Wednesday, 24 August 2016
Last updated 57 sec ago
Feb 4 2008 | 12:54am ET
Subprime mortgage-backed bonds have not been good to high-living hedge fund manager John Devaney. But in spite 30%-plus losses last year, Devaney is going to try, try, try again.
The United Capital Markets Asset Management chief said it’s time to buy subprime-backed bonds again. The collapse of the subprime market, which forced Devaney to restrict redemptions in his Horizon ABS Fund, has made them a bargain; some are selling for as little as 10 cents on the dollar.
“Just because I lost money doesn’t mean I will quit, no way,” Devaney told Bloomberg News. “Prices have collapsed and this is the best opportunity I’ve seen in my career.”
The losses last year hit Devaney hard. He was forced to sell his 142-foot yacht and his private jet.