Saba is also buying high-yield closed-end funds that trade at a 14% to 16% discount to the value of their holdings, a gap he expects to close soon. When New York shut down, he left his office in the Chrysler Building and decamped to Long Island, like others from high-caste Manhattan. [25][22] By November 2010, the firm had raised $1.8 billion in funds with which to trade and was up 10% that year. In a televised debate, another DA candidate, city assembly member Dan Quart, called Farhadian Weinsteins attack on Bragg disgraceful., The next day, the Farhadian Weinstein campaign used portions of a $5 million ad buy to circulate images of Quart and Bragg together under the headline Do you want a District Attorney Who Protects Domestic Abusers? (Quart and Bragg, along with Aboushi and Orlins, indicated in a candidates survey that they would not pursue domestic charges in cases where neither the accused nor the accuser wants to proceed.). Already on our list? Farhadian Weinstein, whose husband, Boaz Weinstein, manages a successful hedge fund, spent much of the past year rejecting criticism about her connections to Wall Street and the large sums. Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole. victoria secret clearance outlet SU,F's Musings from the Interweb. Tali Farhadian Weinstein announced her candidacy for Manhattan district attorney in July 2020, joining a crowded field of candidates for the June 22 primary. Wal-Mart or Nike), Weinstein said that he would scan the stock stables inThe New York Timeslooking for the most the biggest losers and gainers, or the most volatile stocks. The tail-risk funds come in two varieties: the original and a carry neutral version. Investors have yanked assets from relative-value funds every year since 2015, including the first quarter of 2020, according to Hedge Fund Research. Saba proprietary research shows incredible dispersion: The top 20 percent of bonds in the CDX index were trading at an average of just 46 basis points above Treasuries as of February 12 a pittance. Boaz Weinstein Piles Up 90% Gain in Hamptons, Bets on More Chaos Hedge fund manager beats peers after waiting years for turmoil Markets are in 'unstable place' with big dislocations, he says By. Unlike much of that crowd, however, Weinstein has settled here to make money -- lots of it. Prior to founding Saba, Boaz Weinstein was Co-Head of Global Credit. In 2008, his unit lost 18% on $10 billion capital -- his only loss in his 11 years at the bank. He's Not Happy That You Know About It", "Young Traders Thrive In the Stock/Bond Nexus", "Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole", "Weinstein Profits From Bond Distress as Paulson Loses", "Boaz Weinstein Said to Raise $160 Million for Saba Hedge Fund Bloomberg", "How Boaz Weinstein and Hedge Funds Outsmarted JPMorgan", "Boaz Loses for Second Year as European Bet Sours", "Hedge fund of the year: Saba Capital Management", "HFM US Performance Awards 2022 - 2022 winners", "Wall Street Titans Toast Philanthropy at UJA-Federation Dinner", "No Ethnic Group Owns Stuyvesant. In mid-April, Gothamist reported that Farhadian Weinstein, a former federal prosecutor and director of an underperforming conviction integrity unit in Brooklyn, had out-fundraised her nearest opponent (Bragg) by more than two to one. He paid $25.5 million, $1 million over the asking price, for the top floor. With help from the Ford Foundation's Darren Walker and others, they connected with providers of hotlines, shelter and counseling in New York City, who told them of men . Thats when Sabas assets peaked at $5.6 billion. [18], In 2001, at the age of 27, Weinstein was promoted to become one of the youngest managing directors in Deutsche Bank's history. Farhadian Weinstein outspent her opponents seven to one between May 17 and June 7. We've learned that aside from being a legendary derivatives trader, Weinstein is also a chess prodigy with a killer personal life. In May, Saba was campaigning to replace the board of Voya Prime Rate Trust, which recently traded at a discount of more than 13 percent to its NAV. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. As Boaz Weinstein watched markets roiled by the coronavirus pandemic, Tali Farhadian Weinstein was hearing about the human toll on survivors of domestic violence. Hedge fund manager Boaz Weinstein, who runs Saba Capital Management, and Lighthouse Investment Partners, said they had exited without giving a precise time for the sales or price at which they. As with his family, history, and habits, Weinstein doesnt often talk at length about his macroeconomic outlook. A real gentleman, adds David DeLucia, a former Goldman Sachs partner and chess opponent. However, he believes that U.S. equity markets reflect a positive, V-shaped economic recovery. All New Yorkers Do", "Boaz, Tali Weinstein Gift Fuels Fight Against Domestic Violence", "The Fabulous Life And Career Of Legendary Trader Boaz Weinstein", "Boaz Weinstein Piles Up 90% Gain in Hamptons, Bets on More Chaos", "Prosecutor, mother, refugee: Tali Farhadian Weinstein wants to be Manhattan's DA", "Boaz Weinstein Buys Manhattan Co-Op Apartment for $25.5 