Lessons-From-The-Trading-Greats
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Endowments and Funds As of June 30, 2010
2009-2010 Contributors E ND O W M E N TS A ND FUNDS Many donors choose to establish named endowments or funds, which provide critical support for productions and projects in general or specific program areas. They also offer special recognition opportunities. The following is a list of named endowments and funds as of June 30, 2010. The Vincent Astor Endowment for Literacy Programming The Arlene and Milton D. Berkman Philanthropic Fund Lillian and H. Huber Boscowitz Arts and Humanities Endowment The Aron Bromberg / Abe Raskin Partners Fund Irving Caesar Lifetime Trust for Music Programming The Joanne Toor Cummings Endowment for Children’s Programming FJC – A Foundation of Philanthropic Funds The Rita and Herbert Z. Gold Fund for Children’s Programming The Lillian Goldman Programming Endowment The M.J. Harrison/Rutgers University Broadcast Fellowship Program The Robert and Harriet Heilbrunn Programming Endowment The JLS/RAS Foundation Endowed Income Fund The John Daghlian Kazanjian Endowment The Anna-Maria and Stephen Kellen Arts Fund The Bernard Kiefson Endowment for Nature Programming The Reginald F. Lewis Endowment for Minority Fellowship Programs The Frits and Rita Markus Endowment for Science and Nature Programming The Abby R. Mauzé Endowment Fund for Arts and Humanities Programming The George Leonard Mitchell Fund The Henry and Lucy Moses Endowment for Children’s Programming The Abby and George O’Neill Program Endowment Fund The George Page Endowment for Science and Nature Programming The Dr. Edward A. Raymond Endowment for Science and Nature Programming Dr. Helen Rehr Endowment for Education and Outreach Blanchette Hooker Rockefeller Fund Endowment for Humanities Programming May and Samuel Rudin Family Foundation Minority Fellowship Program The Dorothy Schiff Endowment for News and Public Affairs Programming The Hubert J. -
Insider Monkey HF Newsletter
Q3 2012 Issue:2 Inside This Issue 1 Why Track Hedge Funds 3 22 Billionaire Fund Managers 47 Most Popular Stocks Among Hedge Funds 54 Least Popular Stocks Among Hedge Funds 57 15 Picks by Insider Monkey’s Secret Strategy 57 15 Stocks That are Dumped by Hedge Funds 58 In-depth Look: Stock 1 59 In-depth Look: Stock 2 61 In-depth Look: Stock 3 63 In-depth Look: Stock 4 64 In-depth Look: Stock 5 65 In-depth Look: Stock 6 Don’t pay hedge funds hefty fees when you can buy the best stock picks of best hedge fund managers at a fraction of what they charge A Gift To You From Insider Monkey Please enjoy the first half of our newsletter, as a gift from us to you. In it you'll find extensive analytical discussions on the nation's best hedge fund managers. If you like what you see, you have a few options to get more and better information. Become a Newsletter Subscriber and access to our two strategies' stock picks. Here's what the subscribers of the newsletter fared with the picks from last quarter: The Small Cap Strategy gained an average of 4.2% between the end of August and November 16th. During the same time period S&P 500 index ETF (SPY) lost 2.9%. Our “Secret” strategy lost an average of 0.9%, also beating the SPY by 2 percentage points. The real value in the newsletter lies in the stock picks of the two investment strategies developed by our Ph.D. -
Michael Steinhardt's 1991 Corner of the U.S. Treasury Market
Click here for Full Issue of EIR Volume 29, Number 30, August 9, 2002 nightmare of today’s. Some 40% of Brazil’s trillion-dollar domestic public debt is now dollarized. That means that every time the real devalues, Brazil’s debt increases. By Bloomberg News Service’s calculation, every percentage Michael Steinhardt’s point devaluation increases Brazil’s government debt by $1.4 billion. To see the absurdity of the situation, consider 1991 Corner of the that on July 29 alone, the run on the real due to panic about Brazil’s ability to pay its debt, increased Brazil’s debt by a whopping $7.56 billion, without the country receiving a U.S. Treasury Market single loan. by Richard Freeman Capital Controls