Up & Down the Street
If you’re a fan of magic, one of the most enjoyable evenings available in New York City is a wonderful little show put on by one Steve Cohen out of a suite at the Waldorf Astoria several evenings a week. Mr. Cohen, known as “the millionaires’ magician,” thrills with sleight of hand and a witty banter that evokes the old-school parlor magicians of yore. But the highlight of his show is a segment in which he tells members of the audience things about themselves that he really shouldn’t know. Go see for yourself; it’s mind-boggling. Mr. Cohen has made quite a career out of his talent—he even had a special on the History Channel last week—but he may be in the wrong line of work.
See, there’s another man named Steve Cohen who has also made quite a career out of seemingly knowing things he shouldn’t know. Call him “the billionnaire magician.”
Eat My Shorts
David Einhorn, everyone’s favorite short seller (well, not everyone), said he was shorting Martin Marietta Materials at the Ira Sohn Conference today, and the producer of construction materials promptly dropped 8.3 percent. Over at the other end of the Nasdaq, Herbalife surged, presumably on news that Mr. Einhorn had not presented an argument Read More
On the rare occasion that New Yorkers talk about farming, it’s usually something along the lines of what sort of organic kale to plant in the vanity garden at the second house in the Adirondacks. But on a recent afternoon, The Observer had a conversation of a different sort about agricultural pursuits with a hedge fund manager he’d Read More
To refresh your memory, Donald Longueuil is a former speed skater whose (ex?) friend, Noah Freeman, secretly pleaded guilty to insider trading and then became a government informant. The government wired up Mr. Freeman to collect electronic evidence of Mr. Longueuil destroying electronic evidence, something Mr. Longueuil did with vigor when news of Read More
“I want to have one of the great investment records of all time, why not?” Bill Ackman, founder of hedge fund Pershing Square Capital Management said nonchalantly over breakfast one Saturday in early April.
He had just come from two hours of tennis on Randall’s Island, still in his sweat-stained black nylon warm-up pants, for Read More
At a pun-filled press conference in lower Manhattan today, the details of the government’s insider trading charges against Chip Skowron were set forth by Manhattan U.S. Attorney Preet Bharara, who reassured Wall Street that there’s still no end in sight to the government’s wide-reaching crackdown.
“I wish I could say that we were just about Read More
Wall Street was beginning to forget about Joseph “Chip” Skowron III, who after being investigated for insider trading last November seemed to have managed to avoid the arrests that have ensnared the rest of Wall Street. Then the news broke that he’d turned himself into the FBI.
Dr. Skowron left a residency at Read More
More than ten years after closing Tiger Management LLC, Julian Robertson is back! The famous hedge fund manager, who once averaged annual returns of 30 percent and had more than $20 billion in assets under management, has started the Tiger Accelerator Fund to seed the enterprises of young hedge fund talent. One such talent is Read More
Three men arrested in December during the authorities’ wild crackdown on insider trading have been granted bail. Walter Shimoon, James Fleishman and Mark Longoria, all arrested on Dec. 16, but were set free today by U.S. Magistrate Judge James Francis. Mr. Shimoon carried a bounty of $150,000 and Mr. Longoria a relative pittance of $50,000. Read More
In a time when hedge funds face regulatory scrutiny and investor ire, David Tepper of Appaloosa Management is trying a softer customer-service policy. The New York Times reports that Mr. Tepper is allowing his clients an early exit from his Thoroughbred Fund. Why would a fund manager do this when it has practically become Read More