References
Introduction
Interview
Ray Dalio, founder, Bridgewater Associates, April 2011.
References
Deutsche Bank’s Tenth Annual Alternative Investment Survey, Deutsche Bank, conducted December 2011, released February 2012.
“Hedge Fund Investors Rotate into Macro, Arbitrage Strategies for 2012,” Hedge Fund Research. Hedge Fund Research, Chicago, Illinois, January 19, 2012, www.hedgefundresearch.com.
“Great Money Managers,” LCH Investments NV, February 2012.
Chapter 1: The Global Macro Maven: Ray Dalio, Bridgewater Associates
Interviews
Ray Dalio, founder, Bridgewater Associates, April 2011.
Ray Dalio, founder, Bridgewater Associates, May 2011.
References
Bridgewater: www.bwater.com, January, 2011.
Brewster, Deborah, “The Alpha and Beta of a Lone Manager.” Financial Times, January 8, 2008.
Celarier, Michelle, and Lawrence Delevingne. “Ray’s Radical Truth.” AR: Absolute Return + Alpha, March, 2011.
Corkery, Michael. “The Quirk: Fund King Muses on Truth and Weasels.” Wall Street Journal Europe, June 21, 2010.
Dalio, Ray. “Culture & Principles.” Circa 2010. Bridgewater Associates, August 2011, www.bwater.com/home/culture–principles.aspx.
Hutchings, William. “Bridgewater: The Hedge Fund that Thinks It Isn’t.” Financial News, October 18, 2010, www.efinancialnews.com/story/2010-10-18/bridgewater-ray-dalio-unshackled-conventions.
McDaniel, Kip. “Is Ray Dalio the Steve Jobs of Investing?” aiCIO, December 14, 2011.
“Ray Dalio: Extremely Bullish about Emerging Markets.” Seeking Alpha, March 9, 2011, http://seekingalpha.com/article/257333-ray-dalio-extremely-bullish-about-emerging-markets.
“Ray Dalio’s Favorite Stock Picks.” Seeking Alpha, April 1, 2011, http://seekingalpha.com/article/261331-ray-dalio-s-favorite-stock-picks.
Roose, Kevin. “Pursuing Self-Interest in Harmony with the Laws of the Universe and Contributing to Evolution Is Universally Rewarded.” New York, April 10, 2011.
“Study: Bridgewater No. 1 Hedge Fund Among US Public Pensions,” aiCIO, March 17, 2011.
Trincal, Emma. “Bridgewater’s Dalio Criticizes HF IPOs,” Hedgeworld, May 25, 2007, www.hedgeworld.com/news/read_news_printable.cgi?section=peop&story=peop3035.html.
Ward, Sandra. “Observing a Bipolar World,” Barron’s, March 12, 2011. April 2011 http://online.barrons.com/article/SB50001424052970203423404576186671576180048.html.
Ward, Sandra. “Recession? No, It’s a D-process, and It Will Be Long.” Barron’s, February 9, 2009. http://online.barrons.com/article/SB123396545910358867.html#articleTabs_panel_article%3D1.
Williamson, Christine. “Bridgewater Takes the Portable Alpha Route.” Investment News, November 6, 2006, www.investmentnews.com/article/20061106/SUB/611060710.
Chapter 2: Man versus Machine: Pierre Lagrange and Tim Wong, Man Group/AHL
Interviews
Tim Wong, CEO, Man Group’s AHL Fund, May 6, 2011.
Pierre Lagrange, Cofounder, GLG Partners, May 6, 2011.
References
www.glgpartners.com/, July 2011.
www.mangroupplc.com/index.jsf, May 2011.
Humble, Laura. “Chancellor Opens Man’s New Headquarters in Swan Lane, London.” Man Group. Print, June 14, 2011.
Sen, Neil. “The Odd Couple,” Institutional Investor, March 2011.
Chapter 3: The Risk Arbitrageur: John Paulson, Paulson & Co.
