Bill Ackman, head of the best performing large hedge fund firm, is poised to pull in at least $1 billion, according to rough CNBC calculations using his net worth, stake in $19 billion Pershing Square Capital Management and the fund’s stellar 35 percent return net of fees through early December. Larry Robbins also pulled in about $600 million so far this year, according to a similar estimate. His Glenview Capital Management has surged again, gaining 12 percent in its main fund and 21 percent in a concentrated version through November, according to performance information obtained by CNBC. Glenview managed $9.9 billion as of Sept. 30. And Dan Loeb, whose main hedge fund is up 7.1 percent through November, appears set to make about $230 million this year. Third Point manages $16.5 billion. [NetNet]
For the most part, 2013 was not kind to Steve Cohen. The Feds put his balls in a jar and put that jar on Preet Bharara’s desk. One of his ex-employees went to trial for (and was later found guilty of) masterminding the “most lucrative insider trading scheme ever.” Other former traders helped bring the number of SAC alums indicted on securities fraud charges to nine. His genius idea to give out free hot dogs on the front lawn of SAC HQ failed to prevent a number of departures. He lost his biggest fan. For a lot of hedge fund managers, all of this would add up to moping around the office and turning in less than stellar work. For Steve Cohen, it meant turning up the Styx and getting down to business. Read more »
Fashion Meets Finance
“As is tradition at Glenview when things are going well for our investors, I have worn the same brown suede shoes since January 2nd, and John McMonagle, our Industrials Sector Head, continues to wear the same pair of khaki pants that are holding up better than my shoes.” [AR]
2012 Glenview Performance Means Larry Robbins Has Enough Cash On Hand To Retrofit Backyard Rink With A Row Of Seats For B-D List Celebrities And Pay Surly Neighbors To Rip TicketsBy Bess Levin
Whether they want to accept the olive branch or not is their choice. Read more »
Hedge-fund mogul Larry Robbins, founder of Glenview Capital Management, is getting married to former dancer Sarahmay Wesemael in the south of France on June 9…Robbins is divorced from Amy Robbins, who helped him start his company, and with whom he has four sons. Willowy blonde Wesemael, 33, is from New Jersey but is believed to have family links in Nice, France. Robbins…reportedly built an indoor ice rink on his three acres in Cresskill, NJ, infuriating neighbors who dubbed it “Madison Square Garden up on the hill.” In 2007, he built the rink under a white bubble — a zoning violation. He replaced the bubble with a stone façade, more in keeping with the area. [NYP, related]
This past December, hedge fund Glenview Capital turned ten years old. To celebrate the anniversary (which, if you haven’t acknowledge yet, you’d best get on), founder Larry Robbins sat down with his quill to write an extra special letter to investors. Typical Glenview letters will include analogies about how being a steward of capital is like driving a bus, going bowling and trying to squeeze tooth paste out of the bottom of the tube and to be sure, the latest has got some of those but this time around, Larry included some lessons not only about investing but life, all of which you can take to the bank. Herewith, some pearls of wisdom from Uncle Larry:
* Short people DO have a reason to live: I’m 5 feet 10 inches tall. I always wanted to be 6 feet tall, and at 41 years old I realize this isn’t going to happen for me. There’s nothing wrong with 5’ 10” – it is just human nature to wish for a little bit more.
* Shampoo bottles come with directions: wash, rinse, repeat. I do not know who purchases shampoo but doesn’t know how to use it, and I do not know anyone who washes their hair twice, although I can understand why the shampoo company would like you to.
* Drugs: Drug distribution is a good business. Read more »
2010 performance. Read more »