“This year, we’re going to get even more voters more solidly on our side.”. Weinstein was not unaware of the irony of the grandson of Holocaust survivors making gobs of money for Germany’s largest bank. Almog Cohen salary income and net worth data provided by People Ai provides an estimation for any internet celebrity's real salary income and net worth like Almog Cohen based on real numbers. Mr Dalio is worth … In 2000, at age 27, Weinstein became the youngest-ever Deutsche managing director. J.P. Morgan’s Bruno Iksil, whose disastrous derivatives trades resulted in billions in losses for the ill-starred trader’s employer — and put the hedge fund manager at the center of the J.P. Morgan saga. JPMorgan Chase Trading Loss: Jamie Dimon … By 2009, banks scrambled to cut risk and Weinstein departed with a dozen or so traders to start his hedge fund. Ilana Weinstein could be even higher on the hitlist than SAC's ex-wife. Fame followed. In addition to his trading prowess, Weinstein was skilled at explaining trading tactics — something that helped persuade the bank to fund him with billions of dollars. Weinstein first enrolled in a chess workshop at the age of five and earned the title … Many joined. Credit volatility dissipated, robbing funds like Saba of a bread-and-butter profit generator. “The impact of Covid on markets is not something where anybody should be highly confident,” he says. “It’s not that we foresaw this human tragedy.”. Patience and trust are attributes so-called credit relative-value investors, like Saba’s, have needed in recent years. In the activist game, playing rough is often a given. Instead, late last year the youthful-looking credit whiz was methodically scanning databases of bonds, swaps, and indexes on the 58th floor of Manhattan’s Art Deco Chrysler Building, where Weinstein’s Saba Capital Management has its offices. Here, in socially distanced splendor, Boaz Weinstein is printing money. Las Vegas’s Bellagio casino banned him as a card counter. Beginning in 2011, he bet against trader Bruno Iksil — the infamous London Whale — who was unloading protection on a CDS index using billions of dollars from JPMorgan Chase’s chief investment office. At the University of Michigan, Weinstein majored in philosophy and had an affinity for Aristotle, Descartes, and Hume, according to an interview with an Israeli news website. Tom Ford August 23, 2020. Weinstein spent summers at Goldman Sachs, the firm where his older sister, Ilana, worked. This year through May, the Saba Capital Master was up more than 80 percent, according to a person familiar with the fund. Oddly, for the cut-throat world of big egos and sharp elbows, nearly everyone who crosses paths with Weinstein seems to . For the probabilistically minded Weinstein, one key question is not where one suspects the markets are headed, but how certain one can be that a given outcome will come to pass. All rights reserved. He graduated in 1991 from the elite Stuyvesant High School, whose alumni include four Nobel Prize winners. It had just $160 million or so in assets, a pittance, with which to rebuild its fortunes. Don’t expend too much energy speculating on outcomes for the Saba trader. At Goldman, his mentor was DeLucia, then head of corporate bond trading. That, he adds, is because popular so-called risk-parity hedge funds sell high-yield protection on the index for quick, one-stop exposure to the junk-bond market. 551. The CDX index is very liquid, trading $10 billion a day in 2019, says Weinstein. It also turns out the native New Yorker is a savvy marketer. Powered and implemented by Interactive Data Managed Solutions. Despite making a … Weinstein fit the bill. But back to investing. Weinstein foresees more turbulence. University of Michigan: Occupation: Founder of Saba Capital Management: Net worth: US$ 450 million (September 2012) [1] Spouse(s) Tali Farhadian: Parent(s) Stanford and Giselle Weinstein: Boaz Weinstein (born 1973) is an American hedge … Tony Ressler, Co-Founder, Chairman and Chief Executive Officer, Ares Management, L.P., and Boaz Weinstein, Founder and Chief Investment Officer, Saba Capital Management, LP, during the Unyielding Opportunity panel at the 6th annual CNBC Institutional Investor Delivering Alpha Conference on Tuesday, September 13, 2016 at the Pierre Hotel in New York … Outflows totaled more than $22 billion during that span. The son of a holocaust survivor, Alan Trefler used to work as a teen at his father's small furniture business. Weinstein, after all, has been publicly producing outsize payoffs that have wowed Wall Street traders for years. Boaz Weinstein is listed as an insider in the following companies: CIK / Credit Suisse Asset Management