Interviews
Ace Greenberg, former chairman, Bear Stearns, July 2011.
Alan Greenspan, former chairman, Federal Reserve System, August 2011.
John Paulson, founder, Paulson & Co., December 2011.
John Paulson, founder, Paulson & Co., May 2011.
John Paulson, founder, Paulson & Co., April 2011.
John Paulson, founder, Paulson & Co., December 2010.
John Paulson, founder, Paulson & Co., December 2010.
Rick Sopher, managing director, LCF Edmond de Rothschild Asset Management Ltd, August 2011.
References
The Paulson Funds. 2011 Third Quarter Report.
Allen, Katrina. “Billion Dollar Club.” AR: Absolute Return + Alpha, March 2011.
Anadarko. Form 13-F. Third Quarter 2010.
Citigroup. Form 13-F. Fourth Quarter 2009.
Rohm & Hass. Form 13-F. Third Quarter 2008.
Taub, Stephen. “The Top 10 Hedge Funds for Investors.” Institutional Investor, February 17, 2011, www.institutionalinvestor.com/Article/2770684/The-Top-10-Hedge-Funds-for-Investors.html?ArticleId=2770684.
U.S. House of Representatives Committee on Oversight and Government Reform. Hearing, Statement of John Paulson. Washington, Print, 2008.
Zuckerman, Gregory, The Greatest Trade Ever. New York: Broadway Books, 2009.
Chapter 4: Distressed Debt’s Value Seekers: Marc Lasry and Sonia Gardner, Avenue Capital Group
Interviews
Stuart Bohart, senior managing director, Fortress Investment Group, October 2011.
David Bonderman, founding partner, TPG Capital, September 2011.
Darcy Bradbury, managing director, D. E. Shaw, October 2011.
Sonia Gardner, cofounder, Avenue Capital Group, June 2011.
Marc Lasry, cofounder, Avenue Capital Group, February 2011.
Charles Spiller, director, Pennsylvania Public School Employees Retirement System, August 2011.
References
Avenue Capital Management, www.avenuecapital.com, August 2011.
Avenue Capital Group, http://en.wikipedia.org/wiki/Avenue_Capital, August 2011
Burton, Katherine, Hedge Hunters, New York: Bloomberg Press, 2007.
Griffiths, Tony. “The HFMWeek 50 Most Influential People in Hedge Funds,” Hedge Fund Manager Week, October 2010.
Skoglund, Jeff, and Michael Marczak. “Automotive High Yield and Bank Loan Weekly Relative Value.” UBS, February 9, 2009.
Skoglund, Jeff, and Julie Pearson. “Automotive High Yield and Bank Loan Weekly Relative Value,” UBS, January 22, 2010.
Taub, Steve, “Old World Value,” Alpha, January, 2007.
Chapter 5: The Fearless First Mover: David Tepper, Appaloosa Management
Interviews
Kenneth Dunn, Professor, Tepper School of Business at Carnegie Mellon University, December 28, 2011.
Alan Fournier, Founder, Pennant Capital Management, November 2011.
David Tepper, CEO, Appaloosa Management, March 24, 2011.
References
“David Tepper Hedge Fund Manager, Appaloosa Management,” aTrader.com, May 4, 2010. November 2011.
“Delphi Faces a Setback.” Wall Street Journal Europe, April 23, 2007.
Pressler, Jessica. “Ready to Be Rich.” New York, September 26, 2010.
Taub, Stephen. “The Happiest Man in Hedge Funds.” AR: Absolute Return + Alpha, February 2010.
Teitelbaum, Richard. “Tepper Turns Panic to Profits with $6.5 Billion Hedge Fund Gain,” Bloomberg Markets, January 2010.
Chapter 6: The Activist Answer: William A. Ackman, Pershing Square Capital Management
Interviews
Bill Ackman, founder, Pershing Square Capital Management, January 2011.
