The Luxury Missive Of The Palm Beach Hedge Fund Association |
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News & Views For The Affluent Lifestyle |
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Huge Profits For Palm Beach Flippers
Palm Beach’s wealthy home-sellers are scoring major profits, with some properties changing hands in recent weeks for nearly double what they went for just a year or two ago.
A five-bedroom beachfront house at 6 Via Los Incas sold for $66 million last month, an 86% gain from the $35.4 million an entity tied to billionaire Josh Harris paid for it in June 2021. Earlier in December, designer Tom Ford bought the modern 241 Jungle Road for $51 million, 42% more than Motive Partners founder Rob Heyvaert’s $35.8 million purchase price in August 2021.
Even as buyers across the US have pulled back, deep-pocketed house hunters in the posh South Florida town are paying up for its few available move-in-ready spreads as the region’s pandemic boom nears the end of its third year.
“Time is worth more than money in a lot of these instances,” said Gary Pohrer, executive director of luxury sales at Douglas Elliman Palm Beach, who represented the 2021 sellers of the Via Los Incas house. “There aren’t that many homes to choose from, and if someone wants to be in a home this season, they realize they’ll have to pay for it.”
Most people drawn to Palm Beach can afford to splurge. Take billionaire hedge fund manager Michael Steinhardt and his wife, Judith, whose purchase of a two-bedroom condo closed on Dec. 30 for $4.5 million — $1.55 million more than the unit sold for in May 2021, public records show. While many recent flips were untouched between sales, the condo in the Sun and Surf complex got some cosmetic updates, with walls repainted and dated countertops replaced...
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Join Us Onboard SuperYacht ETERNITY!
We are thrilled to invite our Sustaining members onboard, ETERNITY, a 65m superyacht on February 13th!
This social is for our Sustaining Members and selected guests only due to capacity constraints and is strictly by RSVP only
Generously sponsored by our partners Moravia Yachting and East Harbor Financial, the evening promises to be full of deal-making, friendship-forging, and networking in the world-class ambiance onboard one of the globe's finest yachts.
You can expect excellent foods & drinks along with a brief presentation from Moravia & and exclusive investment offering from East Harbor’s President Bruno Raschio.
The event starts at 6:00 PM sharp and goes to around 9:00 PM.
The social is first come first served for our sustaining members first, then we will open it up to our premium members if space remains.
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Welcome To Palm Beach Pursuits!
Palm Beach Pursuits is the monthly luxury publication of the Palm Beach Hedge Fund Association.
We are committed to bringing the finest in global and local luxury to our affluent membership base of ultra high net worth investors, family offices, hedge fund managers, and alternative asset professionals.
Partner With Us!
We work with a wide variety of luxury brands & financial companies who wish to become thought leaders to our affluent members & mailing list.
Sponsorship opportunities of the PBHFA, as well as banner/advertorial promotion on Palm Beach Pursuits are currently available.
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ESG Pursuits
Bill Gates Remains Very Optimistic About The Future.
Yet the billionaire Microsoft co-founder and philanthropist says he's still "very optimistic" about humanity's future on Earth. Even with challenges facing current and future generations, Gates says anyone born in the next few decades will be better off than people born at any previous point in history.
"I'm still very optimistic that it'd be much better to be born 20 years from now, 40 years from now, 60 years from now than any time in the past," Gates said Monday in an interview at the Lowy Institute, a think tank in Sydney, Australia.
In October, a Gallup poll found that only 42% of Americans believe today's youth will have "a better living standard" than their parents. That number is 18 percentage points lower than in 2019 and tied for the lowest level of optimism in roughly three decades based on similar polls in the past, according to Gallup...
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Wristwatch Pursuits
Bill Ackman Buys Stake In Bremont
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Billionaire hedge fund manager and activist investor Bill Ackman is buying a minority stake in Bremont as the UK luxury watchmaker looks to expand in the fast-growing US market.
Ackman is teaming with Bremont’s controlling shareholder, Hellcat LP, to invest a combined £48.4 million ($60 million) in Bremont, the watchmaker said in an emailed statement.
The investment shows confidence in Bremont and its expansion plans aimed at the fast-growing US market, which overtook China in 2021 as the top destination for Swiss watch exports.
Founded by brothers Nick and Giles English in 2002, Bremont produces aviation- and military-inspired luxury timepieces. It is now the largest luxury watch manufacturer in the UK, with sales rising 28% in its most recent fiscal year.
The transaction values Bremont at more than £100 million, according to the Financial Times, which reported the deal earlier...
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Opening The Door To The Deep
Though our oceans account for more than 70% of the planet’s surface area, less than 20% of the underwater world has been explored. The reasons until now have been relatively straightforward. Deep-sea exploration requires extraordinarily advanced and costly technology – the likes of which have historically been reserved for scientific research teams and military operations.
