In This Market Environment, Not Even A Former College Lacrosse Player Who Can Trace His Lineage To Peter Stuyvesant Is Safe: WSJ

Chase Coleman, sadly, knows what we're talking about.
Author:
Publish date:

Has the whole world gone mad? What's next, descendants of the Mayflower not getting into Harvard early decision? People whose names end in "IV" or "V" getting bumped for some upstart couple in the New York Times wedding section?

Charles “Chase” Coleman, the hedge-fund manager famed for his early bets on startups including Facebook Inc. and Zynga Inc., has suffered big losses this year as the technology boom wanes, according to people familiar with the matter. Mr. Coleman’s Tiger Global hedge fund plunged 22% in the first quarter, making it one of the industry’s worst performers this year, the people said. The losses amount to more than a billion dollars on paper for Tiger Global’s hedge fund, and potentially more for its larger private-equity and venture-capital operation...A former Williams College lacrosse player and a descendant of New York founder Peter Stuyvesant, Mr. Coleman got a job working for hedge-fund veteran Julian Robertson, who was the father of one of his childhood friends. He later struck a deal with Mr. Robertson for financial backing to start his own firm in 2001 in exchange for a cut of fees earned going forward.

Tiger Global Hedge Fund Plunges on Amazon, Netflix, Other Bets [WSJ]

Related

Phil Falcone Is Turning His Life Around

To put it lightly, the last couple years have been a rather dark time for Phil Falcone. Though his woes are too numerous to mention in full, they include: the adversity he's faced in getting people to believe in LightSquared; his unbelievably pissy investors, who still aren't over the time he borrowed $113 million from a gated fund to pay personal taxes, or offered to pay out redemptions in illiquid LightSquared equity; the Securities and Exchange Commission, which wants him banned from the industry for life; the woman who once offered a respite from it all, who now won't even come out of her room when she knows he's home; and, of course, the plunging returns in his once highly profitable hedge fund. It would be enough to make a grown man say 'Fuck, it. I'm done.' Put a few things in a sack, tie it to the blade of a hockey stick, and hitchhike back to Minnesota. But Phil didn't do that and now? After a merciless storm of shit that felt like it would never ease up? After long days of investors and regulators breathing down his neck and nights of having to pound on the front door because he was accidentally purposely locked out of the house? The tide feels like it's turning for Philip Falcone. Beleaguered hedge fund honcho Phil Falcone’s big bet on his own publicly traded entity, Harbinger Group, is helping to lift his troubled hedge fund, Harbinger Capital Management, out of the deep end. Falcone’s flagship fund posted returns of 10.6 percent in July and a whopping 28 percent gain in June. Of course, he's still down 5.8 percent year-to-date, and the the director of the SEC's division of enforcement wants hedge fund graduate schools to use Harbinger as a case study during the unit on "how to operate a hedge fund unlawfully," but tonight? Tonight he tells Lisa to treat herself to something nice. Tonight he tells Wilbur to pull the baby grand out of the closet, where it's sat untouched for months. Tonight his key works in the lock. Tonight we dance. Phil Helps Himself [NYP]