Bill Ackman, founder, Pershing Square Capital Management, May 2011.
Mark Axelowitz, managing director of investments, UBS Private Wealth Management, January 2012.
Adam Geiger, chief investment officer, New Legacy Capital, August 2011.
Jonathan Gray, senior managing director and head of global real estate, Blackstone Group, November 2011.
J. Tomlinson Hill, chief executive officer, Blackstone Asset Management, November 2011.
Rick Sopher, chairman, LCH Investments NV, February 2011.
Whitney Tilson, founder, T2 Partners, January 2012.
New York-based fund-of-hedge-fund manager, September 2011.
References
“Ackman Fights for More in Long’s Deal.” SECInvestor, September 8, 2008, www.secinvestor.com/2008/09/08/Ackman+Fights+For+More+In+Longs+Deal.aspx.
“Ackman on the Rating Agencies: ‘Wait to Rate,’” New York Times Dealbook, June 2, 2010, http://dealbook.nytimes.com/2010/06/02/ackman-on-the-ratings-agencies-wait-to-rate/.
“Ackman Questions Lampert on Sears,” New York Times Dealbook, May 6, 2008, http://dealbook.nytimes.com/2008/05/06/ackman-grills-lampert-on-sears/.
“Activist Investor Bids for Barnes & Noble, Borders Merger,” Business Pundit, December 7, 2010, www.businesspundit.com/activist-investor-bids-for-barnes-noble-borders-merger/.
“Bill Ackman.” http://en.wikipedia.org/wiki/Bill_Ackman.
“Bill Ackman Buys Sears Holdings Corp., Target Corp., Greenlight Capital Re, LTD., Sells Staples Inc.” Guru News, November 17, 2007. http://www.gurufocus.com/forum/read.php?1,17371.
Burton, Katherine. “Ackman’s Reputation May Get Marked Down in Target War (Update1).” Bloomberg, April 16, 2009, http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a9wSEaX9F1kI&refer=home.
Burton, Katherine, and Christine Richard. “Ackman Devoured 140,000 Pages Challenging MBIA Rating (Update2).” Bloomberg, January 31, 2008, www.bloomberg.com/apps/news?pid=newsarchive&sid=a7.NpGwa19TY.
Burton, Katherine, and Daniel Taub. “Ackman May Make $170 Million on ‘Grand Slam’ General Growth Bet.” Bloomberg, February 18, 2010. www.bloomberg.com/apps/news?pid=newsarchive&sid=ayJVCccKzc_8.
Canadian Pacific Railway. Form 13-D. January 2012.
Cheng, Andrea. “Activist Investor Ackman Tapped to Sit on Expanded Board.” MarketWatch, January 24, 2011. www.marketwatch.com/story/pershings-ackman-to-join-jc-penney-board-2011-01-24.
Coroneos, Elise. “Ackman’s Plans for Fannie, Freddie,” Hedge Fund Manager Week, July 16, 2008, www.hfmweek.com/news/150326/ackmans-plans-for-fannie-freddie.thtml.
Crosby, Jackie. “Target Puts Credit Card Portfolio Back on the Block,” Star Tribune, January 13, 2011.
“CVS Caremark to acquire Longs Drug Stores,” eFinancial News, January 28, 2012. www.efinancialnews.com/story/2008-08-13/cvs-caremark-to-acquire-longs-drug-stores.
Dodes, Rachel. “Penney to Give Activists a Say on Board.” Wall Street Journal, January 25, 2011.
Eisinger, Jesse. “The Optimist,” Portfolio.com, May, 2009. www.portfolio.com/executives/2009/04/22/Hedge-Fund-Manager-Bill-Ackman/.
“First Quarter 2011.” Pershing Square Capital, May 25, 2011.
First Union Real Estate Equity and Mortgage Investments. Schedule 14A. 1998.
