NEW YORK // The New York Knicks have acquired Carmelo Anthony from the Denver Nuggets in a staggering deal, according to a report on the Denver Post website.
Denver will receive Wilson Chandler, Raymond Felton, Danilo Gallinari, Timofey Mozgov, three draft picks and US$3 million (Dh11.019m) in cash, according to the report.
Along with Anthony, who has been the subject of trade talks since he declined to sign a contract extension with Denver in the off-season, New York will get Chauncey Billups, Shelden Williams, Anthony Carter and Renaldo Balkman, the Post said.
"I'm glad its over," George Karl, the Nuggets coach, was quoted as saying in the article. "I'm glad it's an opportunity to reinvent. I think everybody handled it as classy as you could handle it. There's some sadness to it, there always will be."
Anthony, a four-time All Star who is averaging 25.2 points per game this season, had made no secret of a desire to play in New York.
He grew up on the East Coast in Baltimore and led New York state's Syracuse University to the US college title as a freshman before becoming the third pick of the 2003 NBA Draft.
"Who wouldn't want to play in New York?" Anthony, who was born in Brooklyn, said last month as rumoured trade offers and demands heated up. "That's like the ultimate dream at the end of the day ... Who wouldn't want to go back home to play?"
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
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Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.