Saturday, 28 March 2015
Last updated 11 hours ago
Oct 16 2012 | 1:07pm ET
Josh Birnbaum, who helped orchestrate Goldman Sachs’ highly-profitable bets against subprime mortgage-backed bonds, hasn't lost his touch: his hedge fund is reportedly up 30% this year.
The gains by Tilden Park Capital Management were reported to Bloomberg by “a person familiar with the matter."
The $1.1 billion hedge fund was reportedly up 6% in September. Birnbaum refused to comment on the results but told Bloomberg that non-agency U.S. mortgage securities make up the largest portion of his hedge fund's portfolio.
“There’s billions of dollars of bonds trading a week and they are hotly debated by people who trade them,” Birnbaum told Bloomberg. “That produces an opportunity to make money in this space because valuation opinions are vastly different.”
The fund also trades mortgage debt supported by the government, commercial mortgage bonds and asset-backed securities and invests in equities, corporate credit, currencies, interest rates and volatility.
Birnbaum founded Tilden Park in 2008 with a fellow Goldman alumnus, Jeremy Primer, and they began managing capital in 2010.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…