Gohel, Kapila. “New Mexico State Pension on a Roll for Hedge Funds.” Hedge Fund Manager Week, January 20, 2010, www.hfmweek.com/news/427823/new-mexico-state-pension-on-a-roll-for-hedge-funds.thtml.
Goldstein, Matthew. “REIT Deal Wasn’t Gotham’s First Rodeo.” The Street, January 27, 2003. www.thestreet.com/story/10064701/1/reit-deal-wasnt-gothams-first-rodeo.html.
Harris, Melissa. “Activist Investor Bill Ackman Won’t Back Down from Fight.” Chicago Tribune, October 17, 2010.
Hawthorne, Shannon. “New Jersey State Council Considers Blackstone Hire.” Hedge Fund Manager Week, July 20, 2011, www.hfmweek.com/news/1680337/new-jersey-state-council-considers-blackstone-hire.thtml.
Herbst-Bayliss, Svea. “Pershing’s Ackman Goes Shopping for Booze and Clothes.” Reuters, October 8, 2010, www.reuters.com/article/2010/10/08/us-jcpenney-ackman-idUSTRE6972ZB20101008.
La Roche, Julia. “Bill Ackman Just Bought a Big Stake in an Awesome Railroad Company.” Business Insider, October 31, 2011.
“MBIA to Call on Congress to Rein in Ackman.” New York Times Dealbook, February 14, 2008. http://dealbook.nytimes.com/2008/02/14/mbia-to-call-on-congress-to-rein-in-ackman/.
“Managers Share Recommendations.” Infovest21, May 29, 2009.
“Pershing Square’s Track Record,” Visualwebcaster.com, www.visualwebcaster.com/Pershing/57585/about.html.
Ovide, Shira. “J.C. Penney to Shutter Stores, Taps Bill Ackman for Board,” Wall Street Journal, January 24, 2011. http://dealbook.nytimes.com/2008/02/14/mbia-to-call-on-congress-to-rein-in-ackman/.
Richard, Christine. Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street’s Bluff, New York: Bloomberg, 2010.
Roberts, Gwyn. “Dump Your Beta: Dalio Tells Industry at HFM US Awards.” Hedge Fund Manager Week, November 3, 2010, www.hfmweek.com/news/600382/dump-your-beta-dalio-tells-industry-at-hfm-us-awards.thtml.
“Sears Buys Stake in Canadian Unit from Ackman.” New York Times Dealbook, April 26, 2010, http://dealbook.nytimes.com/2010/04/26/sears-buys-stake-in-canadian-unit-from-ackman/.
Serres, Chris. “William Ackman: Targeting Target.” Star Tribune, January 13, 2008.
Stowell, David. An Introduction to Investment Banks, Hedge Funds and Private Equity: The New Paradigm. Academic Press, 2009.
Strom, Stephanie. “Fight for Rockefeller Center Joined by David Rockefeller,” New York Times, October 2, 1995.
“Target and Ackman: A Timeline,” Star Tribune, May 17, 2011. www.startribune.com/business/121996464.html.
Taub, Stephen. “Should Investors Applaud Ackman Appointment to J. C. Penney Board?” Institutional Investor, January 24, 2011, www.institutionalinvestor.com/Popups/PrintArticle.aspx?ArticleID=2754996.
“Timeline: A Short History of Borders Group Bookstores.” Reuters, February 16, 2011, www.reuters.com/article/2011/02/16/us-borders-timeline-idUSTRE71F3AT20110216.
Wahba, Phil. “Ackman Wins Seat on Penney Board, Turnaround Eyed.” Reuters, January 24, 2011. www.reuters.com/article/2011/01/24/us-jcpenney-idUSTRE70N2PX20110124.
Woodard, Richard. “Analysis: Ackman Now Welcome at JC Penney Table.” just-style, January 24, 2011. www.just-style.com/analysis/ackman-now-welcome-at-jc-penney-table_id110100.aspx.
Zuckerman, Gregory. “Pershing Square’s Ackman Eyes IPO to Raise New Fund.” Wall Street Journal, June 17, 2011.
