The latest master of the universe to drop a mention of his smallholding is Boaz Weinstein, . [22][23] He had left Deutsche Bank two months before,[24] and his former employer had agreed to the move years in advance and to become one of Saba's main brokers. What is LockBit, the malicious software used against Indigo, SickKids? [4][6], After graduating from college, Weinstein worked for Merrill Lynch at the firm's debt trading desk. However, we doubt hes hurting too much about the lesser $6.4 million he accepted from Leah Pisar. After being turned down following an interview, he stopped by the bathroom where he bumped into fellow chess player David Delucia, a partner/ then-head of corporate bond trading, who helped arrange some additional job interviews until he landed an internship. People find our strategies interesting, says Weinstein. Because these funds handed investors significant losses in 2020, it will change investor behavior in terms of voting, says the card sharp. BlackRock responded by emailing a 54-page supplemental questionnaire for Sabas board candidates. Weinstein is also associated with one of the largest trading losses in history. He calls the premise of a V-shaped recovery questionable.. [11], During his first year at Deutsche Bank, Weinstein netted significant gains for the German bank during the chaos created by Russia defaulting on its loans and the collapse of Long-Term Capital Management,[12] a hedge fund that was heavily leveraged. 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. And all of them, to varying degrees, have sought to position themselves as progressive or reform-minded alternatives to a stilted status quo. At the Manhattan Chess Club, Weinstein became a national master at age 16. In the end, JPMorgan had reportedly lost $6.2 billion. 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. Mr. Weinstein founded Saba in 2009 as a lift-out of Saba Principal Strategies. While Farhadian Weinstein, like so many others in the race, rushes to call herself a progressive and a reformer, her platform reveals she is well to the right of nearly every other candidate on nearly every important issue from sentencing to policing to felony murder. The twelve-story, limestone-faced building [sits] on a site once occupied by the 1893 residence of James A. 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. Kindly DM me your address. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. A game room, perhaps? It had just $160 million or so in assets, a pittance, with which to rebuild its fortunes. 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. Prior to Saba, Mr. Kazarian was a Director at RBC Capital Markets in the Global Arbitrage and Trading Group where he managed exchanged traded fund and index arbitrage strategies. The Weinsteins in May told Bloomberg News they were contributing $2 million to nonprofits addressing domestic violence amid the Covid-19 pandemic. The apartment features a park-facing living room with access to a west-facing terrace and theres an east-facing formal dining room. When New York shut down, he left his office in the Chrysler Building and decamped to Long Island, like others from high-caste Manhattan. I look out at the next five months, and there are lots of known unknowns, he said in a phone interview, pointing to everything from the course of the pandemic to the U.S. election and relations with China. He had instinct and scrappiness combined with a quantitative strategic mindset, says Tanemura, who put Weinstein in charge of U.S. corporate derivatives. Outflows totaled more than $22 billion during that span. Tali Farhadian Weinstein, who owns a $26 million apartment and a $13 million summerhouse, is using her wealth and connections to try to buy the Manhattan DAs office and thwart anti-incarceration candidates in Tuesday's primary. But his predecessors, Robert Morganthau and Frank Hogan, each held office for more than thirty years. But advertising revenue helps support our journalism. Burden, which had been designed by R. H. Robertson. In the activist game, playing rough is often a given. {"name":"Net worth","value":"US$ 450 million (September 2012)"} Salary in 2020. RITHOLTZ: This week on the podcast, I have an extra special guest. Tahanie Aboushi, endorsed by the Working Families Party and Bernie Sanders, pledged to introduce a policy of non- or delayed prosecution for many misdemeanors and to provide alternative-to-incarceration programs in all cases, no exceptions. Eliza Orlins, a longtime public defender, has consistently led the race in small-dollar donations while campaigning on what she describes as a decarceral vision for the DAs office. At Saba, Mr. Weinstein leads a team of 30. The trades in turn netted several hedge funds including Weinstein's hundreds of millions of dollars after they took an opposing position in the credit default swap market. They paid $25.5 million for Clark's apartment on the top floor (the 12th) at 907 Fifth Avenue overlooking Central Park. Topic: Investing & Caring Guest: Boaz Weinstein Bio: Founder & Chief Investment Officer, Saba Capital Management Boaz Weinstein is the Founder and Chief Investment Officer of Saba Capital Management, L.P. ("Saba"), a $3.2 billion credit hedge fund based in NYC. She is married to Boaz Weinstein, the wildly successful founder of Saba Capital Management, a hedge fund which has seen high returns amid the coronavirus pandemic. Deutsche wanted in and was hiring in droves. I will be glad to send a copy of this amazing book to the first 18 people who retweet this review. His mother is Israeli and his dad is American. Farhadian Weinstein, who owns a $25.5 million Fifth Avenue apartment and a $13 million summerhouse in the Hamptons, has characterized comments about her affluence as misogyny. But it is clear her immense wealth is relevant to her newfound viability as a DA candidate. 