Boaz Weinstein Wouldn’t Get Out Of Bed To Screw Someone Out Of Just $12 Million

Come on now.

Literally speechless. Well, not literally...

Saba Capital founder Boaz Weinstein is a man who thinks big. Just ask Deutsche Bank, for whom he lost $1.8 billion in 2008, or JPMorgan, against whom he made a fortune hunting whales. But orchestrate a massive bid-rigging scheme to drive Saba’s already-awful March numbers down by a few basis points so as to shaft the Canadian Public Sector Pension Investment Board out of $12 million? Puh-lease.

While I understand and share PSP’s disappointment with Saba Capital’s 2014 returns, I am shocked by the allegations in PSP’s lawsuit….

This lawsuit relates to a tiny portion of PSP’s investment – just 2 out of nearly 1200 positions, and a difference in value of less than $12 million out of an initial investment of half a billion dollars…. The suggestion that I manipulated the valuation of two bonds for my personal gain is utter nonsense.

Boaz Weinstein’s Hedge Fund Accused of Cheating Investors [WSJ]
Boaz Weinstein ‘Shocked’ by Investor Lawsuit [WSJ MoneyBeat blog]


Boaz Weinstein Kills it in May . . .

May was the worst month for hedge funds since October 2008. The HFRX Global Hedge Fund Index lost 2.6 percent. Don’t tell that to Boaz Weinstein. Yeah, he might have lost $1 billion at Deutsche Bank, but that’s old news. Boaz’s Saba Capital (Hebrew for grandfather) bucked the trend in May, up 1.6 percent for the month and 5.8 percent for the year.