The very idea of a private submarine capable of safely carrying unqualified passengers, stored on board a luxury yacht and being used for nothing but pleasure? No one could have imagined how quickly it would take off.
As technology has evolved, however, deep-sea exploration has become increasingly accessible. In fact, the private submarine market has exploded in recent years, and today, a personal submersible is no stranger to the deck of a sturdy explorer yacht or adventurous superyacht.
The Dutch U-Boat Worx and the American Triton Submarines are two of the biggest submarine brands to prove just that. Their dedicated superyacht submarines catch the attention of yacht owners worldwide with easy launch and recovery systems, 360-degree views, and submarine pilot training programs for the crew to boot....
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Philanthropic Pursuits
The 5th Annual World Championship Equestrian Triathlon is Set to Return on February 13th to EyeCandy Land farm in Wellington, FL
Proceeds to benefit Neil S. Hirsch Family Boys & Girls Club
Wellington, Fla. - Get ready for an exciting and unique event as the 5th Annual World Championship Equestrian Triathlon returns on Monday, February 13th, at 12 pm to EyeCandy Land farm in Wellington, FL.
The 5th Annual World Championship Equestrian Triathlon - brought to you by Title Sponsor, EyeCandy Land farm, as well as presenting sponsors, Sebilion, Wellington National Golf Club, BlackWatch Bainbridge Companies, and Major League Show Jumping, is a family-friendly event that delivers thrilling equestrian competition as top polo, hunter jumper, and dressage athletes come together on one showground.
This thrilling competition combines the disciplines of show jumping, dressage, and polo, and features professional athletes including world-renowned Nacho Figueras and Olympic Polo champion Nic Roldan. This must-attend event includes professional-level show jumping and dressage competitions in addition to athletes competing in the cross-discipline.
There will be a variety of other activities and entertainment for the whole family to enjoy, including food and drinks, live music, and putting green sponsored by Wellington International.
Proceeds from the 2023 World Championship Equestrian Triathlon support the Neil S. Hirsch Family Boys & Girls Club of Wellington, one of 17 Boys & Girls Clubs of Palm Beach County. The Boys & Girls Club mission is to enable all young people, especially those who need us most, to reach their full potential as productive, caring, responsible citizens. Today, the Boys & Girls Clubs of Palm Beach County serves more than 10,000 youth at 20 sites throughout the county. It has an annual operating budget of nearly $20 million.
This equestrian fundraising event, held annually, encourages charitable giving, displays exceptional horsemanship, and inspires feelings of passion. We are expecting 300 plus VIP guests and 200 plus general admission attendees.
The Equestrian Triathlon is a fun opportunity for riders to showcase their skills and compete outside of their comfort zone against other equestrians in a fun and exciting setting. Whether you're an equestrian yourself or a fan of the sport, we invite you to join us for this one-of-a-kind event.
EyeCandy Land farm also invites you to attend the pre-event party, “Equestrian Night Out” on Sunday, February 5th from 9:00-12:00 pm, at EyeCandy Land where top polo players, equestrian athletes of jumping and dressage, socialites and celebrities will come together and enjoy world class DJ’s, live entertainment and dancing till dawn. To book tables contact Jenny Oz: Jenny Oz LeRoy jennyoz@maxwellsplum.com or to purchase individual tickets, visit this link: Equestrians Night Out | Boys & Girls Clubs of Palm Beach County (bgcpbc.org)
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Hedge Fund Trends For 2023
Here are Agecroft Partners' 14th annual predictions for the biggest trends in the hedge fund industry for 2023. These predictions are based on dialogue with more than 2,000 institutional investors located globally and hundreds of hedge fund organizations. They are also predicated upon an economic forecast of continued rising interest rates for at least the 1st half of 2023 and a moderate recession. The hedge fund industry is dynamic, and both managers and investors can benefit from anticipating, and preparing for, the changes likely to occur.
1. Increase in expected returns for a diversified hedge fund portfolio. With the risk-free rate projected to rise above 4%, from close to 0% last year, investor return expectations for a diversified hedge fund portfolio will also increase from the mid-single digits to 7-9% during a period of continued headwinds for the capital markets. Higher rates will have a dramatic impact on the relative demand for some hedge fund strategies as investors focus on the expected returns above the risk-free rate for each strategy driven by beta (the underlying markets the strategy focuses on) and alpha (created through manager skill). This will reduce demand for those high-Sharpe Ratio, low-volatility strategies whose annualized returns fall below the required return minimum hurdle...
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Sponsorship opportunities of the PBHFA, as well as banner/advertorial promotion on Palm Beach Pursuits are currently available for select financial firms & luxury purveyors.
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