Wednesday, 1 October 2014
Last updated 2 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...