Weinstein sold CDS expiring in December, and used the premium to buy puts on the stock, which were cheap because the company has been a darling for German retail investors. This year through May, the Saba Capital Master was up more than 80 percent, according to a person familiar with the fund. Franklin Resources agreed to pay $4.5 billion for Legg Mason, which advises more than two dozen CEFs via its Western Asset Management subsidiaries. Weinstein is also associated with one of the largest trading losses in history. What is LockBit, the malicious software used against Indigo, SickKids? Like many successful investors, an early influence was the seminal TV program Wall Street Week With Louis Rukeyser, which he watched regularly with his parents. Paul Kazarian joined Saba in March 2013 and is a portfolio manager who focuses on the Closed-End Fund and Exchanged Traded Fund strategies. That's because Weinstein has been identified as one of. He had become interested in blackjack since the early 1990s and learned card counting after reading Edward O. Thorp's Beat the Dealer. Already on our list? 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. Every week theres a default or missed payment, he says. 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 Chases chief investment office. Click the AdBlock Plus button on your browser and select Disable on Observer.com. After leaving the bank in 2009, Weinstein started Saba Capital Management as a separate hedge fund. Saba generated hundreds of millions in profits annually as the bank shoveled money to the bond whiz. 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. Sleek amenities aside, were more excited to check out what Weinstein has planned for the 907 Fifth penthouse, where Clark reportedly stored her massive doll collection (estimated to be worth millions of dollars). Summers were often in Israel, visiting grandparents, Holocaust survivors. the man on the other side of the disastrous JPMorgan trade, recommended buying the Investment Grade Series 9 10-Year Index CDS. [40] He is a member of the leadership council of Robin Hood Foundation, a New York non-profit organization working to counter poverty. Mr. Weinstein founded Saba in 2009 as a lift . The firm reportedly once managed more than $5 billion, but it has performed unevenly in the past decade. Weinstein fit the bill. After college graduation, Weinstein headed to Merrill Lynch in 1995 and two years later to Donaldson, Lufkin & Jenrette. Said former Deutsche co-CEO Anshu Jain in a 2017 interview with Institutional Investors Alpha magazine: Hes a master of the narrative and thats one of many skills that stood him in good stead.. Instead of naming his fund after a god, Weinstein decided to name it after his grandfather. boaz weinstein hamptons house Boaz Weinstein is the Founder and Chief Investment Officer of Saba Capital Management, a $3.7 billion1 Registered Investment Advisor focused on credit relative value strategies, based in New York City. Today, the market is more than 10 times as big as it was.
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