But don't fret my pets, this is a good thing. I told you last week after examining him in the flesh that Kenny-boy had visibly slimmed down and today Bloomberg corroborates the story (in a massive profile on the Citadel founder, and how, among other things, he's hoping to turn RBC* into a firm that goes "head to head" with Goldman Sachs, though obviously this is the most important aspect). Last year was tough, okay? Kensington and Wellington were down, really bad, the wife's fund was outperforming his, and, of course there was that damn poster, just sitting there, mocking him. Who wouldn't stress eat through the pain? You've got the S&P making idle threats on your ass, you've got investors pussying out on you and the only thing that can provide comfort is that plate of nachos. And brownies next to it. But now? All good! The Big C is up, and you could bounce a quarter of KG's ass.
"We knew we were going to survive," Griffin says of his decision to start an investment bank, sitting in the firm's New York office on the 48th floor of the Citigroup Center a year after Lehman's collapse. Two rows of empty desks nearby await eight new employees set to start work on the sales and trading floor of Citadel Securities.
Griffin, who says he gained 20 pounds as his funds lost $9 billion in 2008 -- he shed some of the weight as they rebounded 56 percent through September -- was doing what he's done throughout Citadel's 19-year history: stepping in when others were fleeing.
If this sort of thing doesn't strike a cord with you, that's probably just because your fund isn't big and important enough to have an affect your bottom line. Or maybe your MO is to go long chocolate sauce when things are good? How do the fluctuations in the market affect your thighs? On up days do you dump a case of Zebra Cakes in a feed bag, strap it on your face and go to town in celebration? Let's get into this.
*Royal Bank of Citadel.