Mick McGuire’s Marcato Capital Management has
lost its battle for three board seats at Deckers Outdoor Corp.
"We are very pleased with the outcome of today’s
vote," Goleta, California based-Deckers said in a December 14
statement announcing that its nine director
nominees appeared to have won the proxy contest.
"Today’s outcome reaffirms that we are on the
right track." The stock dropped 5.4 percent on December 14 to
close at $74.15.
McGuire, in a statement following the vote, said a lot of
work remains for Deckers, the owner of UGGs boots. "We continue
to believe that the status quo at Deckers is unacceptable and
the Board must take meaningful steps to avoid repeating its
many historical failures," he said. "We are pleased to have
served as a positive change agent and believe our involvement
has created significant value for all stockholders."
In a week when the first exchange-traded future on Bitcoin
led to even more interest in the cryptocurrency, Bridgewater
Associates’ founder Ray Dalio reminded his
followers on LinkedIn that he’s a skeptic by reposting an interview he did with the
Milken Institute. "Right now it’s not an effective
medium of exchange," he said in the interview. "And
it’s not an effective storehold of wealth" either,
both of which are the classic definitions of a currency, he
added. Dalio also questioned the sophistication of some Bitcoin
investors, saying the digital currency has "bubble
characteristics" because naive people are buying it as it moves
up in price.
Government pension schemes in England and Wales are
investing more in hedge funds, according to a Reuters report
December 14. A Reuters survey found that the market value of
hedge fund investments by the 10 largest local government
pension plans in England and Wales rose by a third to 2.2
billion pounds ($2.9 billion) in the year through March. These
10 plans control about 100 billion pounds, with 2.3 percent of
their assets invested in hedge funds, up from 2.1 percent a
Swedish hedge fund Peak Asset Management is eyeing the
depressed housing market, according to a Bloomberg
report. Per Djerf, co-founder and chief investment officer
at the Stockholm-based firm, told Bloomberg that Peak is
looking at "developers that have come under pressure since
housing prices have started to fall." He said it may be a bit
early, but "we’re looking at what could be the
next interesting sector in the Nordics."