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The top 15 hedge fund managers made $23B in 2020

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The top 15 hedge fund managers made $23B in 2020

The year 2020 was one to forget, unless you were a billionaire hedge fund manager.

In the midst of record unemployment, spiraling coronavirus deaths and widespread social and political unrest, the top 15 hedge fund managers added a whopping $23.2 billion to their already extensive personal fortunes amid a stock market rally fueled by rock-bottom interest rates, according to data compiled by Bloomberg.

The biggest winner was Chase Coleman of Tiger Global Management, who hauled in a mind-boggling $3 billion, according to the Bloomberg Billionaires Index. 

Coleman, 45, rode large positions in COVID-friendly stocks like Zoom and Peloton to stellar returns of 48 percent for his investors, according to Bloomberg. While that resulted in substantial fees, the majority of his gains were from a personal stake in his fund, the news agency said.

Bloomberg noted that UK-based trader Michael Platt, who last year got caught on a viral video bragging to a New York City cabby about his wealth, made even more than Coleman at $5 billion. But he wasn’t included on the list of the 15 richest hedge fund managers because his Bluecrest Capital Management, which reportedly earned 95 percent last year, no longer manages money for outside investors.

Coming in second was former NSA codebreaker and MIT math professor Jim Simons, whose Renaissance Technologies pulled in $2.6 billion.

The windfall comes despite loses in three RenTech funds that have resulted in a reported $5 billion in investor redemptions since Dec. 1. RenTech’s flagship Medallion fund, which is mainly run on behalf of employees, returned 76 percent, however.

Simons, 82, announced in January that he stepped down from the chairman role at RenTech at the beginning of 2021.

Simons’ 2020 earnings were followed by Millennium’s Izzy Englander at $2.2 billion; Lone Pine’s Steven Mandel at $1.8 billion; Citadel’s Ken Griffin at $1.8 billion, Coutue’s Phillipe Laffont at $1.7 billion and Point72 founder-turned-New York Mets owner Steve Cohen, who pulled in about $1.7 billion for 2020.

No. 9 on the list was Bill Ackman, whose Pershing Square also posted the biggest return of the year at 83 percent, thanks in part to a short bet against the credit market in March that returned $2.6 billion when the pandemic cratered the economy. Ackman then bet on a number of stocks to rise as the market recovered.

Ackman, who launched a $4 billion blank-check company last year, pocketed $1.3 billion, Bloomberg said.

A couple of hedge fund managers who have since got caught on the wrong side of the “Reddit rally” also made out big last year, including Daniel Sundheim of D1 Partners, who raked in $1.1 billion; Andreas Halvorsen of Viking Global who made $923 million and Gabe Plotkin of Melvin Capital who earned a reported $846 million.

Their efforts to short stocks that had become a favorite of day traders, like GameStop, resulted in less profitable 2021, with January losses alone reported to be down 20 percent, 7 percent and 53 percent respectively.

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Alexandra Ford English becomes 1st female board member at Ford

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Alexandra Ford English becomes 1st female board member at Ford

Henry Ford’s great-great-granddaughter has become the first woman in history to take a seat on the company’s board of directors.

Alexandra Ford English, 33, who has an MBA from Harvard and an undergraduate degree from Stanford, will begin her tenure on the 14-member board immediately, which will also include her cousin, Henry Ford III, the founder’s great-great-grandson, according to a report.

English, the daughter of the company’s executive chairman Bill Ford, joined the 118-year-old company in 2017 and works as director of corporate strategy.

Both Ford and English were elected to the board in March.

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AMC cashes in on Reddit-trading frenzy with $428 million share sale

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AMC cashes in on Reddit-trading frenzy with $428 million share sale

Cinema operator AMC Entertainment Holdings has raised about $428 million from a share sale, capitalizing on the retail-trading driven surge in its stock earlier this year.

The world’s largest cinema chain operator’s shares have gained more than five-folds in 2021 thanks to interest from amateur traders on Reddit that were piling into heavily shorted stocks such as GameStop and AMC to punish hedge funds that bet against them.

AMC said in a statement Thursday it had sold 43 million shares at an average price of $9.94 apiece in the at-the-market offering, sending its stock nearly 16 percent higher.

The company has raised funds in the past few months to ride out a downturn in its business wrought by pandemic-driven theater closures, delays in the launch of big movies and the growth of video streaming platforms.

It said in January it had raised $917 million since mid-December through equity and debt issues. It raised an additional $304.8 million in the same month through a share sale.

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Amazon Fresh grocery store to replace Fairway in Paramus

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Amazon Fresh grocery store to replace Fairway in Paramus

The Paramus Fairway’s getting a fresh start.

An Amazon Fresh supermarket is set to replace the shuttered Fairway Market in Paramus, N.J.

The Jeff Bezos-owned e-commerce giant bought the former Fairway location out of bankruptcy auction along with another former Fairway store in Woodland Park for a total of $1.5 million last March, The Post previously reported. 

Amazon’s plans for the two locations were listed as confidential at the time, but came as the Seattle-based company, which also owns Whole Foods, was beginning to expand in the groceries space. 

But Amazon confirmed in November the former Woodland Park Fairway would be converted into an Amazon Fresh. And now, the Paramus location will go the same route, an Amazon spokesperson confirmed to NorthJersey.com. 

It’s not clear when opening day will be, and the company did not return The Post’s request for comment. 

Amazon opened its first Fresh store in Los Angeles’ Woodland Hills neighborhood in September. It’s since opened 11 other locations elsewhere in California and in Illinois, according to the tech giant’s website. 

Amazon Fresh is the company’s attempt to offer a mix of in-store and online grocery shopping while attracting a distinct demographic from Whole Foods by offering lower prices. Fresh stores also tend to feature more national staple brands like Coca-Cola and Kellogg’s than Whole Foods, which emphasizes organic food. 

As The Post previously reported, Amazon may be looking to scoop up some more Fairway locations to expand Amazon Fresh’s footprint in the Northeast. Only seven of Fairway’s 14 stores were sold at last year’s bankruptcy auction, including the two that went to Amazon. Village Supermarket, which operates Shoprite stores, acquired at least four of those locations as well as rights to the Fairway brand. 

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