Income Fund, Inc. CCA / MFS California Municipal Fund HIE / Miller/Howard High Income Equity Fund VTA / Invesco Dynamic Credit Opportunities Fund AIF / Apollo Tactical Income Fund Inc. PPR / Voya Prime Rate Trust VLT / Invesco Van Kampen … At the same time, the fund sold CDSs on investment-grade companies at similar prices. Weinstein introduced the tail-risk strategy in 2010, setting it up with a separate fund. Pershing Square Intl. While the market was collapsing, Weinstein says he focused on the chaos in front of him. It is illegal for insiders to make trades in their companies based on material, non-public information ("MNPI"). For the record, in 2010 Weinstein married Tali Farhadian, an Iranian-born general counsel for the Brooklyn District Attorney’s office whose resume includes stints as a prosecutor for the Eastern District of New York, counsel to former U.S. Attorney General Eric Holder, and law clerk for retired Supreme Court Associate Justice Sandra Day O’Connor. All Rights Reserved. Large contributions to DA candidates have drawn criticism from good government advocates, who argue that the Manhattan District Attorney in particular, charged with regulating major parts of the financial services sector, should not be drawing … Stay tuned. Even though ... family offices and high-net-worth individuals.” The company uses top-down fundamental research methods to decide on long-term value investment opportunities. Weinstein, sensing opportunity, bought CDSs on the index, reportedly earning between $200 million and $300 million for Saba and, together with other traders, ultimately handing JPMorgan a stunning $6.2 billion loss the following year. Net worth: US$ 450 million (September 2012) Spouse(s) Tali Farhadian: Parent(s) Stanford and Giselle Weinstein : Boaz Weinstein (born 1973) is an American hedge fund manager and founder of Saba Capital Management. 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. 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. The SEC defines Insiders as officers, directors, or significant investors (greater than 10% ownership) in a company. And he’s not entirely happy that you know that. The investment-grade swaps would remain stable or possibly rise, with the premiums Saba received helping to pay for the monthly cost of the trade. Summers were often in Israel, visiting grandparents, Holocaust survivors. . That’s the view of Boaz Weinstein, the hedge-fund manager who first speared the “London Whale” that led to $6.2 billion in trading losses for Dimon’s JPMorgan. Generally speaking, the bigger the hexagon is, the more valuable Boaz Weinstein networth should be on the internet! By another survey measure, 47% of hedge fund managers in P&I's 2020 universe reported AUM growth in the year ended June 30 from net flows and investment performance compared to 40% in the prior year. –K.B. University of Michigan: Occupation: Founder of Saba Capital Management: Net worth: US$ 450 million (September 2012) Spouse(s) Tali Farhadian: Parent(s) Stanford and Giselle Weinstein: Boaz Weinstein (born 1973) is an American hedge fund manager and founder of Saba Capital … The desk lost $1.8 billion of its $10 billion in allotted capital in 2008. Boaz Weinstein Thrives in Market Chaos With a 25.5% Gain in 2020(Bloomberg) Boaz Weinstein’s main hedge fund gained 25.5% in the year’s first two months as he bet against companies exposed to the coronavirus and benefited from some of the most violent market swings in almost a decade.Weinstein’s $2.2 billionSaba Capital Managementreaped gains … Net Worth 2020 is... ★ Categories. Weinstein, DeLucia says, just soaked up the markets’ ins and outs. Different credit-quality ratings within the high-yield universe have been affected differently. As of May 31, 2020 The Saba Closed-End Funds ETF (Bats: CEFS) is an actively managed ETF that seeks to generate high income by investing in closed-end funds trading at a discount to net asset value, and hedging the portfolio’s exposure to rising interest rates. As far back as 2016, Saba targeted CEFs advised by BlackRock. “Every investor should decide when they are confident and when they are not confident,” he says. Saba generated hundreds of millions in profits annually as the bank shoveled money to the bond whiz. Now, Franklin and Legg Mason are in a tight spot. Offers may be subject to change without notice. In their 58th floor office, they track 600 CDSs, looking for aberrations in the market to profit from. In July 2012, Draghi vowed the ECB would do “whatever it takes” to protect the battered euro. Tepper recalled in the book. Unfailingly courteous, a gregarious regular on the charity circuits, and exceedingly social, he is suddenly dialing back his public exposure even while his firm’s successful strategies are turning heads up and down Wall Street. Weinstein’s fame is such that Adi Sunderam, an associate professor of finance at Harvard Business School, has written a case study on Saba. