Wednesday, 6 May 2015
Last updated 21 hours ago
Oct 4 2007 | 12:21pm ET
For hedge funds burned by the subprime slide, the disaster was the market equivalent of an act of God: It simply could not be foreseen. But one aptly named hedge fund foresaw, and is profiting handsomely.
Harbinger Capital Partners' bets against subprime mortgages were rewarded as one of its hedge funds has doubled in value, while another has managed a more modest 65% year-to-date return. Its eponymous $11 billion flagship added 5.4% in September is up 65% through last month, Bloomberg News reports, and its $2.5 billion Special Situations Fund has enjoyed even greater success, with September’s 9.9% return bringing its year-to-date to over 100%.
In addition to shorting subprime at the right time, the firm credited a bullish commodities market for the returns.
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…