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Hedge Fund Manager On Gilded Path To Homelessness

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This isn’t even funny anymore. United Capital Markets Asset Management manager John Devaney, who just last week was forced to put his yacht up for sale after his fund restricted investor withdrawals due to some trading bets that didn’t exactly pan out, may have to sell his waterfront mansion in Miami. The estate is considered to be in serious “jeopardy,” now that United’s Horizon ABS funds have booked a 30.4% loss for June. Once valued at $620 million, the fund’s portfolios are now estimated to be worth around $460 million with losses for July expected to be even worse, if that’s possible (which it is—Jeff Larson knows what we’re talking about). If this guy is stripped of his other properties in New York, or around Miami, or his helicopter or Gulfstream jet, we’re really going to lose it.
Devaney Capsized by Bonds [NYP]


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.

By 3268zauber [CC BY-SA 3.0  or GFDL], from Wikimedia Commons

Hedge Fund Manager Intensely Focused On Bread

Fix your carb game, sayeth James Mitarotonda, and your fast casual restaurant will follow.