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Born: 1973 (age 46 – 47) Nationality: United States: Alma mater: B.A. FORTUNE may receive compensation for some links to products and services on this website. And he gave $1 million to New York City’s Stuyvesant High School, his alma mater, to fund a library renovation. “There was a lot of supply.”. This does not mean it is … “Both you and your investors need to have a little patience,” Sunderam says about such strategies. The spreads of the junk and investment-grade CDSs would almost certainly revert to their historical means. “Saba has proven pretty nimble.”. This page shows the track record and history of Weinstein Boaz insider trades in Nuveen Short Duration Credit Opportunities Fund. “Guys like Boaz learn the basics — and then they are inquisitive.”. “I used to be like, 'What the hell's this guy doin' here? In addition to guiding Saba’s more prosaic credit relative-value trades, he’s doing battle with some of asset management’s most established — and well-resourced — players. Said former Deutsche co-CEO Anshu Jain in a 2017 interview with Institutional Investor’s Alpha magazine: “He’s a master of the narrative and that’s one of many skills that stood him in good stead.”. Saba’s relative-value trades went awry, as did so much across the credit markets. Are you also wondering how much money is Almog Cohen making on Youtube, Twitter, Facebook and Instagram? Author: Jon Shazar Publish date: Apr 12, 2019. like him. Weinstein — after perusing a memo of possible questions and subjects to be covered in our interview — made a request: that this reporter stick to markets and not mention his family, outside interests, any personal matters, or even his career history. Q3 2020 hedge fund letters, conferences and more In 2020, companies Read More. Jesse Livermore made millions amid the wreckage of the 1929 crash. “In my view, the trade is nowhere near its late stages.”. Shares trade at either premiums or, far more often, steep discounts to their net asset values, or NAVs. He also led a proprietary trading desk named Saba, after his grandfather. In a presentation about the fund, which was reviewed by ValueWalk, the firm noted that the market for special purpose acquisition companies grew significantly last year. But what Weinstein saw was, he says, “crazy.”. At the Manhattan Chess Club, Weinstein became a national master at age 16. “Every day is a year,” he says. If you're happy with cookies click proceed. Deutsche wanted in and was hiring in droves. Market data provided by Interactive Data. by Sarah Butcher 23 October 2020 Goldman Sachs is coming for the net worth of its current and its ex-CEOs. Quotes delayed at least 15 minutes. 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 Kynikos Associates’ Chanos, who testified before the U.S. Senate about market reforms, continues to successfully target frauds, fads, and bubbles. Jim Chanos cashed in as Enron Corp. unraveled during the dot-com collapse of the early 2000s. Activist investors like Saba buy stakes in discounted funds and cajole management into taking steps to reduce the discount by making tender offers for shares at NAV, converting or merging into open-end mutual funds, or liquidating. “All these credit relative-value funds have shuttered,” says Harvard’s Sunderam. Failing that, the agreements will lapse, and the funds will almost certainly have to liquidate at NAV. “It gives me a great deal of pleasure that there are thousands of little investors who benefit,” he says. For 2019, the relative-value funds gained 7.4 percent, trailing the 10.1 percent gain of the bond index. Boaz Weinstein Piles Up 90% Gain in Hamptons, Bets on More Chaos Back to video He’s added to his profits every month this year, trading credit and derivatives of companies including Wirecard AG, retailers Staples Inc. and Macy’s Inc. … He’s Not Happy That You Know About It. Despite this apocalyptic backdrop, the trade was vintage Weinstein, producing an outsize gain for Saba while risking a small amount of capital. “They are not off the shelf.”