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. The Feds massive stimulus -- combining asset purchases and a pledge to keep interest rates near zero for the foreseeable future -- could leave him hanging. Another Goldman co-worker was Appaloosa Managements David Tepper. [6][25], Saba began trading with $140160 million in funds. From media and technology to finance and real estate, leagues and teams across the globe have matured into far more than just back page entertainment. For a firm whose investment thesis is to capitalize on volatile times, the decade following the financial crisis offered scant opportunities as the Federal Reserve kept interest rates near zero. Despite this apocalyptic backdrop, the trade was vintage Weinstein, producing an outsize gain for Saba while risking a small amount of capital. It's unclear which ones he chose though. The competitors had to pick five stocks per week and whoever made the most money would win the contest. His wife Tali Farhadian works at the Department of Justice. The bank allowed him to pick up his unit of traders and start Saba Capital Management. Bloomberg | Quint is a multiplatform, Indian business and financial news company. His celebrity ascendant, Weinstein today is in a tricky spot. Asymmetric payoffs in the credit markets, he says. Perhaps Weinstein, the founder of Saba Capital Management, is making some headway on his renovation of that full-floor co-op, or at least we hope so, since he just sold his two-bedroom, 2.5-bath apartment at yet another Fifth Avenue co-op. A real gentleman, adds David DeLucia, a former Goldman Sachs partner and chess opponent. He then formed a proprietary trading group within Deutsche Bank. Institutional Investor declined to agree to the terms. But during the financial crisis, the bill came due. 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.. Franklin Resources agreed to pay $4.5 billion for Legg Mason, which advises more than two dozen CEFs via its Western Asset Management subsidiaries. Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole. 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. But what Weinstein saw was, he says, crazy.. Some market participants and academics are predicting Weinsteins good times will be short-lived. Last month, BlackRock announced it would merge the two remaining funds into an open-end BlackRock municipal bond fund, eliminating their discounts. Bloomberg the Company & Its Products. for giving new life to the righteous! Mr. Weinstein founded Saba in 2009 as a lift . [38], Weinstein is the founder of the Success Academy Charter Schools of Harlem 6 and Bensonhurst. Here, in socially distanced splendor, Boaz Weinstein is printing money. The result? After a UK Documentary Revealed Abuses, Shein Says it Will Spend $15 Million Improving Labor Conditions, Governor Hochul Vetoes Bill Banning Non-Essential NYC Helicopter Flights, For an Exotic Diving Getaway, Find Your Way to a Blue Hole. [14] When Weinstein had begun working at Deutsche Bank, J.P. Morgan was the only other major bank trading in CDS and only a few trades a day occurred in the market. Both you and your investors need to have a little patience, Sunderam says about such strategies. Boaz Weinstein Reveals the Secret Trade That Helped Make Him Famous The Saba Capital Management founder talks about the little-known deal that showed him how to take on JPMorgan's chief. Back in 2011, Boaz Weinstein was riding the rollicking waves of the financial markets, looking for juicy credit default swap trades to sweep up in his net, when the captain of the S.S. Saba. Whats less known is that he went back to retrieve the prized Italian automobile the next year after finally getting a drivers license. Access your favorite topics in a personalized feed while you're on the go. 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. He purchased the estate back in 2014 for $11.65M. He says separating the tail-hedge fund from other strategies was a smart move, one validated by recent events. That's because Weinstein has been identified as one of the people that got on the other side of JP Morgan's disastrous $2 billion trading loss earlier this year. According to the report, the property was purchased under a company, Taisho Holdings Inc. Weinstein purchased the estate for $11.65 million in 2014. There are no term limits for DAs in New York, and the Manhattan office is especially famous for the longevity of its chief prosecutors. [20] Saba reportedly lost as much as $1.8 billion in 2008, Weinstein's only losing year out of his eleven years at Deutsche Bank. 