Tuesday, 21 October 2014
Last updated 10 hours ago
Apr 9 2013 | 9:25am ET
Wrestling, part of the Olympic games since their earliest days, will disappear from the modern games in 2020—but not before Fortress Investment Group's Michael Novogratz has his say.
The International Olympic Committee in February voted to remove wrestling from its list of "core sports" and from the 2020 Summer Olympics, which will be held in Istanbul, Turkey, Madrid, Spain, or Tokyo. With the IOC under pressure to cut costs by cutting back on the number of competing athletes, the historic event must now compete with seven other sports—including baseball, squash, karate, sport-climbing, wakeboarding and roller sports—for a spot on the 2020 schedule.
With a final vote set for September, Novogratz, a principal at Fortress and now spokesman for U.S.A. Wrestling, is working hard to raise money to keep wrestling in the Olympics.
"This is now, like, my part-time job," the former Princeton University wrestler told The New York Times. And from his makeshift war room at Fortress' Manhattan headquarters, Novogratz has tapped into a surprising core of wrestling fans on Wall Street to raise $1.2 million of the $3 million they hope to gather to lobby for wrestling.
Among the donors are York Capital Management's James Dinan, whose son is a high-school wrestler and was a waterboy for the U.S. wrestling team at last year's London games; RBC Capital Markets head of global arbitrage Richard Tavoso, a former teammate of Novogratz's at Princeton; Guggenheim Partners president Todd Boehly, a champion high-school wrestler; and American Funds bond manager Andrew Barth, who wrestled at Columbia University.
Tudor Investment Corp.'s Paul Tudor Jones has also given to the cause, although he has no known wrestling ties.
U.S.A. Wrestling has already hired a branding agency, KOM Sports Marketing, and hopes to persuade the International Association of Associated Styles, wrestling's global governing body, to hire consulting firm Teneo Holdings to push for the sport. Novogratz said he hopes the sport's widespread popularity in the Middle East, Central Asia and Japan will serve as major selling points.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...