hedge fund managers

  • gasstove

    News

    Area Man Can’t Believe Stovetop Storage For Highly Important (And Allegedly Forged) Documents Resulted In Evidence-Destroying Inferno

    Brandon Fradd is a former hedge fund manager who previously ran Apollo Medical Partners with a guy named James Melcher. Melcher claims that Fradd cheated him out of $6 million in profits. Fradd claims that Melcher was never owed those profits in the first place, as per their profit-sharing agreement. Initially, Fradd attempted to argue that because his former partner never made a stink about his cut while they were working together, he wasn’t entitled to anything after the fact. When that argument proved unconvincing, he turned to Plan B, the (alleged) forging of a document that conveniently contained “an amendment to the profit agreement [that] undermine Melcher’s claim.” Unfortunately for Fradd, someone on the other side had to go and call in an “ink expert,” which sent him scrambling to figure out Plan C, in order to the prison sentence that generally comes with forging documents. Let him know what you think. Please consider that he didn’t have much time to come with this:

    / Jan 30, 2013 at 1:47 PM
  • Key Speakers At The SALT Conference

    News

    Paul Singer Is In A Generous Mood Today

    The panel– moderated by Morgan Stanley’s chief US economist, Vincent Reinhart, and featuring Jeff Vinik of Vinik Asset Management, Ken Ebberts of Goldman Sachs Investment Partners, Michael Novogratz of Fortress Investment Group, and Rob Citrone of Discovery Capital Management– was asked to grade Ben Bernanke. Everyone on the panel gave the Federal Reserve Chairman an […]

    / Jan 29, 2013 at 3:51 PM
  • carl_icahn.03

    News

    Busy Friday for Carl Icahn

    Carl Icahn isn’t letting his harassing companies to do his bidding.

    / Jan 28, 2013 at 4:27 PM
  • icahn-ackman

    News

    How Should Bill Ackman And Carl Icahn Settle This Thing Once And For All?

    When Mark Hughs founded a multi-level marketing company called Herbalife in 1980, he probably thought it had the power to do a lot of things. Help people lose weight. Makes others rich. Shake up the diet industry. What he mostly likely did not expect, however, was that his li’l company that could would reignite a feud between two billionaires that would devolve into a flurry of press releases quibbling over who was dying to be friends with whom, shouting matches on live TV, and, we predict, someone telling someone else he has a right mind to “Rip the eyes out of your head and piss into your dead skull! You messed with the wrong hedge fund manager!”

    / Jan 25, 2013 at 2:38 PM
  • billackmanpershingsquare

    News

    Bill Ackman Thinks Carl Icahn Is A Great Investor, Bald-Faced Liar, Person Who Will Never Gain Admittance To The Friends Of Bill Ackman Society

    In response to Icahn telling Bloomberg he neither likes, nor respects the Pershing Square founder, Bill Ackman got a couple important points of his chest, the first being that 1. The feeling’s mutual, buddy! And 2. You can tell Carl Icahn is lying if his lips are moving.

    / Jan 25, 2013 at 7:30 AM
  • News

    This Is David Tepper Singing A Few Bars From “Bye Bye Birdie”

    And anchor Stephanie Ruhle’s Joe Namath moment, which we’ll allow, because he really does have a beautiful singing voice.

    / Jan 22, 2013 at 5:59 PM
  • News

    Hedge Fund Manager Will Get Chance to Fulfill Dream of Spending Hundreds of Millions of Dollars Badly

    When Chris Hansen wanted to found a hedge fund, he did it in San Francisco; his hometown, Seattle, apparently lacked the caché.

    / Jan 22, 2013 at 2:17 PM
  • body paint birds Amanda Gordon Bloomberg

    News

    Louis Bacon’s Animal Conservation Work Involves Stripping Models Down To Their ‘Bras And Undies,’ Painting Them To Look Like Birds

    “Frankly, my dear, you should give a damn,” Louis Bacon said last night, paraphrasing from what he called his holy book, “Gone With the Wind.” The Raleigh, North Carolina-born hedge-fund manager, who looks a bit like Rhett Butler (especially the hair), exhorted guests to protect nature as he accepted the National Audubon Society’s Audubon Medal…Five women […]

    / Jan 22, 2013 at 12:24 PM
  • ken_griffin

    Hedge Funds

    Ken Griffin Is Good Enough, He’s Smart Enough, And, Doggone It, He’ll Keep Putting Up Double-Digit Returns This Year!

