hedge fund managers

A lesser man might be sweating the impending fraud charges against the firm that manages his money, but SAC Capital investor Ed Butowsky’s brows and underarms are bone dry. Butowsky, who has gone on record recently to say that 1) he wishes he could put more money with SAC and 2) anyone speaking ill of Steve Cohen can and should go fuck themselves, is fairly certain Team SAC will come out of this stronger than when they started. And when that day comes he’ll be there with party hats and streamers, driving the giant S-A-C-shaped float he’s been working on in his garage through the streets of downtown Stamford, accompanied by Beamers girls shooting zip-up fleeces out of stadium-style tee-shirt guns. There’ll be Zamboni rides and Facepaint, and a petting zoo for the kids. It’ll be the greatest celebration this town has ever seen and will serve as a monument to one man’s unwavering faith in another. And if that other man wants to throw some gratitude in the unwaveringly faithful guy’s direction, maybe by making him a senior adviser or giving him his own parking spot or just taking the time to say, “Ed, I couldn’t have done it without you. And I think of you like a brother,” that’d be okay too. Read more »

Earlier today, a person, if a person were so inclined, could hop on his or her Bloomberg terminal, start a message to hedge fund manager Dan Loeb, and be greeted with a header that proclaimed “New HLF Product: The Herbalife Enema, Administered by Uncle Carl.” This line was an obvious reference to the figurative enema Pershing Square chief Bill Ackman has undergone at hands of the shake and supplement company and fellow money manger, Carl Icahn. After a flurry of articles pointing out Loeb’s anus-themed diss, the Third Point manager’s header was changed to “Always take the high road.” While one might quick to assume this meant Loeb had had a change of heart re: his previous statement, and had felt it’d been a less than diplomatic thing to say, doing so would make an ass of you and me. Read more »

  • 17 Jul 2013 at 6:00 PM

Jim Chanos’ Sons Owe Their Lives To Shake Shack

Jim Chanos, who oversees $6 billion as the founder of Kynikos Associates Ltd., said Danny Meyer’s hamburgers might have saved his two sons from getting struck by a bat that slipped out of Miguel Cabrera’s hands during last night’s Major League Baseball All-Star Game. The errant bat flew into the stands down the third base line after a swing and miss by the Detroit Tigers’ All-Star third baseman during the fourth inning last night. It flew over about 10 rows of fans before hitting the empty seats next to Chanos, who was seen dodging the projectile on the television broadcast by News Corp.’s Fox network. Chanos, the money manager who rose to fame shorting Enron Corp., said his sons weren’t in their seats at the time because they were grabbing food at Meyer’s Shake Shack stand at New York’s Citi Field, home of the Mets. “Luckily they got up to get a burger, so the bat landed where they were sitting instead,” Chanos said in an interview today at the CNBC Institutional Investor Delivering Alpha Conference. “I e-mailed Danny Meyer and said his burger had saved my sons.”

I was at my usual banquette table at Cipriani catching up with my dear friend and fellow gala charity chair, an impossibly blond and glamorous socialite. She looked up, over her grilled salmon and leeks. “Do you have anyone for my friend Leanne? Her divorce just became final.” I recalled a lithe brunette who looked good in Lilly, making the rounds of the Hamptons charity cocktail circuit along with her pint-sized now-ex-husband. “Is she realistic yet?” I asked. “I think so.” “Good.” I sipped my Bellini…Where most rich divorcées fail is in assuming they can replace their husbands with a newer model pretty much like the old one. Sorry to say, this tends not to be the case. Most of the time, the divorced well-to-do male is not looking for his equal, but rather for a sexretary from the Midwest, preferably without an opinion. As one recently divorced hedge funder told me: “Being married to a smart, opinionated woman is work! Now I just want tits on a stick, a blonde wig and someone to tell me I’m great when I get home.” Women who take a tough line often wind up lonelier for it…Far more successful are those who focus on just one wish-list item, for instance sex. Assuming the woman is not completely devastated, pulling a Mrs. Robinson is a popular rebound maneuver once the lawyers have retreated and the paralyzing legal battle becomes a bitter memory. Notable hookups for such divorcées include affairs with French or Italian baristas, a Roman Casanova who preys on the newly divorced (despite good tailoring, he’s over-committed and overdrawn) and the occasional Moroccan rug salesman. More common are the standard-issue service-industry providers: the omnipresent trainer, manny, male or female yoga instructor, Hamptons carpenter, contractor, driver, plumber, beach club attendant (for real Mrs. Robinson cred) and tennis pro. Since trainers are allowed an all-access pass to the family compound, they frequently help their clients lift and separate in different areas during the a.m. and p.m. [NYO]

  • 11 Jun 2013 at 4:49 PM

Do You Know The Significance Of This Day In History?

No? Then educate thyself:

  • 1509: Henry VIII marries Catherine of Aragon.
  • 1919: A horse named Sir Barton becomes the first of his kind to win the Triple Crown.
  • 1947: The US ends WWII sugar rationing.
  • 1948: Nat King Cole’s “Nature Boy” spends its 7th week at number one.
  • 1956: A star is born.

Read more »

Why do people (investors, media, random passersby on the street, this lady) like to harp on all the money John Paulson has lost in the past couple years, despite the fact that they could be talking about his new hot-ish streak? Why can’t he get a little credit for all of his great investment ideas, instead of relentless bitching and negativity about the ones that haven’t yet panned out? It’s something the hedge fund manager has thought a lot about lately and while “I’m surrounded by fucking assholes” seems like it could account for some people’s behavior, he’s finally come up with what seems like a pretty good general explanation: it’s those damn gold funds. Sure, they’ll make money one day but first they’ve got to lose a lot and reading that “have lost forty seven percent for the year” distracts people from “up 3.4 percent!” So, there’ll be no more of that. Read more »

While it would be a logical step for Cohen to focus on managing his own wealth, two people who know Cohen said his decision not to throw in the towel is in keeping with his personality. Cohen doesn’t want to let the government get the best of him and is seeking to defend a reputation as one of the most successful hedge-fund managers ever, said the people, who asked not to be named because the information is private. [Bloomberg, earlier]