Now! In this situation, the fixation on getting another $10-20 In 1991, Michael Steinhardt, in coordination with Salomon billion in new money from the IMF is ludicrous. It cannot Brothers, conducted one of the biggest corners of the U.S. solve the problem, even temporarily. And, given the IMF’s Treasury market in U.S. history, turning America’s sovereign conditionality, that all the candidates in the October 2002 debt into a speculative plaything. It was an attack on the sover- Presidential race sign on to any agreement the Cardoso gov- eignty of the United States. ernment might reach with the IMF, a new bailout is not likely Steinhardt is the son of the notorious Sol “Red” Stein- to come quickly, if at all. hardt, a leading figure in the Meyer Lanksy National Crime Brazil’s debt is unpayable, and everyone in the know, Syndicate (see “The Real Scandal: McCain and Lieberman,” knows this, and is planning accordingly. -
I Hedge Fund Basics
ccc_strachman_ch01_9-44.qxd 6/15/05 12:03 PM Page 9 1Chapter Hedge Fund Basics or the better part of the past twenty years, the only time the press mentioned hedge funds was when one blew up or some Fsort of crisis hit one of the world’s many markets. All that changed in the late summer of 1998. The currency crisis in Asia spread to Russia, then crept into Europe, and finally hit the shores of the United States in mid-July and early August. Many who follow the markets assumed that things were bad and were going to stay that way for a very long time. And of course the first people who were looked at when the volatility hit was the hedge fund community. Although no one knew for sure what was going on and who and how much was lost, one thing was clear: Many of the most famous hedge funds were in trouble. After COPYRIGHTEDweeks of speculation and rumors, MATERIAL the market finally heard the truth: The world’s “greatest investor” and his colleagues had made a mistake. At a little before 4 P.M. eastern standard time (EST) on Wednesday, August 26, Stanley Druckenmiller made the an- nouncement on CNBC in a matter-of-fact way: The Soros organiza- tion, in particular its flagship hedge fund, the Quantum Fund, had lost more than $2 billion in recent weeks in the wake of the currency 9 ccc_strachman_ch01_9-44.qxd 6/15/05 12:03 PM Page 10 10 HEDGE FUND BASICS crisis in Russia. The fund had invested heavily in the Russian mar- kets and the trades had gone against them. -
Triδngulated Research, LLC
TriΔngulated Research, LLC www.triinv.com [email protected] THE GREATEST MONEYMAKING MACHINE IN HISTORY A Longitudinal Study of the Trading Methods of Stan Druckenmiller By George Coyle 1 Contents • Introduction: 3 • Caveats: 4 • Soros Similarities: 6 • Risk Management: 8 • Trend Following: 10 • Summary/Back to the Top: 12 • Philosophy: 13 • Technical Analysis/Fundamental Analysis/Liquidity: 15 • Hot/Cold: 16 • Developing a Thesis: 17 • Druckenmiller’s Specific Indicators: 19 • Other Pertinent Information: 20 • Taking a Position: 21 • Position Sizing: 22 • Difficult Periods: 23 • What Makes a Great Trader: 24 • Conclusion: 25 • Bibliography: 26 • About Me: 27 WWW.TRIINV.COM 2 Introduction Stan Druckenmiller is one of the greatest traders ever. In speaking about him, notable hedge fund manager Scott Bessent once said, “Stan Druckenmiller may be the greatest moneymaking machine in history” providing the title for this paper. In the name of brevity, I will cut to the chase here and say that Druckenmiller is a must if researching great traders. The goal of this paper is to decipher those things from Druckenmiller’s tool kit that can be used to increase the odds of successful investing and trading. Few quick notes, I abbreviate Stan Druckenmiller as “SD” at times throughout this paper. I also use the terms trader and investor interchangeably and intend for these terms to indicate someone attempting to make a profit in liquid markets. WWW.TRIINV.COM 3 Caveats In recent years, Druckenmiller has publicly stated he had to change his strategy (from the one he used to produce the legendary returns) as his former methods to earn his outstanding returns were no longer working as well. -