    Citadel, the Chicago-based fund manager, trumpeted “an exceptional year” at its two main hedge funds, announcing annual returns of about 25 per cent in a letter to investors. Ken Griffin, Citadel’s founder and chief executive, said flagship funds Wellington and Kensington made a net return of 25.9 per cent and 24.9 per cent for 2012…The 2012 results follow a turbulent 2011 when Mr Griffin scaled back his ambition to build a more diversified financial institution to take on the likes of Goldman Sachs in investment banking. He set out three priorities for 2013: “to be highly profitable, to improve our productivity and to strengthen our teams.” [FT]

    / Jan 11, 2013 at 12:56 PM
  • morganstanley

    News

    Dan Loeb Believes In Morgan Stanley (Even When It Doesn’t Believe In Itself)

    Point: “Our enthusiasm about MS’s turnaround benefits from our generally macro views. We expect CEO confidence to rise and global corporate activity levels to increase markedly in 2013. Morgan Stanley, with its sterling reputation, talent pool, and record in execution in investment banking advisory and capital markets, is uniquely positions to benefit from this improvement.” […]

    / Jan 10, 2013 at 1:30 PM
  • eddielampert

    News

    Eddie Lampert To Draw On Experience Not Relevant To Being CEO Of A Company To Be CEO Of A Company

    The hedge fund billionaire will become CEO at the struggling department store chain Sears Holdings Corp, succeeding Lou D’Ambrosio, who headed up the company for around two years. Mr. D’Ambrosio’s departure was influenced by a close family member’s medical condition, people familiar with the matter said…”There’s a very big difference between being a CEO of […]

    / Jan 9, 2013 at 12:29 PM
  • Hedge Funds

    John Paulson Is Up

    For the year beginning Dec. 1. Otherwise, things are not so good.

    / Jan 8, 2013 at 5:37 PM
  • charliegasparino2

    Hedge Funds

    Charlie Gasparino: SAC Capital Busting Its Ass To Prevent Redemptions

    According to Fox Business reporter Chaz Gasparino, the hedge fund has been working overtime to convince investors ahead of the February 15 deadline for submitting redemption notices to stick with Steve. With a moderately to majorly amazing sales pitch:

    / Jan 8, 2013 at 11:57 AM
  • Hedge Funds

    Someone Other Than Steve Cohen Is Facing An Insider Trading Investigation

    Nobody’s trying to put Paul Singer in jail—yet—but the Elliott Management chief has had to disclose an insider-trading probe to his investors.

    / Jan 7, 2013 at 5:22 PM
  • crispinodeychickenhouse-620x434

    Hedge Funds

    UK Hedge Fund Manager’s Chickens To Maintain The Lifestyle They’ve Grown Accustomed To In 2013

    What motivates a hedge fund manager to continue busting his ass to churn out profits year after year, once he’s already amassed a fortune most people can’t even fathom, when he could easily pack it all in and live more than comfortably without ever working another day? For some, it’s the thrill. For others, it’s the trophy’s wife’s shoe habit. For Crispin Odey, it’s the chickens.

    The Odey Asset Management founder (and sausage brand ambassador)’s got a mess of high-maintenance ones and earlier this year, had architects draft blueprints of a “Palladian-style” mansion he intended to build them (seen at left), replete with a grey zinc roof, “pediments, cornice, architrave, and frieze in English oak,” and columns “hewn from the finest grey Forest of Dean standstone.” After finishing 2011 down 20.3%, things were no doubt more than a little tense over in Herefordshire, where questions of whether or not construction would have to be halted, or if they’d have to make the switch to [whispers] generic-brand feed. Certainly a moment of panic swept over Odey each day when he returned home, wondering as he turned the knob if he’d be entering an empty house, the chickens gone and a note explaining they couldn’t do this anymore on the fridge. Ran off with the general contractor because what was the point of shacking up with a money manger if the money wasn’t there? Luckily for all parties involved, it won’t have to come to that; according to Bloomberg Markets’ annual ranking of the top performing hedge funds, performing under pressure is one of Odey’s specialities.

