• bitcoins


    Mike Novogratz Thinks Bitcoin Is Great

    Financial advisers who gathered in New York to hear leaders of the asset management industry impart their best investment ideas for the year ahead were given a surprising tip by one prominent hedge fund manager: Bitcoin. Michael Novogratz, co-chief investment officer of macro funds at the $55bn Fortress Investment Group, used a panel discussion on […]

    / Oct 25, 2013 at 3:12 PM
  • News

    Wall Street Must Wait 4 Years For Grandmaster

    Robert Hess, who interned at [Fortress] in 2008 and will attend Yale University in August, will try to see the future over the next seven days — on a chessboard. The 19-year-old grandmaster is alone atop his group in the first phase of the 2011 U.S. Championship in St. Louis, and has clinched a spot […]

    / Apr 21, 2011 at 3:29 PM
  • Hedge Funds, News

    Boaz Weinstein Kills it in May . . .

    May was the worst month for hedge funds since October 2008. The HFRX Global Hedge Fund Index lost 2.6 percent. Don’t tell that to Boaz Weinstein. Yeah, he might have lost $1 billion at Deutsche Bank, but that’s old news. Boaz’s Saba Capital (Hebrew for grandfather) bucked the trend in May, up 1.6 percent for the month and 5.8 percent for the year.

    / Jun 10, 2010 at 10:46 AM
  • News

    More CMBS For The Masses

    The salad days for CMBS are back! Just a couple weeks after the first commercial mortgage-backed securities deal in a year went down, two more are on their way. It’s like 2007 all over again (and, in a related note, as if 2007 never happened). Second to the market is Inland Western Retail Real Estate […]

    / Dec 2, 2009 at 10:39 AM
  • News

    Movement From The Fixed Fortifications

    Can it be? Could they pull it out of the fire? Fortress blocked redemptions from its flagship Drawbridge Global Macro Fund in December, telling investors at the time that they would get 72% of their requested withdrawals by April. But on Jan. 22, the New York firm moved up the timetable, promising investors they would […]

    / Feb 19, 2009 at 2:57 PM
  • News

    Patton Could Have Told You

    Don’t say we didn’t warn you. Fortress has given a nice little 96% bath to investors in its IPO and has blocked redemptions. Two years after commissioning the ski lift, Edens, 47, finds himself staring into an abyss of a different sort. He’s the chief executive officer of money manager Fortress Investment Group LLC. Edens […]

    / Jan 30, 2009 at 11:24 AM
  • News

    Would You Give $50 Million To This Man?

    What do you do when maintaining the artifice of your series of fraudulent transactions is threatened by the credit crunch? Why, impersonate a pension fund lawyer and get $50 million from Fortress, of course. According to people familiar with the matter, Mr. Dreier was attempting to secure tens of millions of dollars from Fortress Investment […]

    / Dec 8, 2008 at 1:44 PM
  • News

    Have Fun Storming The Castle Citadel Fortress

    Continuing the theme that funds named for fixed emplacements are dangerous investments (we think the marketing types are over-compensating for their poor risk-mitigation expertise) Fortress Investment Group, LLC has frozen withdrawals from their largest fund. The $8 billion fund is looking at $3.51 billion in redemption requests. Ow. Sure, part of it might have to […]

    / Dec 3, 2008 at 2:02 PM
  • News

    What’s In A Name?

    Our advice: Avoid investing in funds named for secure buildings or edifices that are expected to resist attacks from barbarian hordes, throngs of Mongolian horsemen that blot out the rolling hills, or otherwise protect the occupants (like your cash) from serious injury, sale into slavery, ritual execution or beheading, rape, or the depletion of capital. […]

    / Nov 13, 2008 at 12:50 PM
  • bonuses, Lawrence Lewitinn, Portfolio, Private Equity

    Fortress Makes Sure Someone’s Doing Better Than Cheeseball Rockstars

    How’s your PnL looking so far this year? Happy your long dollar position is starting to look good? Or are you annoying your b-school alumni affairs office asking them to post more jobs for experienced grads (Hey, Columbia, are you reading this? Get to work!). Either way, if you have time to read this, I’ll […]

    / Aug 11, 2008 at 11:05 AM
  • News

    In Fairness, It Does Mock ‘Sex And The City,’ A Redeeming Factor Not To Be Discounted

    There’s an old saying in the alternative-asset management game–when your business is down, the best way to get up is to finance a movie that makes Norbit look good. And if it makes Ed, the film starring Matthew LeBlanc and a monkey, look good? All the better. John Devaney and the team at United Capital […]

    / Aug 7, 2008 at 1:54 PM
  • News

    Fortress: How Dare You Denigrate Our Losses By Calling Them Losses

    “I think that the use of the word loss in this case is pejorative and actually not at all accurate,” sniffed [Fortress CEO Wes] Edens to Rashad Fonti, analyst from Citigroup, when the matter of FIG’s public portfolio holdings falling from $7.18 billion to $765 million was brought up in passing. Fortress CEO to analysts: […]

    / May 13, 2008 at 4:55 PM

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