Million", https://en.wikipedia.org/w/index.php?title=Boaz_Weinstein&oldid=1121232215, This page was last edited on 11 November 2022, at 06:36. He says separating the tail-hedge fund from other strategies was a smart move, one validated by recent events. A Deutsche Bank colleague goaded Weinstein into playing a chess game with a handicap: sitting with his back to his board. Among the empty coffee cups and water bottles, the hedge fund manager was noticing anomalies that often spell opportunity in credit markets the side of the investment universe where Weinstein plies his craft. But it also lifts a chosen cadre to exalted status based on their ability to sidestep doom and wring lucre from others misfortune. He had instinct and scrappiness combined with a quantitative strategic mindset, says Tanemura, who put Weinstein in charge of U.S. corporate derivatives. ET The Feds massive stimulus -- combining asset purchases and a pledge to keep interest rates near zero for the foreseeable future -- could leave him hanging. With classic Weinstein confidence, he says his summer of profits has only begun.June has been one of our best months of the year, even though markets have been buoyant, said Weinstein. The positions rebounded the following year netting Deutsche Bank a profit on the trade. Today, far below its $5.6 billion asset peak and chastened by the volatility drought, Saba manages a more modest $2.7 billion, divided among the three strategies: credit relative value, tail-risk hedge, and CEFs. Weinstein came across a Merrill Lynch recruitment ad posted on a bulletin board at school so he decided to give it a shot. Famous Architects Links: www.bcj.com, en.wikipedia.org By: Alephs Advertisement Around the World Mailing List Boaz Weinstein's house. In two of the years that the Weinsteins paid zero federal income tax, 2017 and 2015, their returns show millions in business losses. In 2018, he penned a New York Times opinion piece criticizing New York Mayor Bill de Blasios efforts to loosen admissions standards at his beloved Stuyvesant High School. While the market was collapsing, Weinstein says he focused on the chaos in front of him. When New York shut down, he left his office in the Chrysler Building and decamped to Long Island, like others from high-caste Manhattan. Voya amended its bylaws, requiring a 60 percent affirmative vote rather than the previous plurality. Weinstein took the match in under two hours. We got a clear victory on all three funds, says Weinstein. China Seeks Peaceful Reunification With Taiwan in Key Report, Second Norfolk Southern Train Derails in Ohio in a Month, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Rivian Tells Staff EV Output May Be 24% More Than Forecast, The UK Is Using Drones to Prosecute Small-Boat Migrant Smugglers, Trump Vows to Finish Mission, Cements Dominance Over CPAC, Bolsonaro Says Mission Isnt Over as US Conservatives Fete Him, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61. Whats less known is that he went back to retrieve the prized Italian automobile the next year after finally getting a drivers license. The firm reportedly once managed more than $5 billion, but it has performed unevenly in the past decade. Its not difficult to fathom why: Weinstein is focused on trading, so what possible benefit can come from showcasing anything else against today's backdrop of a devastated New York City? [4][25] In 2005, Warren Buffett invited him to play in a celebrity poker tournament where Weinstein won a Maserati. After all, owning two homes along this exclusive stretch of the Upper East Side might be pushing it just a tad. There are dislocations today that are as large as they were three months ago. He predicts there will be more moves to make as default rates mount.The big payday came right on time for the 47-year-old. A penthouse in antique, as-is condition at 907 Fifth Avenue, one of three apartments there held by the estate of the reclusive copper heiress Huguette M. Clark, sold for a pre-emptive $25.5 million, $1.5 million above the listing price, to the hedge fund whiz kid Boaz Weinstein, making it the biggest sale of the week according to city records. [4][11] He became the only person at the bank trading credit default swaps (CDS), insurance policies that payout when borrowers default. They have been raising vegetables and chickens on the two-acre estate next to billionaire hedge fund manager David Teppers summer pad. Here, in socially distanced splendor, Boaz Weinstein is printing money. Weinstein, who made an enormous profit when betting against JP Morgan Chase in 2012 (the bank lost approximately $2 billion), listed the Upper East Side pad for $8.5 million in 2014. [2][3], Weinstein is the son of Giselle and Stanford Weinstein and grew up in a Jewish family the Upper West Side. He calls the premise of a V-shaped recovery questionable.. As recently as April, an optimistic observer could be forgiven for thinking that the progressive prosecutor movement embodied by figures like Philadelphias Larry Krasner and San Franciscos Chesa Boudin was on the cusp of claiming Manhattan.
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