Chapter 7: The Poison Pen: Daniel Loeb, Third Point
Interviews
Daniel Loeb, founder, Third Point, February 2012.
Daniel Loeb, founder, Third Point, October 2011.
Daniel Loeb, founder, Third Point, June 2011.
Daniel Loeb, founder, Third Point, April 2011.
Daniel Loeb, founder, Third Point, February 2011.
References
Behrman, Neil. “Disappointing Listing for Man’s MF Global NY and Third Point’s Asset Raising.” Infovest21, July 20, 2007.
Bostock, Roy, and Jerry Yang. Personal communication, September, 2011.
“Dan Loeb’s Third Point Q3 Letter to Investors.” Market Folly, December 21, 2010. www.marketfolly.com/2010/12/dan-loebs-third-point-q3-letter-to.html.
“Daniel Loeb,” cityfile New York. http://cityfile.com/profiles/daniel-loeb.
Delevingne, Lawrence. “An Obama Backlash?” AR: Absolute Return-Alpha, September 30, 2010.
Goodburn, Matthew. “Investment Trust Insider: Wall Street Rabble-Rouser Arrives in Tough UK Markets.” Citywire, October 29, 2007. http://citywire.co.uk/new-model-adviser/investment-trust-insider-wall-street-rabble-rouser-arrives-in-tough-uk-markets/a288554.
Gopinath, Deepak.“Hedge Fund Rabble-Rouser.” Bloomberg, October 2005.
Lisi, Clemente. “NYC Economic Downturn Will Be ‘Deep Protracted.’ ” New York Post, March 9, 2009.
McGrath, Ben. “The Angry Investor.” New Yorker, April 18, 2005.
Rusli, Evelyn, and Michael De La Merced, “Loeb Names Proposed Slate of Yahoo Directors.” New York Times Dealbook, February 14, 2012. http://dealbook.nytimes.com/2012/02/14/loeb-names-proposed-slate-of-yahoo-directors/.
“Sorkin: Why Wall Street Is Deserting Obama.” New York Times Dealbook, August 31, 2010, http://dealbook.nytimes.com/2010/08/31/sorkin-why-wall-st-is-deserting-obama/.
Wachtel, Katya. “Dan Loeb Is Sick of Writing Investor Letters/Letting Everyone Read Them.” BusinessInsider.com. February 9, 2011, www.businessinsider.com/dan-loeb-is-sick-of-writing-investor-letters-2011-2.
Yahoo!’s Board of Directors. Personal communication, December, 2011.
Chapter 8: The Cynical Sleuth: James Chanos, Kynikos Associates LP
Interview
Jim Chanos, CEO, Kynikos Associates, February 2011.
Jim Chanos, CEO, Kynikos Associates, April 2011.
References
Berber, Allesandro, and Marco Pagano. “Short-Selling Bans around the World: Evidence from the 2007–2009 Crisis.” CESF Working Paper, 2010, http://ssrn.com/abstract=1502184.
Berenson, Alex. “Tyco Shares Fall as Investors Show Concern on Accounting.” New York Times, January 16, 2002, www.nytimes.com/2002/01/16/business/tyco-shares-fall-as-investors-show-concern-on-accounting.html.
Burton, Katherine, Hedge Hunters. New York: Bloomberg Press, 2007.
Chanos, Jim. “Short-Lived Lessons–From an Enron Short.” Wall Street Journal, May 30, 2006.
Chanos, Jim. “The China Syndrome: Warning Signs Ahead for the Global Economy.” Presentation, St. Hilda’s College, Oxford, United Kingdom, January, 28, 2010, www.chinacentre.ox.ac.uk/events/lectures/events/the_china_syndrome_warning_signs_ahead_for_the_global_economy.
Friedland, Jonathan. “Enron’s CEO, Skilling, Quits Two Top Posts.” Wall Street Journal, August 15, 2001.