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT of NEW YORK SECURITIES INVESTOR PROTECTION CORPORATION, Adv
09-01182-smb Doc 294 Filed 11/25/15 Entered 11/25/15 13:10:48 Main Document Pg 1 of 7 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES INVESTOR PROTECTION CORPORATION, Adv. Pro. No. 08-01789 (SMB) Plaintiff-Applicant, SIPA LIQUIDATION v. (Substantively Consolidated) BERNARD L. MADOFF INVESTMENT SECURITIES LLC, Defendant. In re: BERNARD L. MADOFF Debtor, IRVING H. PICARD, Trustee for the Liquidation of Adv. Pro. No. 09-1182 (SMB) Bernard L. Madoff Investment Securities LLC, Plaintiff, v. J. EZRA MERKIN, GABRIEL CAPITAL, L.P., ARIEL FUND LTD., ASCOT PARTNERS, L.P., GABRIEL CAPITAL CORPORATION, Defendants. DECLARATION OF DR. STEVE POMERANTZ 09-01182-smb Doc 294 Filed 11/25/15 Entered 11/25/15 13:10:48 Main Document Pg 2 of 7 I, Steve Pomerantz, hereby declare, under penalty of perjury: 1. I am president of Steve Pomerantz LLC, an economic and financial consulting firm located in New York, NY, where I provide economic and investment management consulting, economic damage assessment and litigation support. 2. I was retained in this matter by Irving H. Picard, Trustee (“Trustee”) for the substantively consolidated liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”) under the Securities Investor Protection Act (“SIPA”), 15 U.S.C. §§ 78aaa et seq., and the estate of Bernard L. Madoff (“Madoff”) and by Baker & Hostetler, LLP (“Baker”), counsel for the Trustee.1 Attached as Exhibit 1 is a true and correct copy of my Initial Expert Report and certain appendices dated March 20, 2015, and submitted to Defendants on or about March 20, 2015 (and a corrected version submitted on April 13, 2015) (the “Expert Report”).2 Attached as Exhibit 9(a) to the Declaration of Neil A. -
DEFENDING AGAINST a DECLINING DOLLAR Has the US Dollar Bear Emerged from Hibernation?
DEFENDING AGAINST A DECLINING DOLLAR Has the US dollar bear emerged from hibernation? April 2021 1 www.saturna.com About Saturna Capital Saturna Capital, manager of the Amana, Saturna Sustainable, Sextant, and Idaho Tax-Exempt Funds, uses years of investment experience to aid investors in navigating today’s volatile markets. Founded in 1989 by professionals with extensive experience, Saturna has helped individuals and institutions build wealth, earn income, and preserve capital. We are long-term, values-based, and socially responsible investors. We view consideration of environmental, social, and governance (ESG) factors as essential in forming portfolios of high-quality companies that are better positioned to reduce risk and identify opportunities. We believe that companies proactively managing business risks related to ESG issues make better contributions to the global economy and are more resilient. At Saturna, we believe in making your investment dollars work hard for you and that your interests always come first. Saturna strives to not only offer the best investment opportunities from mutual funds to IRAs, but to match those sound investments with superior customer service. About Saturna Sdn. Bhd. Saturna Sdn. Bhd. is the wholly-owned Malaysian subsidiary of Saturna Capital Corporation, resulting from the 2010 purchase by Saturna Capital of Alpha Asset Management located in Kuala Lumpur. Saturna Sdn Bhd holds an Islamic Fund Management Licence (IFML) with the Malaysian Securities Commission. Saturna is the first conventional asset manager to be converted to an Islamic asset manager. Please consider an investment’s objectives, risks, charges, and expenses carefully before investing. To obtain this and other important information about the Amana, Sextant, Idaho Tax-Exempt, and Saturna Sustainable Funds in a current prospectus or summary prospectus, please visit www.saturna.com or call toll free 1-800-728-8762. -
Famous Traders Quotes