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. Text. Instead of picking a typical Wall Streeter's major such as finance or economics, Weinstein decided to major in Philosophy. The fund was recognized by AR Magazine and Weinstein was ranked No. [6] At the age of sixteen, he was ranked as a Life Master by the United States Chess Federation[7] and was third in the US for his age group. For just the first two weeks of March, the flagship Saba Capital Master Fund spiked 33 percent, according to a note sent to investors that was reviewed by Institutional Investor. After college graduation, Weinstein headed to Merrill Lynch in 1995 and two years later to Donaldson, Lufkin & Jenrette. The popularity of one swap benchmark the CDX High Yield index is to blame, he says. He had become interested in blackjack since the early 1990s and learned card counting after reading Edward O. Thorp's Beat the Dealer. [2] Weinstein's investment strategy proved fruitful again during the chaos created by the 2020 stock market crash. He made a similar trade in 2005 with General Motors by selling protection on the company's debt using a CDS and at the same time hedging his position by shorting the company's shares. [8][9] At 15 years old, he began working as an intern at Merrill Lynch, after school and during the summer. In an interview, Weinstein said he made a point of giving Israelis applying for positions ample consideration. Description. Every market crisis vanquishes a swarm of speculators. , Bloomberg. Boaz Weinstein is an American hedge fund manager and founder of Saba Capital Management. 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. He was clearly one of the young star traders.. He once played in a blackjack tournament with Warren Buffet in 2005. This digital outreach included an online push poll that purported to be nonpartisan while misrepresenting rival candidate Alvin Braggs record and campaign platform. The fall of Boaz Weinstein, once one of Wall Street's hottest . Because the Franklin purchase represents a change of control, the CEFs investment advisory contracts are subject to renewal by a plurality of shareholders, according to the funds bylaws. He and his wife recently bought one of the three Upper East Side apartments owned by the late reclusive copper heiress Huguette Clark. ET First Published: July 28, 2020 at 8:39 a.m. Its not that we foresaw this human tragedy.. 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. [4][6] He attended the University of Michigan and graduated in 1995 with a degree in philosophy. And Gothamist uncovered that among her donors are a number of finance and real estate heavyweights. Born in Iran to a Jewish family, Farhadian Weinstein came to the United States as a refugee in 1979. 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. It has been a few years since hedge fund manager Boaz Weinstein bought the penthouse where notoriously reclusive heiress Huguette Clark resided. Farhadian Weinstein is in a strong position as she enters the race given that she can self-fund her campaign. 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. The broad outlines of Weinsteins meteoric rise and subsequent stumbles are well known on Wall Street. 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. In poker you develop a style that works. Las Vegass Bellagio casino banned him as a card counter. Saba Capital Management, Boaz Weinstein's white-hot credit hedge fund, is holding a Wall Street merger hostage . Its an enormous amount of money to spend on a local DA race and it [seems like shes] trying to buy justice, the director of Common Cause New York, a watchdog organization, told Gothamist. [35] His philanthropy has focused on public school education, New York City, and Jewish causes. Hedge fund manager beats peers after waiting years for turmoil, Markets are in unstable place with big dislocations, he says. The VIX, the so-called fear gauge of the S&P 500 index, already has dropped to less than 25 from more than 80 in March. Or will they demand change? [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, 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. 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. In two of the years that the Weinsteins paid zero federal income tax, 2017 and 2015, their returns show millions in business losses. Every day is a year, he says. [33] In 2022, Saba was the winner of the Best Credit Relative Value Fund over 500m by HFM's U.S. 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. His latest transaction got him out of his homes in . The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. 