3 ms·
If it's any consolation, while he'll still be very rich, he's certainly much less rich now than he was 10 years ago. His ESL Hedge Fund has dropped 80% in valu
by nostromo 8y ago
If it's any consolation, while he'll still be very rich, he's certainly much less rich now than he was 10 years ago.
His ESL Hedge Fund has dropped 80% in value from its peak in 2006 to 2016, and has almost certainly fallen more since then.
https://www.businessinsider.com/sears-obsession-with-wall-street-2016-3 https://www.businessinsider.com/sears-obsession-with-wall-st...
- pishpash 8y agoIs the hedge fund his own money? If not the loss is on investors, say your pension funds, endowments, or whatever.
- deleted 8y ago[deleted]
- vkou 8y agoFrom the sounds of it, his fund may have lost money, but his other ventures may have profited from his looting of Sears. The other investors may be losing out, but he's coming out ahead. Am I mistaken in this?
- gammateam 8y agoHis Hedge Fund bought a bunch of Sears debt and he took an activist investment which meant becoming CEO of Sears, in order to make his investment valuable. Note: this is what Warren Buffett did several times, with massive leverage, to make his riches before he became the baby boomer conservative investment guru. Sears just happens to be a household name that is getting a lot of discerning eyes on it.
- deleted 8y ago[deleted]
- refurb 8y agoHedge funds make money not only on gains but also on fees. Even if the fund goes down, he’s making fees.
- gruez 8y ago>His ESL Hedge Fund has dropped 80% in value from its peak in 2006 to 2016, and has almost certainly fallen more since then. this statement is kind of misleading because "value" means NAV, not actual losses. it could very well be that the fund neither made or lost money, but 80% of the investors pulled out.