Famous Traders Quotes “There is another old saying: “you can never go broke taking a profit.” The Turtles would not agree with this statement. Getting out of winning positions too early, i.e. “taking a profit” too early, is one of the most common mistakes when trading trend following systems.” “Prices never go straight up; therefore it is necessary to let the prices go against you if you are going to ride a trend. Early in a trend this can often mean watching decent profits of 10% to 30% fade to a small loss. In the middle of a trend, it might mean watching a profit of 80% to 100% drop by 30% to 40%. The temptation to lighten the position to “lock in profits” can be very great.” Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake. -Michael Steinhardt I advise you to always use stops. I mean actually put them in, because that commits you to get out at a certain point. Another thing is that if a position doesn't feel right as soon as you put it on, don't be embarrassed to change your mind and get right out. -Michael Marcus I think the leading cause of financial disablement is the belief that you can rely on the experts to help you. Investing requires an intense personal involvement. -Michael Marcus Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he’s not going to take a patient’s temperature. -
Paul Moinester
THE MAGAZINE OF MEMPHIS UNIVERSITY SCHOOL | WINTER 2014 Hedging Bets on African Ecotourism Marketing the Great Outdoors with Upgrades Translating Memphis Beat Into Words Mr. Russell Bids Farewell FISH TALE Paul Moinester ’04 Embarks on North American Angling Odyssey In 2002 Paul Tudor Jones II ’72 established a 99-year lease with the Tanzanian government to protect the 350,000-acre Grumeti Reserves, part of the Serengeti Mara ecosystem. In association with the conservation-conscious, luxury hospitality company Singita, the project has generated high-end, low-impact ecotourism that is helping to preserve native habitats and wildlife, create jobs, and develop sustainable programs for local communities. Read about Jones’ Africa efforts on page 14. MUS TODAY contents Memphis University School Founded 1893 FEATURES Writing in Tune with the Memphis Beat MISSION STATEMENT 6 Memphis University School is a college- A Journey of a Thousand Fishes preparatory school dedicated to academic 10 excellence, cultivation of service and leadership, and the development of The Promise and Payoff of African Ecotourism well-rounded young men of strong moral 14 character, consistent with the school’s Boyle Celebrates 80 Years Christian tradition. 18 HEADMASTER Great Outdoors Gets Upscale Makeover Ellis L. Haguewood 20 Living Expatriate Life in Hong Kong BOARD OF TRUSTEES 23 Samuel N. Graham II ’80, Chairman Gary K. Wunderlich, Jr. ’88, Expanding the Art of Gunsmithing Vice Chairman 24 D. Stephen Morrow ’71, Treasurer Banker Finds His Cadence W. Thomas Hutton ’61, Secretary 26 R. Louis Adams ’70 James F. Burnett ’83 Duncan-Williams’ Friendly Rivals Suki S. Carson 27 Glenn A. -
For the Wealthiest, a Private Tax System That Saves Them Billions
For the Wealthiest, a Private Tax System That Saves Them Billions The very richest are able to quietly shape tax policy that will allow them to shield billions in income. By NOAM SCHEIBER and PATRICIA COHEN DEC. 29, 2015 SOURCE: http://www.nytimes.com/2015/12/30/business/economy/for-the-wealthiest-private-tax-system-saves-them-billions.html WASHINGTON — The hedge fund magnates Daniel S. Loeb, Louis Moore Bacon and Steven A. Cohen have much in common. They have managed billions of dollars in capital, earning vast fortunes. They have invested large sums in art — and millions more in political candidates. Moreover, each has exploited an esoteric tax loophole that saved them millions in taxes. The trick? Route the money to Bermuda and back. With inequality at its highest levels in nearly a century and public debate rising over whether the government should respond to it through higher taxes on the wealthy, the very richest Americans have financed a sophisticated and astonishingly effective apparatus for shielding their fortunes. Some call it the “income defense industry,” consisting of a high-priced phalanx of lawyers, estate planners, lobbyists and anti-tax activists who exploit and defend a dizzying array of tax maneuvers, virtually none of them available to taxpayers of more modest means. Daniel S. Loeb, shown with his wife, Margaret, runs the $17 billion Third Point hedge fund. Mr. Loeb, who has owned a home in East Hampton, has contributed to Jeb Bush’s super PAC and given $1 million to the American Unity Super PAC, which supports gay rights. -