. FREE Background Report. Ltd. (53.86%) It is a hedge fund based out of Grand Cayman. Weinstein confesses he likes the moral dimension to his activism. In 2015, Saba introduced a fund that invests in closed-end funds, or CEFs, quarterbacked by partner Pierre Weinstein (no relation). Saba’s flagship fund participates in all three. By 1998, the white-hot Wall Street product was the CDS. Hedge funds finished the year 2020 on a high. Activist managers, including Saba, that already had stakes in some of the funds have added to their positions. Tanemura, then Deutsche’s head of global credit derivatives in London, signed off on the fateful hire. So Weinstein waited for the correction he was sure was in the offing. Net Worth and Insider Trades. Sure, there are probably a handful of hedge funds who have generated even higher returns, but for the purpose of this post we are going off the latest HSBC hedge fund weekly report, according to which Boaz Weinstein’s Saba Capital is the best performing hedge fund of 2020 with a staggering 72% YTD return. But during the financial crisis, the bill came due. By late May, Sabre’s bonds traded at 700 basis points above Treasuries, Weinstein says, though they have since tightened somewhat. The Weinsteins in May told Bloomberg News they were contributing $2 million to nonprofits addressing domestic violence amid the Covid-19 pandemic. Phil Vischer Net Worth is $7 Million Phil Vischer Bio/Wiki, Net Worth, Married 2018. He is an actor, known for Jonah: A VeggieTales Movie (2002), VeggieTales: Where's God When I'm S-Scared? And yet Weinstein’s focus is not entirely on the tail hedge. “I believe the V-shaped recovery priced into equities and debt makes little sense for [high-yield bonds] given the surging number of defaults with low recoveries,” he says. He tasked Weinstein with looking up answers to the impossibly obscure trivia questions he would toss out to colleagues to pass the time. With his CEF activism, Weinstein is taking on none other than BlackRock CEO Laurence Fink — who, frankly, has the somewhat more pressing matter of managing U.S. government bond purchase programs worth hundreds of billions of dollars. Last month, BlackRock announced it would merge the two remaining funds into an open-end BlackRock municipal bond fund, eliminating their discounts. “He was this great combination of super polite, humble, and smart,” says Ron Tanemura, who okayed hiring Weinstein at Deutsche in 1998. As ambulance sirens wailed and the corpses mounted in makeshift morgues and trailers across New York City, the profits from Saba’s trade just climbed and climbed. However, he believes that U.S. equity markets reflect a positive, V-shaped economic recovery. Saba’s foresight in packaging the tail-hedge strategy as a distinct fund, one with the potential for eye-popping returns, has attracted rapt attention. Neither he nor his partners had an inkling of the coronavirus pandemic that would eventually tear through the world’s economies, devastate its credit markets, and extinguish more than 400,000 lives. Boaz Weinstein Is Making Bank. He says separating the tail-hedge fund from other strategies was “a smart move,” one validated by recent events. Weinstein was soon running a number of credit-related desks, overseeing scores of traders and other staff. That’s when Saba’s assets peaked at $5.6 billion. In 2018, he penned a New York Times opinion piece criticizing New York Mayor Bill de Blasio’s efforts to loosen admissions standards at his beloved Stuyvesant High School. Weinstein's Saba has seen $500 million come in this year and told investors that he will limit inflows into his funds to an aggregate of $1 billion for 2020. Saba’s lucrative tail-hedge trade will inevitably unwind as markets return to some semblance of normal. The firm pulled in $500 million of capital as of mid-March. Recent performance for these funds has disappointed. Check Reputation Score for Boaz Weinstein in Brooklyn, NY - View Criminal & Court Records | Photos | Address, Email & Phone Numbers | Personal Review | Income & Net Worth “He had instinct and scrappiness combined with a quantitative strategic mindset,” says Tanemura, who put Weinstein in charge of U.S. corporate derivatives. The latest is Tali Farhadian Weinstein, a seasoned federal prosecutor with an unusual insight into the ways of Wall Street: She’s married to Boaz Weinstein, the hedge fund magnate behind the $3 billion Saba Capital. Early life and education. Banks, historically buyers of high-yield protection, have scrambled to lower their risk profiles in the era of re-regulation. Why's he hangin' around?'" This year through May, an index that tracks them lost 5.2 percent, according to Hedge Fund Research, compared to gains of 6.5 percent for the broad Barclays Capital Government/Credit Bond Index. They derive from simple market imbalances — specifically an oversupply of CDSs on high-yield companies. As Weinstein describes it, the basic wager was a simple one, even if tough to implement. Boaz Weinstein founded Saba Capital Management in 2009, a credit-centric hedge fund. Hired