Mr. Boaz Weinstein is the Founder and serves as Chief Investment Officer at Saba Capital Management. Saba is targeting the Western Asset Global High Income, Western Asset High Income II, Western Asset High Income Opportunity, and Royce Global Value Trust funds. As the pandemic consumes the outside world, Weinstein has repaired to his gated estate in Sagaponack, replete with tennis court, pool and a Vegas-style card room. Boaz Weinstein, whose New York-based Saba Capital was one of the world's top-performing hedge funds in the market turmoil of 2020, said that the unwinding of central banks' vast stimulus . [15], Weinstein became one of the most successful traders in the derivatives market. She graduated from Yale University, where she also got her law degree, and received a masters in Oriental studies from Oxford University, where she was a Rhodes scholar. He then formed a proprietary trading group within Deutsche Bank. His in-laws have been living with him since he moved to his Long Island base. The spreads of the junk and investment-grade CDSs would almost certainly revert to their historical means. Outflows totaled more than $22 billion during that span. The CEF funds come in both hedged and long-only varieties. Another favorite tale among colleagues is the time he won a Maserati at a celebrity poker tournament. Famous Architects Links: www.bcj.com, en.wikipedia.org By: Alephs Advertisement Around the World Mailing List Boaz Weinstein's house. [41] He often played with a secretive blackjack team from MIT which has been profiled in the book Bringing Down the House, later adapted into the film 21. On May 10th, JPMorgan disclosed a $2 billion trading loss in the bank's Chief Investment Office in London related to derivatives. Las Vegass Bellagio casino banned him as a card counter. Bloomberg the Company & Its Products. At least eight other contenders have jockeyed for attention since last summer. Meet the Iranian-Jewish 'progressive prosecutor' vying to be Manhattan Will His AI Plans Be Any Different? So Weinstein waited for the correction he was sure was in the offing. Saba Capital Management, LP | Boaz Weinstein Despite this apocalyptic backdrop, the trade was vintage Weinstein, producing an outsize gain for Saba while risking a small amount of capital. Boaz, Tali Weinstein Gift Fuels Fight Against Domestic Violence Even if the Fed has your back, that doesnt mean a lot of companies arent going to default.. Performance Awards and the 2020 winner of the Best Credit Fund Over $1 Billion by HFMs U.S. They derive from simple market imbalances specifically an oversupply of CDSs on high-yield companies. Weinstein has been investing in SPACs for more than a decade, holding about 7% of the market in 2006, when it was valued at $15 billion. Weinstein is capping inflows at $1 billion at his flagship and tail-risk funds for the year. [4][25] In 2005, Warren Buffett invited him to play in a celebrity poker tournament where Weinstein won a Maserati. Its a solid gain for us, he said.In whats known as a basis trade, Weinstein has looked for companies where the bonds have been excessively beaten down, but where the CDS is relatively inexpensive. A tennis court on the property is an ode to his competitive playing days at the nerdy Stuyvesant High. [39] In June 2018, Weinstein wrote an op-ed in The New York Times opposing a proposal by Mayor Bill de Blasio to remove the testing requirement at Weinstein's alma mater Stuyvesant High School. While the market was collapsing, Weinstein says he focused on the chaos in front of him. Instead of naming his fund after a god, Weinstein decided to name it after his grandfather. Why's he hangin' around?'" But elites had other plans. By a decade later, CDS trading had expanded into a multi-trillion-dollar market involving numerous major banks. As Boaz Weinstein watched markets roiled by the coronavirus pandemic, Tali Farhadian Weinstein was hearing about the human toll on survivors of domestic violence. He said he randomly selected his stocks. The disgraced movie mogul, 65, and his soon-to-be-ex wife Georgina Chapman, 41 . Lawyerly Lairs: A Federal Prosecutor's $25 Million Apartment 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). Hes long noted that those positions later rebounded.Always a confident and brash trader, hes famous for pushing his advantages. Janos Marton, a prominent advocate of closing the Rikers Island jail complex, announced his campaign with a plan to slash Manhattans jail population by 80 percent. Before Killing Whale, Boaz Weinstein Helped Save One Subscribe today and get a yearlong print and digital subscription. Farhadian Weinstein, 