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Latest views on HBK? Appreciate any insight.
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From an arb point of view, Nikos almost single-handedly blew up HES/CVX and I think they still own $1B+ of it. Definitely a big player in arb.
How did he almost blow it up?
Pretty sure they were the first to abstain from the vote, effectively telling CVX they need to pay more, and BBG wrote an article on it, and then all other arbs abstained to try and squeeze CVX out of some more dollars, and then I think the vote got like 51% and it was 50% + 1.
So they started the waterfall. Also they owned a ton of it. HBK is one of the only shops that isn’t afraid to let their arbs get to work. Only other shops that get that big are Pentwater (US Steel… those guys just got PAID) and maybe 1-2 more. None off the top of my head. Can’t speak to anything else but arb is solid there.
Have to ask yourself: if HBK, DE Shaw, Pentwater all abstained from the HES vote, why do you think that was the case. These arguably are 3 of the best arb teams on the street
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