Glover gets visibly emotional toward the end, as were the rest of the people in the room. The song was only performed by Living Colour once before, on New Year’s Eve at The Roxy in 2001.Watch the beautiful rock tribute below, thanks to Daniel R:Setlist: Living Colour | Astor Theatre | Perth, Australia | 5/19/17Preachin’ Blues (Robert Johnson cover), Wall, Middle Man, Desperate People, Blow Up The Outside World (Soundgarden cover), Mind Your Own Business, Ignorance Is Bliss, Who Shot Ya? (The Notorious B.I.G. cover), Who’s That, Nothingness, Love Rears Its Ugly Head, Bass Solo, This is the Life, Elvis Is Dead / Hound Dog, Type, Drum Solo, Cult of PersonalityE: Time’s Up / Get Up (I Feel Like Being a) Sex Machine, Should I Stay Or Should I Go (The Clash cover)last_img read more