44, stepped into the city's crowded district attorney's race last week with a vision for "progressive prosecution" or what she says is applying the office as a . Activist managers, including Saba, that already had stakes in some of the funds have added to their positions. boaz weinstein hamptons house By late May, Sabres bonds traded at 700 basis points above Treasuries, Weinstein says, though they have since tightened somewhat. Thats really our funds focus.. Hedge fund manager Boaz Weinstein, the founder of Saba Capital, has garnered a lot of attention in the last couple of months. Born in Iran to a Jewish family, Farhadian Weinstein came to the United States as a refugee in 1979. [44], In 2012, Weinstein bought a $25.5 million property on Manhattan's Fifth Avenue, from the estate of Huguette Clark. By 2009, banks scrambled to cut risk and Weinstein departed with a dozen or so traders to start his hedge fund. We have estimated Boaz Weinstein's net worth, money, salary, income, and assets. Learn more about a Bloomberg Law subscription. 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. Disgraced movie mogul Harvey Weinstein has sold his Hamptons mansion at a loss of $1.4million as he faces a huge legal bill over the sex assault scandal. It had just $160 million or so in assets, a pittance, with which to rebuild its fortunes. 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. In July 2012, Draghi vowed the ECB would do whatever it takes to protect the battered euro. According to The Alpha Masters, Tepper would razz Weinstein, in part because of his chess playing with DeLucia. The presence of Aboushi, Marton, and Orlins in the race established a principled (and competitive) progressive pole against which more moderate candidates were forced to pitch their own positions including former federal prosecutor Alvin Bragg, whom Marton endorsed after dropping out of the race in April. At Saba, Mr. Weinstein leads a team of professionals, with the senior investment team having worked together for seventeen years. He was able to escape just before all those slave laborers were drowned by the Nazis". He was this great combination of super polite, humble, and smart, says Ron Tanemura, who okayed hiring Weinstein at Deutsche in 1998. Explore Boaz Weinstein Wiki Age, Height, Biography as Wikipedia, Wife, Family relation. The source of much of Farhadin Weinstein's personal wealth is her marriage to Boaz Weinstein, the founder and manager of the hedge fund Saba Capital Management. The windowed kitchen has a pantry and an adjacent office with a half bath; theres also a powder room and a coat closet off the foyer. May 12, 2020. [38], Weinstein is the founder of the Success Academy Charter Schools of Harlem 6 and Bensonhurst. And he sees room to profit, even as stocks and bonds rebound.Markets are at an unstable place right now. Weinsteins fame is such that Adi Sunderam, an associate professor of finance at Harvard Business School, has written a case study on Saba. Such funds may bet for or against bonds and indexes, arbitraging them, or snapping up senior debt, for example, while shorting junior debt or a broader index. Boaz Weinstein Piles Up 90% Gain in Hamptons, Bets on More Chaos The apartment block, built in 1916 . Guys like Boaz learn the basics and then they are inquisitive.. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking delivered daily to your inbox. As a junior at the Stuyvesant High School in New York City, he was a winner of a stock-picking contest sponsored by Newsday, beating out a field of about 5000 students. But back to investing. Boaz Weinstein's fund is being sued on the charge of 'manipulating the [5] The couple has three daughters. izuku has a rare quirk fanfiction; novello olive oil trader joe's; micah mcfadden parents; qatar airways 787 9 business class; mary holland married; spontaneous novel ending explained His grandfather, or saba in Hebrew, rescued 20 fellow Jews during the war. He once played in a blackjack tournament with Warren Buffet in 2005. By clicking Sign up, you agree to receive marketing emails from Insider In high school, he entered an eight-week stock-picking competition sponsored by New York Newsday. As the pandemic consumes the outside world, Weinstein has repaired to his gated estate in Sagaponack, replete with tennis court, pool and a Vegas-style card room. Boaz Weinstein Trades 870 Fifth for Huguette Clark Penthouse The hedge fund manager purchased the heiress's 907 Fifth penthouse in 2012, and he just sold his co-op at 870 Fifth By Morgan. 