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 He is from United States. Farhadian Weinstein has emerged as a relative moderate among her seven opponents in the June 22 Democratic primary. Eine andere -Site. Performance Awards and the 2020 winner of the Best Credit Fund Over $1 Billion by HFMs U.S. And all of them, to varying degrees, have sought to position themselves as progressive or reform-minded alternatives to a [], A journal of theory and strategy published by Jacobin, Meet Tali Farhadian Weinstein, the Millionaire Trying to Buy the Manhattan DAs Office, Taking Back Left Parties From the Brahmins, underperforming conviction integrity unit, $25.5 million Fifth Avenue apartment and a $13 million summerhouse, The Manhattan DA Race Could Be a Disaster for the Left, Janos Marton: The Criminal Justice System in New York City Is Rotten, We Need Electoral Reform and a Whole Lot More. [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. Many of Weinsteins trades revolve around credit-default swaps, a sort of insurance policy that pays out if a borrower defaults, and which hes been trading since his Deutsche Bank days.As the Feds actions have inflated prices on some junk bonds, hes turned to selling the CDS of investment-grade companies like AT&T Inc. and Verizon Communications Inc., and buying those of high-yield names including Devon Energy Corp. and Targa Resources Corp. Hes been profiting on companies whose stocks and bonds tell contradictory stories. Weinstein took the opposite position when AOL Time Warner's stock dropped around the same period. His CDS trading flourished during the most volatile periods, including the 200001 California electricity crisis, 2001 Enron scandal, and 2002 WorldCom scandal. 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. (Because district attorney is a state position, not a municipal one, ranked-choice voting wont apply in this race.) Dont expend too much energy speculating on outcomes for the Saba trader. Maybe Weinstein, who was declared a chess master at age 16 and won a Maserati competing in a poker tournament that was sponsored by Warren Buffetts Berkshire Hathaway, will have a new theme for the areas that were previously dedicated to the dolls. Tali Farimah Farhadian Weinstein (born in 1975 or 1976), [1] is an American attorney, professor, and politician. The desk lost $1.8 billion of its $10 billion in allotted capital in 2008. It was not then about Covid, he emphasizes. Under Review. While the market was collapsing, Weinstein says he focused on the chaos in front of him. 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. No matter, Weinstein has (finally) said farewell to his 16th floor home at 870 Fifth Avenuehe and his wife,Tali (shes an attorney with the US Department of Justice), have been trying to offload the place since 2014. Weinstein worked at Goldman for three summers. Another, more lucrative area of focus: blackjack, whose mathematical probabilities played to Weinsteins strengths. He told YNetNews that he loved reading Aristotle, David Hume and Ren Descartes. A Deutsche Bank colleague goaded Weinstein into playing a chess game with a handicap: sitting with his back to his board. Yet Weinstein said hes not afraid. Here, in socially distanced splendor, Boaz Weinstein is printing money. By 16 he was a chess master, and at just 27 a managing director at Deutsche Bank AG. In 2012, he funded the renovation of the school's library. But elites had other plans. Photographer: David Paul Morris/Bloomberg, Hedge fund manager beats peers after waiting years for turmoil, Markets are in unstable place with big dislocations, he says. (Cyrus Vance, who has served as Manhattan DA since 2010, is not seeking reelection.). 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? Weinstein foresees more turbulence. He ended up making the most money and for winning the competition he got to visit the historic New York Stock Exchange where he gave a speech in front of senior members in one of the boardrooms. The forces behind the fixed-income dislocations that proved so profitable for Saba are not complicated, Weinstein says. When Weinstein was eighteen years old, he had trouble landing a summer job at Goldman Sachs where his sister Ilana worked. Harvey Weinstein has sold his Amagansett home on Broadview Road for $10 million, reports 27east. and it would be Weinstein's job to look it up. [4] Saba Capital Management was declared Hedge Fund of the Year by Risk.Net's Risk Awards in 2021,[32] the 2020 winner of the best Multi-Strategy Credit Fund by AltCredits U.S. 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. [21] By January 2009, it had regained about $600 million. On February 12, the companys benchmark bonds, then rated BB by S&P, were trading at just 0.22 percent, or 22 basis points, above Treasuries. Deutsche Bank was interested in expanding its operations in the CDS market having just acquired Bankers Trust, the firm that created credit default swaps in the early 1990s. Saba has proven pretty nimble.. Boaz Weinstein (born 1973) is an American hedge fund manager and founder of Saba Capital Management. Jim Chanos cashed in as Enron Corp. unraveled during the dot-com collapse of the early 2000s. Our new issue on nationalism is out now. By Katherine Burton and Sridhar Natarajan. Key Words Boaz Weinstein is sitting on a 90% return in his hedge fund and is betting on more Last Updated: July 28, 2020 at 8:42 a.m. Hes been doing such trades with