A N N U a L R E P O R T 2 0
ANNUAL REPORT 2015 GOVERNANCE BOARD OF DIRECTORS EMERITUS BOARD HOUSING ADVISORY BOARD David Einhorn, Chair Lloyd Blankfein Adam Flatto, Co-Chair Anne Dinning, Vice Chair Tom Brokaw Richard Mack, Co-Chair Larry Robbins, Vice Chair Richard Chilton Emanuel Stern, Co-Chair Lee S. Ainslie III Steven A. Cohen Priscilla Almodovar Laura Arnold Stan Druckenmiller Jeff Blau Jacklyn Bezos Julius Gaudio David Edelstein Victoria B. Bjorklund, Esq. Marie-Josée Kravis Ingrid Gould Ellen Emma Bloomberg Ken Langone Lloyd Goldman Scott Bommer Mary McCormick Jonathan Mechanic Peter F. Borish Lachlan Murdoch Ron Moelis Geoffrey Canada Gwyneth Paltrow Richard Roberts Cecily Carson Diane Sawyer Rob Speyer Katie Couric Jann Wenner Jed Walentas Glenn Dubin Brian Williams Deborah C. Wright Marian Wright Edelman Dirk Ziff Laurence D. Fink Jeff Zucker VETERANS ADVISORY BOARD Roland Fryer Steven A. Cohen, Co-Chair John A. Griffin LEADERSHIP COUNCIL Admiral Michael Mullen, Co-Chair Doug Haynes Cecily Carson, Co-Chair Lloyd Blankfein Jeffrey R. Immelt Craig Nevill-Manning, Co-Chair Tom Brokaw Paul Tudor Jones II, Founder Anthony Bozza Cecily Carson Peter D. Kiernan III Elissa Doyle Anthony Crowell Philippe Laffont Scott Ferguson Eric Greitens Reynold Levy Rachel Jacobellis Doug Haynes Doug Morris Nancy Jarecki Kenneth B. Mehlman Alex Navab Derek Kaufman Wes Moore Daniel S. Och Alex Klabin Doug Morris John Overdeck Kristin Lemkau Deborah Mullen Robert Pittman Eli Manning Joseph H. Reich David Puth Serena Park Moon Jes Staley Alan D. Schwartz Tony Pasquariello Jon Stewart David M. Solomon Purnima Puri Bob Woodruff Jes Staley Jabali Sawicki Barry S. Sternlicht Allen Thorpe ED + TECH ADVISORY BOARD Max Stone Boaz Weinstein John Overdeck, Co-Chair John Sykes David Siegel, Co-Chair David Tepper ADVISORY BOARDS Laura Arrillaga-Andreessen Harvey Weinstein PRIZE ADVISORY BOARD Dan Huttenlocher Paul Tudor Jones II, Chair as of 12/31/15 Bill Ackman Lee S. -
100WHF's 400Th Education Session with Stanley Druckenmiller, Chairman and CEO of Duquesne Family Office
100WHF's 400th Education Session with Stanley Druckenmiller, Chairman and CEO of Duquesne Family Office September 23, 2013 at 6 PM New York Stanley Druckenmiller, former manager of Duquesne Capital Management, an alternative investment fund in operation for 30 years before he closed to outside investors two years ago, shares his insights on generating and maintaining high returns, from an outsider's perspective. Learn his outlook for the US and global markets in 2013- 14. An alumnus of Bowdoin College, he will be interviewed by Paula J. Volent, CFA, Senior Vice President for Investments, Bowdoin College. Participants Stanley F. Druckenmiller, Duquesne Family Office LLC Paula J. Volent, CFA, Bowdoin College Education, one of the three pillars of 100 Women in Hedge Funds, provides opportunities for members to engage in forums and discussions of key market, operations, regulatory and career development issues for participants in the alternative investment industry. 100 Women in Hedge Funds takes the opportunity of the milestone of its 400th Education event to thank the many speakers, event organizers and sponsors who together have contributed to the knowledge base, professionalism and connections between 100WHF members. Event Details Date: September 23, 2013 Time: 5 PM Registration. We will begin promptly at 6 PM; please arrive early. Since it is disruptive to everyone when latecomers enter the session, those arriving after an education session has begun will only be admitted at the discretion of 100WHF and the host. Please note the start time on this invite and plan to arrive early. Host: Citi Location: 399 Park Avenue, 13th floor, between East 53rd and 54th Streets, New York, NY 10022 RSVP: Please refer to your invite If you have any questions about this event, please contact the New York Education committee.