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. The turmoil underscores that theres additional profit likely to be generated in the tail-hedge strategy since credit spreads by mid-June had returned to pre-Covid levels. Katherine Burton and Sridhar Natarajan, Bloomberg News, Boaz Weinstein The fund was recognized by AR Magazine and Weinstein was ranked No. In early February at the Harbor Investment Conference held at JPMorgan's Park Avenue offices in New York, Weinsteinrecommended buying the Investment Grade Series 9 10-Year Index CDS, which is reportedly the same security the JPMorgan desk was short. Tali Farhadian Weinstein Spends Millions on Her Own Campaign Transcript: Boaz Weinstein - The Big Picture Saba currently has more than $5 billion AUM. And hes not entirely happy that you know that. 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. Kindly DM me your address. [34], In 2010, Weinstein endowed the Tali and Boaz Weinstein Foundation to focus on education, with particular attention to poverty, Jewish causes and underprivileged children in New York City. And all of them, to varying degrees, have sought to position themselves as progressive or reform-minded alternatives to a stilted status quo. Deutsche wanted in and was hiring in droves. The pair reside in an Upper East Side apartment that belonged to the late, reclusive copper heiress Huguette Clark and was purchased by the Weinsteins to great media fanfare in 2012 for $25.5 million. Weinstein was soon running a number of credit-related desks, overseeing scores of traders and other staff. [4] Weinstein is reportedly on the blacklist of several casinos as a card counter. Boaz Weinstein - Founder, CIO @ Saba Capital Management - Crunchbase Now, Sabas founder has joined that rarefied club. [4][6] He attended the University of Michigan and graduated in 1995 with a degree in philosophy. What then? Boaz Weinstein Piles Up 90% Gain in Hamptons, Bets on More Chaos However, he believes that U.S. equity markets reflect a positive, V-shaped economic recovery. Investors have yanked assets from relative-value funds every year since 2015, including the first quarter of 2020, according to Hedge Fund Research. 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. . Instead of going with the obvious stock picks a high schooler would likely choose (i.e. 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.). Tali Farhadian Weinstein - Wikipedia Boaz Weinstein is the founder of Saba Capital, a $5 billion hedge fund that specializes in some really interesting types of trading, credit default swaps, tail protection, volatility trading. "But I would still always be right. To kill time, some days Tepper would shout out trivia questions like, "Guys, guess how many synagogues there are in Michigan?" boaz weinstein hamptons house - s162659.gridserver.com Harvey Weinstein sells his Hamptons mansion for $10million - $1 Manhattan District Attorney Candidate Tali Farhadian Weinstein Would Be #19 Boaz Weinstein's architecturally stunning penthouse According to the report, the property was purchased under a company, Taisho Holdings Inc. Weinstein purchased the estate for $11.65 million in 2014. Boaz Weinstein Piles Up 90% Gain in Hamptons, Bets on More Chaos 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 McDonalds Corp. I was seeing the most incredible mispricings Id ever seen, said Weinstein in an extended telephone interview with Institutional Investor in mid-May, the first of two. He saved the life of his baby daughter by sneaking her out of the ghetto at dawn when parents were ordered by the Nazis to bring over their children those children were sent to their death. As the pandemic consumes the outside world, Weinstein has repaired to his gated estate in Sagaponack, replete with tennis court, pool and a Vegas-style card room. 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. Granted, the penthouse at 907 Fifth Avenue, for which Weinstein paid $25.5 million, reportedly needed quite a bit of workwhen buyers were checking the place out, one told TheNew York Times It was like going back in time 100 yearsThere was oak paneling and original wood floors, and in the kitchen there were appliances from 1915.. Sabas relative-value trades went awry, as did so much across the credit markets. [38] In May 2020, the Weinsteins donated a total of $2 million to about a dozen nonprofit organizations fighting domestic violence during the COVID-19 pandemic, including Sakhi for South Asian Women, Arab-American Family Support Center, Womankind and Violence Intervention Program. By the time he was 16, he had earned the title of National Chess Master. 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. The Fabulous Life of Boaz Weinstein - businessinsider.com