Staples, Rite Aid Corp. and Macys. He has an older sister, Ilana. [4], Weinstein first enrolled in a chess workshop at the age of five. Weinstein cites an unlikely culprit for such trends: ex-European Central Bank president Mario Draghi. Boaz Weinstein's New York hedge fund Saba Capital is embroiled in separate fights with BlackRock and Neuberger as well as a major law firm over the obscure mechanics of closed-end fund boards. Weinstein began trading floating rate notes bonds with variable interest rates just as the credit derivatives market was gaining popularity on Wall Street, significantly changing how the finance industry operated. A $46.5 million publicly traded ETF also employs the CEF strategy. Vance served just three terms. Saba lobbied for action to reduce the discount and proposed its own slate of directors to do so. Click the AdBlock Plus button on your browser and select Enabled on this site. Tali Farhadian Weinstein announced her candidacy for Manhattan district attorney in July 2020, joining a crowded field of candidates for the June 22 primary. Steve Cohens hedge fund and Bill Ackman also have entrusted money to him this year.Weinstein has been laying low as his wife, Tali, has been spending more time in New York City, preparing a run for the powerful Manhattan district attorneys office. Boaz Weinstein's income source is mostly from being a successful . Already on our list? 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. 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. By late May, Sabres bonds traded at 700 basis points above Treasuries, Weinstein says, though they have since tightened somewhat. The disgraced movie mogul, 65, and his soon-to-be-ex wife Georgina Chapman, 41 . Boaz Weinstein is the founder and Chief Investment Officer of Saba. Tali Farhadian Weinstein announced her candidacy for Manhattan district attorney in July 2020, joining a crowded field of candidates for the June 22 primary. Banks, historically buyers of high-yield protection, have scrambled to lower their risk profiles in the era of re-regulation. Failing that, the agreements will lapse, and the funds will almost certainly have to liquidate at NAV. 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. He also led a proprietary trading desk named Saba, after his grandfather. Every week theres a default or missed payment, he says. Weinsteins fame is such that Adi Sunderam, an associate professor of finance at Harvard Business School, has written a case study on Saba. At least eight other contenders have jockeyed for attention since last summer. The information you requested is not available at this time, please check back again soon. Nationalism, the new issue of Jacobin is out now. 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. Tax evasion, money laundering, and real estate cases of national and global import all fall under the purview of the Manhattan office.. 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. Fancy foyer. Hes Not Happy That You Know About It. Musk Made a Mess at Twitter. Tali Farhadian Weinstein (Courtesy) He rose to prominence at Deutsche Bank in the early and mid 2000s with his credit default swap and capital structure arbitrage trading strategies. If elected, the candidate would be the first woman and the first immigrant to . As Ross Barkan wrote in Jacobin last month, The problem with Farhadian Weinstein raising so much from Wall Street is that the Manhattan DA is the preeminent investigator, along with the US Attorney for the Southern District of New York, of white-collar crime in America. Saba began buying the inexpensive CDSs, which are insurance against defaults, on some of the junk-rated companies. His in-laws have been living with him since he moved to his Long Island base. Hedge fund manager Boaz Weinstein, the founder of Saba Capital, has garnered a lot of attention in the last couple of months. as well as other partner offers and accept our, He grew up in the Upper West Side of Manhattan and attended, They paid $25.5 million for Clark's apartment on the top floor (the 12th) at 907 Fifth Avenue overlooking Central Park. 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. In 2000, at age 27, Weinstein became the youngest-ever Deutsche managing director. As ambulance sirens wailed and the corpses mounted in makeshift morgues and trailers across New York City, the profits from Sabas trade just climbed and climbed. But Kynikos Associates Chanos, who testified before the U.S. Senate about market reforms, continues to successfully target frauds, fads, and bubbles. ET At Saba, Mr. Weinstein leads a team of 41 professionals, with the senior investment team having worked together for fifteen years. The tail-risk funds come in two varieties: the original and a carry neutral version. Paul Kazarian joined Saba in March 2013 and is a portfolio manager who focuses on the Closed-End Fund and Exchanged Traded Fund strategies. Like the chess master he is, Weinstein is already plotting several moves ahead. Nevertheless, the trade would arguably be the greatest of Weinsteins fabled career.
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