Gladwell, Malcom. “Open Secrets: Enron, intelligence, and the perils of too much information.” New Yorker, January 8, 2007, www.newyorker.com/reporting/2007/01/08/070108fa_fact.
Greenberg, Herb, and Lisa Munoz. “Does Tyco Play Accounting Games?” Fortune, April 1, 2002, http://money.cnn.com/magazines/fortune/fortune_archive/2002/04/01/320643/index.htm.
Hutton, Amy. “The Role of Sell-Side Analysts in the Enron Debacle.” Tuck School of Business Working Paper No. 03-17, May 2002, http://ssrn.com/abstract=404020.
“Jim Chanos Debunks the Myth of China as the World’s ‘White Knight,’” September 21, 2011, http://advisoranalyst.com/glablog/2011/09/21/jim-chanos-debunks-the-myth-of-china-as-the-worlds-white-knight/#ixzz1ms9QtrRl.
Lahart, Justin. “Tyco Silences Shorts with Breakup Plan.” The Street, January 22, 2001, www.thestreet.com/story/10007178/1/tyco-silences-shorts-with-breakup-plan.html.
Light, Larry. Taming the Beast: Wall Street’s Imperfect Answers to Making Money. New York: John Wiley & Sons, 2011.
Mahar, Maggie. Bull! New York: Harper Business, 2004.
Norris, Floyd. “Is a Looted Tyco Really Worth $36 Billion?” New York Times, September 13, 2002, www.nytimes.com/2002/09/13/business/13NORR.html?pagewanted=all>.
Rotbart, Dean. “Market Hardball: Aggressive Methods of Some Short-Sellers Stir Critics to Cry Foul.” Wall Street Journal, September 5, 1985.
Testimony of James Chanos. “Developments Relating to Enron Corp.,” House Committee on Energy and Commerce, February 6, 2002, www.actwin.com/kalostrader/EnronTestimony.htm.
Testimony of James Chanos, Chairman, Coalition of Private Investment Companies, before the U.S. Senate Banking, Housing, and Urban Affairs Committee Subcommittee on Securities, Insurance and Investment Hearing on Regulating Hedge Funds and other Private Investment Pools. July 15, 2009, http://banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=bb23c9d2-0eec-4248-a236-1b6a0bc07390.
Weil, Jonathan. “Energy Traders Cite Gains, but Some Math Is Missing.” Wall Street Journal “Texas Journal,” September 20, 2000.
Chapter 9: The Derivatives Pioneer: Boaz Weinstein, Saba Capital Management
Interviews
Boaz Weinstein, founder, Saba Capital, June 2011.
Boaz Weinstein, founder, Saba Capital, May 2011.
References
Agnew, Harriet. “Weinstein’s Saba Raises ‘Black Swan’ Fund.” Financial News, January 27, 2011.
“Boaz Weinstein,” http://en.wikipedia.org/wiki/Boaz_Weinstein.
Patterson, Scott. “Star Trader Who Lost Big to Quit Deutsche.” Wall Street Journal, January 10, 2009.
Patterson, Scott, and Serena Ng. “Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole.” Wall Street Journal, February 6, 2009.
Phillips, Matt, Jonathan Cheng, and Stephen Grocer. “Where Crisis Survivors Went; They Made Millions Before the Lehman Debacle Hit; Many Remain in Business.” Wall Street Journal, September 13, 2010.
Rose-Smith, Imogen. “The Future Face of Hedge Funds.” Institutional Investor, March 21, 2011.
Rothnie, David. “The Last Hurrah for Deutsche Bank CEO Josef Ackermann.” Institutional Investor, March, 2010.
Sender, Henry. “Canny Buyer in the Market for Debt.” Financial Times, August 1, 2008.
Sender, Henry. “Young Traders Thrive in the Stock/Bond Nexus.” Wall Street Journal, November 18, 2005.
Wendy’s. Form 13-F. First Quarter 2011.