at age 24 by Deutsche Bank, the ace blackjack player mastered CDSs as their popularity exploded, and over a decade churned out billions in profits for the German bank. In early 2020 Bridgewater was head and shoulders above the rest, having made $58.5bn, net of fees, for its clients since the firm’s inception in 1975. BlackRock responded by emailing a 54-page supplemental questionnaire for Saba’s board candidates. He was born to Israeli and American parents. “It was not then about Covid,” he emphasizes. According to a person familiar with the bank, of the 44 quarters that Weinstein worked at Deutsche, he turned a profit in 40 of them. Boaz Weinstein; Net worth: $450 million ; Founder & Chief Investment Officer, Saba Capital Management; Age: 38; Boaz Weinstein is best known as … In late February, utter pandemonium began to unfold. A longtime Wall Street star, Weinstein gained Main Street fame when he harpooned the London Whale, a.k.a. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Personal Information | Ad Choices  It’s 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? “Asymmetric payoffs in the credit markets,” he says. The result? He was born to Israeli and American parents. But it also lifts a chosen cadre to exalted status based on their ability to sidestep doom and wring lucre from others’ misfortune. Since then, relative-value funds have flagged. The varied trajectories of those who scored fortunes amid past bear-market turmoil offer little guidance. Wall Street beckoned. “When I was in the middle of it, I really was totally engrossed with opportunity in the marketplace.” It reminded him of the turmoil generated by the collapse of Long-Term Capital Management in 1998. Prices for high-yield credit-default swaps, or CDSs, on dicey companies like United Airlines Holdings were cheap — the same as those on gilded, investment-grade companies such as Verizon Communications or McDonald’s Corp. “I was seeing the most incredible mispricings I’d ever seen,” said Weinstein in an extended telephone interview with Institutional Investor in mid-May, the first of two. Responding to clients, the firm rolled out a “carry neutral” version this year in which the premiums received from selling investment-grade CDSs in the strategy are used to pay the cost of the high-yield credit protection. The performance of the $5.5 billion Saba’s flagship fund is ho-hum this year, but Weinstein doesn’t seem fazed: He just plunked down $25.5 million to buy the four-bedroom apartment on Fifth Avenue that had belonged to the reclusive copper heiress Huguette Clark. “People find our strategies interesting,” says Weinstein. Weinstein points to Sabre Corp., which provides computer reservation services to airlines, a business walloped by the Covid-19 crisis. A disparity developed because of a paucity of buyers for such protection — that is, purchasers willing to take the other side of the risk-parity funds’ bullish high-yield wagers. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. He is … Weinstein is capping inflows at $1 billion at his flagship and tail-risk funds for the year. Boaz Weinstein Bio, Returns, AUM, Net Worth. It built positions in the BlackRock Credit Allocation Income Trust, the BlackRock New York Municipal Bond Trust, and the BlackRock Muni New York Intermediate Duration Fund, with combined market values of $1.36 billion trading at discounts of 10 percent over the years. Saba is a boutique, with 30 professionals. Boaz Weinstein Last updated January 15, 2020. Even a third, hedged Saba strategy that seeks to profit from arbitrage in the closed-end fund market lost only 1.5 percent, while the S&P 500 tumbled more than 7 percent. The crew tracks a dizzying array of 18,000 bonds as well. Every market crisis vanquishes a swarm of speculators. The Wall Street Journal reports that … Nevertheless, the trade would arguably be the greatest of Weinstein’s fabled career. Weinstein had seen another mispricing, too, in the steepness of the credit curve. It was seen by some as an underhanded move, in keeping with many control battles: When Saba completed the questionnaire a week or so later, BlackRock informed the firm that the deadline had passed, and it would not include its insurgent slate in the proxy. By April 30, Saba research showed the top-quality bonds trading at 117 basis points above Treasuries and the lowest-quality, presumably on the precipice of or in default, trading at 5,763 basis points above Treasuries. The fund was started in January 2005, and as per its … Weinstein was early in realizing that CDSs were an efficient way to short in the credit markets. “There was little demand,” he says.

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