Hedge Fund Manager’s Detroit Goats Sent Packing

Jun 13 2014 | 10:05am ET

Mark Spitznagel’s goats have gone to the slaughter.

The Universa Investments founder last week brought 18 baby goats to graze on vacant, publicly-owned lots in one of Detroit’s hardest-hit neighborhoods. The adorable lawnmowers were there both to combat blight and promote urban farming—and were to be sold to butchers after the summer, with the proceeds going to benefit the Brightmoor neighborhood.

The only problem was that Spitznagel’s Idyll Farms Detroit project hadn’t gotten permission from the city, which quickly ordered the goats off of public land.

Spitznagel appealed the decision, but couldn’t convince Detroit to let the goats stay. The animals were then sold to butchers.

The hedge fund chief appears undeterred, promising to go through official channels to bring the goats back.

“The Brightmoor community believes in urban agriculture as a viable solution and they have the entrepreneurial energy that will survive ineffective bureaucratic rules,” he said.


In Depth

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 
Error

From the current issue of