    / Jan 4, 2013 at 2:08 PM
  • johnpaulson

    Hedge Funds

    John Paulson Doesn’t Need Your Pity

    The total value of the properties in Paulson & Co.’s $298.4 million Paulson Real Estate Recovery Fund has roughly doubled on paper since the fund was launched in 2009, an executive said Wednesday at the fund’s annual meeting in New York…The private-equity real-estate fund is primarily invested in raw land, as well as the hotel […]

    / Dec 6, 2012 at 2:48 PM
  • billackmanpershingsquare

    Hedge Funds

    Bill Ackman Does Not Act, Bill Ackman Feels Deeply (And Does Not Appreciate The Insinuation Otherwise, THANK YOU VERY MUCH)

    As we have discussed at length, when it comes to the art of regulating one’s emotions while investing, there are two models to choose from: The Dead Inside paradigm, wherein you remain calm, cool, and collected, maintaining the same expression on your face whether you’ve lost $1 billion on one trade or made three times that much on another; and The Bill Ackman. The mega-successful Pershing Square founder imbues emotion in everything he does, particularly when it comes to his job. As a man who wears his heart on his sleeve, in the past Ackman has been known to: cry at shareholder meetings; get extremely heated to the point of his face becoming “flushed,” his eyes “misty” when meeting with SEC investigators; pen “long, emotional, late-night missives” to top SEC brass; and erupt on directors of companies with such passion that his “furious outburst” could be “heard in an outside hallway.”

    As there are few on Wall Street who exhibit such raw emotion while conducting business, and there is a propensity by some to employ tactics that will put them in the power position when facing foes, perhaps it should not come as too much of a shock that recently, a reporter asked Ackman whether or not the waterworks or displays of indignation are pre-planned, in front of a mirror. For those who’ve long known Ackman has more integrity in one salty tear than most have in their entire body, his answer will not come as a shock, but to set the record straight, for anyone holding out hope of seeing him do a little regional theater at some point in the future:

    / Dec 4, 2012 at 4:11 PM
  • kia

    Hedge Funds

    Kleinhenz Capital Shuttering Leaves Void In The “Hedge Fund Managers Who Have No Qualms About Driving Their Adversary’s Kia Sorento Into A Pond” Field

    Last Friday, Bloomberg reported that Kleinheinz Capital Partners had written investors to inform them that the firm would be closing up shop, on account of founder John Kleinheinz’s no longer “enjoying running running the fund” as much as he used to. And while JK is certainly not the first hedge fund manager to throw in the towel or to blame “central bank and government intervention for reducing volatility and making macro investing more difficult,” and there are obviously enough people left in the industry to manage people’s money, this particular account of calling it quits should leave you slightly misty-eyed, for one reason: the hedge fund community has lost the guy that did this (and, noting the less than apologetic apology, would do it again?):

    / Dec 3, 2012 at 7:21 PM
  • johnpaulsonposing

    Hedge Funds

    Don’t Count Out John Paulson Just Yet

    Yes, he’s on track to record another annus fucking horribilis, but he’s still got another 19 trading days to turn this thing around. Anything could happen.

    / Dec 3, 2012 at 3:06 PM
  • saccapitalstamford

    RSVPs

    Mathew Martoma Will Be Unable To Make The SAC Capital Holiday Party This Year

    Former SAC Capital Advisors LP portfolio manager Mathew Martoma, charged in what prosecutors called the biggest-ever insider trading case, appeared in federal court in New York…He was arrested at his Boca Raton, Florida, home Nov. 20 and freed on $5 million bond. He appeared today before U.S. Magistrate Judge James Cott in Manhattan. The defense […]

    / Nov 26, 2012 at 1:57 PM
  • News

    Area Nonpartisan Hedge Fund Manager Still Working Out How People Could Cast Their Vote For President Based On A Little Rain

    “For years I kept these memos away from anything related to politics. But more recently I began to discuss issues facing the United States, and this has required some mention of policy and thus of politics. I’ve tried very hard to be non-partisan, with a goal of not having readers know my leanings…Because I found […]

    / Nov 21, 2012 at 12:34 PM
  • 43DC1801.jpg

    News

    German Hedge Fund Manager Who Fled To South America And Lived Under An Assumed Name For 5 Years To “Find Meaning” In His Life Has Learned A Few Things

    The bits of wisdom Florian Homm picked up during his stay in Colombia, where he was getting some “me time” and not trying to distance himself from angry investors whose money he’d lost, can be found in the book he wrote about living underground (“Kopf Geld Jagd”), which he hopes will be a “hard-core wake-up call” readers who are “trying to get a second Mercedes and a bigger boat.” For those who can’t wait for the English version, from an interview with the Times we learn:

    / Nov 20, 2012 at 3:31 PM
  • toddnewman

    News

    Only Way To Get A Gold Star From Hedge Fund Manager Accused Of Insider Trading Was By Bringing Him Illegal Info, Says Underling

    Alternatively, if you made the mistake of approaching Todd Newman with information that was obtained through legitimate means, you’d be on the receiving end of a death stare the first time and a “What did I tell you about coming in here with a trade idea you ‘thoroughly researched’? Get the fuck out of my office and don’t ever waste my time with this garbage again,” on subsequent occasions.

