A lack of sailing opportunities.
Yesterday afternoon a few dozen hedge-funders abandoned their desks to sail 12-Metre America’s Cup yachts on the Long Island Sound. The majestic boats made their way out of Indian Harbor Yacht Club in Greenwich, Connecticut, past the waterfront homes of Edward Lampert and Paul Tudor Jones and a replica of the Brooklyn Bridge (which doubles as a dock) at an estate that recently sold for $39.5 million. The weather cooperated beautifully, with bright sun and blue skies. A storm threatened but of course went somewhere else. A light rain finally came when the post-sail cocktail party was winding down.
The Connecticut Hedge Fund Association organized the event, which benefited the Young Mariners Foundation, a sailing program for underprivileged children in Stamford, Connecticut…Young Mariners teaches children water safety and how to swim, then enrolls them in a 5-week summer sailing program that they can stay in for three to five years. The organization serves 140 children annually, with a budget of $350,000. During a temporary break from crab cakes and crudites, Bruce McGuire, the founder and president of the Connecticut Hedge Fund Association, presented a $2,000 check to Paul Norton, the chairman of Young Mariners.
That’s right- $2,000. Let’s hope the children can appreciate the outpouring of generosity.
Hedge Funders Sail From Greenwich [Bloomberg]