Mick Mulvaney has never run a hedge fund. Frankly, he’s never done anything close to it, either, having practiced law for a few years before going into the family real-estate business, before going into politics back in 2006 while running a franchise of a Mexican restaurant chain on the side. During his time in Congress, he does not appear to have developed any particular expertise relevant to running a hedge fund beyond having co-founded the House Blockchain Caucus, and during his time in the Trump administration his focus was on cutting taxes and gutting the regulatory state—nice things for asset managers, to be sure, but not really germane to the actual managing of assets. The closest he comes is that his brother Ted is a portfolio manager for Apple’s tax-avoidance quasi-hedge fund.
No matter: If you’d like a piece of the “advantage over everybody else” that Mulvaney’s understanding of “how Washington works”—which is to say, bribe the elected officials you’d like to do things for your with campaign contributions—you’re going to have to pony up.
Wessel confirmed that the $1 million was just the minimum they are asking for from investors. The hedge fund, he said, is trying to raise money from both “high-net-worth” and “ultra-high-net- worth” individuals, who can have at least $30 million in assets…. Wessel said that, so far, they’re aiming to invest into small and mid-cap financial stocks, with less of a focus on banks and more interest in consumer lenders and fintech businesses, among others.
Mulvaney’s role at the firm includes offering guidance on the best companies to invest in, based on what Exegis expects to be tighter regulation on the financial services industry under the Biden administration.
Sounds totally worth it.