    / Nov 16, 2012 at 3:20 PM
  • danloebthirdpoint-260x195

    News

    Want To Break Bread With Dan Loeb?

    You can! Provided you pay up, as he’s offering to grace you and four friends with his presence as part of an auction on CharityBuzz, the proceeds of which go to the Surfrider Foundation, whose mission is “the protection and enjoyment of oceans, waves and beaches through a powerful activist network.” Will he tell you […]

    / Nov 13, 2012 at 5:25 PM
  • jimchanos

    News

    Jim Chanos Wants To See Some Real Ideas For Tackling The Fiscal Cliff And He Wants Them In 12-Point Font, Single-Spaced, Not Scribbled Out On A Crumpled Up Cocktail Napkin

    One thing everyone can agree on in the short term is dealing with the fiscal cliff. Chanos, who has asked Republicans to be more specific with their plans to raise revenues. “It’s all well and good to say ‘I want to lower rates or at least not raise them and I want to close loopholes.’ […]

    / Nov 9, 2012 at 6:46 PM
  • leoncooperman

    News

    Leon Cooperman Has Nothing To Say About You-Know-Who

    “I have extreme problems with my office due to the hurricane and that is where I am focused,” Cooperman wrote in response to a request for comment by Absolute Return about the reelection of Barack Obama, whose rise to power Cooperman previously likened to that of Adolf Hitler and who, by the by, is still […]

    / Nov 9, 2012 at 12:56 PM
  • ken_langone

    News

    Romney Backers Might’ve Lost, But They’ve Got Each Other (And That’s A Lot)

    At the private air terminal at Logan Airport in Boston early Wednesday, men in unwrinkled suits sank into plush leather chairs as they waited to board Gulfstream jets, trading consolations over Mitt Romney’s loss the day before. “All I can say is the American people have spoken,” said Kenneth Langone, the founder of Home Depot […]

    / Nov 8, 2012 at 2:09 PM
  • johnpaulson

    Hedge Funds

    Paulson and Co Investor Finds New And Interesting Way To Kick John Paulson When He’s Down

    As Paulson and Co employees, clients, and people named John Paulson do not need to be told, the past year and half has not been the most joyous of times for the hedge fund giant. After making billions shorting subprime mortgages, the firm ended 2011 down 55 percent, was down 16 percent through the first half of 2012, and as of July, saw assets under management decline 44.9 percent to $21 billion from $38.1 billion, due to a combination of unfortunate performance and redemptions by investors so angry at the fund that they’ve felt the need to repeatedly tell anyone who will listen that parting ways with P&C was among the best if not the best decision they’ve ever made. One investor that hasn’t had to consider voicing its unhappiness to the press or even worry about losing money at all? The 92nd Street Y. Last November Paulson guaranteed that he would personally cover their losses, whatever they turned out to be, come year-end. And the generosity did not stop there: for this one investor only, Paulson offered his services pro-bono, waiving all fees. So while he probably didn’t expect representatives of the Y to rent a skywriting plane to proclaim their love and appreciation for him over midtown, lobby the city of New York to get 92nd renamed Paulson Street, or have his face tattooed to their chests, he probably also figured they wouldn’t turn around and hit him the mother of all slaps in the face.

    In this case the declaration that despite the highly favorable terms of their arrangement, any involvement with P&C still felt a tad too risky for everyone’s comfort level.

    In the midst of the financial crisis, the 92nd Street Y came up with a sweetheart deal for its endowment: investments in funds run by the likes of John Paulson, Marc Lasry, and other hedge-fund luminaries that were fee-free and guaranteed against losses. The strategy performed well for several years, said people familiar with how it worked, as the Y benefited from risk-free investing in some of the fund industry’s most successful strategies. But, concerned about the impact of a catastrophe in which a money manager couldn’t repay losses and eager to construct a more diversified portfolio, the Y recently opted to redeem its hedge-fund investments, these people said, and rebuild its financial strategy from scratch.

    Paulson himself is worth $15 billion, so a catastrophe in which he couldn’t repay the Y’s losses would have to be a big one. And don’t give him some line about how you’re pulling out of all hedge fund investments and it’s not personal. You could have let him have this.

    Despite Sweet Deal, 92nd Street Y Redeems Paulson Money [CNBC]
    Earlier: John Paulson: I’ll Get The Losses This Year, Next Year We Go Dutch?

    / Oct 26, 2012 at 1:47 PM

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