Fortress: How Dare You Denigrate Our Losses By Calling Them Losses
“I think that the use of the word loss in this case is pejorative and actually not at all accurate,” sniffed [Fortress CEO Wes] Edens to Rashad Fonti, analyst from Citigroup, when the matter of FIG’s...
View ArticleIn Fairness, It Does Mock ‘Sex And The City,’ A Redeeming Factor Not To Be...
There’s an old saying in the alternative-asset management game–when your business is down, the best way to get up is to finance a movie that makes Norbit look good. And if it makes Ed, the film...
View ArticleFortress Makes Sure Someone’s Doing Better Than Cheeseball Rockstars
How’s your PnL looking so far this year? Happy your long dollar position is starting to look good? Or are you annoying your b-school alumni affairs office asking them to post more jobs for experienced...
View ArticleWhat’s In A Name?
Our advice: Avoid investing in funds named for secure buildings or edifices that are expected to resist attacks from barbarian hordes, throngs of Mongolian horsemen that blot out the rolling hills, or...
View ArticleHave Fun Storming The Castle Citadel Fortress
Continuing the theme that funds named for fixed emplacements are dangerous investments (we think the marketing types are over-compensating for their poor risk-mitigation expertise) Fortress Investment...
View ArticleWould You Give $50 Million To This Man?
What do you do when maintaining the artifice of your series of fraudulent transactions is threatened by the credit crunch? Why, impersonate a pension fund lawyer and get $50 million from Fortress, of...
View ArticlePatton Could Have Told You
Don’t say we didn’t warn you. Fortress has given a nice little 96% bath to investors in its IPO and has blocked redemptions. Two years after commissioning the ski lift, Edens, 47, finds himself staring...
View ArticleMovement From The Fixed Fortifications
Can it be? Could they pull it out of the fire? Fortress blocked redemptions from its flagship Drawbridge Global Macro Fund in December, telling investors at the time that they would get 72% of their...
View ArticleMore CMBS For The Masses
The salad days for CMBS are back! Just a couple weeks after the first commercial mortgage-backed securities deal in a year went down, two more are on their way. It’s like 2007 all over again (and, in a...
View ArticleBoaz Weinstein Kills it in May . . .
May was the worst month for hedge funds since October 2008. The HFRX Global Hedge Fund Index lost 2.6 percent. Don’t tell that to Boaz Weinstein. Yeah, he might have lost $1 billion at Deutsche Bank,...
View ArticleWall Street Must Wait 4 Years For Grandmaster
Robert Hess, who interned at [Fortress] in 2008 and will attend Yale University in August, will try to see the future over the next seven days — on a chessboard. The 19-year-old grandmaster is alone...
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Mike Novogratz Thinks Bitcoin Is Great
Financial advisers who gathered in New York to hear leaders of the asset management industry impart their best investment ideas for the year ahead were given a surprising tip by one prominent hedge...
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