PBHFA's JULY 2023 MISSIVE |
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Feeding Frenzy For Hedge Fund Talent
While banks are a lot less enthusiastic about hiring people in 2023, the same cannot be said for the big multistrategy hedge funds.
They're still recruiting wildly, and are paying very generously in the process.
Illana Weinstein should know. Heralded as one of the 'most powerful women in hedge funds' by the Wall Street Journal in 2019, Weinstein is one of the top hedge fund headhunters in the US. She reportedly has the ear of everyone from Steve Cohen at Point72 to senior people at Citadel.
Always busy (even after having a cesarean section, when she was taking client calls from the hospital), Weinstein has been busier than ever. There's a "feeding frenzy for talent," she told Barry Ritholtz on a recent Bloomberg Radio podcast. The big multistrategy hedge funds (eg. Citadel, Millennium, Point 72, Balyasny, Schonfeld, Exoduspoint and others), have notched up years of excellent returns and are keen to add people to manage growing assets under management.
While the appetite for staff is bigger than ever, particularly at multistrategy firms, Weinstein said finding the right people is incredibly hard. “The bar is exceptionally high,” she told Ritholtz. “There are so few people that can meet that challenge.” This helps explain why top portfolio managers are reportedly now being hired on packages as high as $50m....
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Impala's Son Sells Palm Beach Home
A hedge funder’s son sold his non-waterfront Palm Beach home for $14.9 million.
Records show a trust for the benefit of Kosar Bishop sold the house at 125 Gulfstream Road to the Art Trust, with local attorney Maura Ziska signing as trustee. The true buyer is unknown.
JoAnna Myers of Douglas Elliman had the listing, and Jack Elkins of William Raveis Real Estate brought the buyer. Elkins confirmed the buyers are from out of state, but declined to comment on their identity.
Kosar Bishop is the son of Robert Bishop, founder of Impala Asset Management. Robert Bishop established the firm in New Canaan, Connecticut in 2004, and eventually moved its operations to Palm Beach...
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DeSantis Heavily Invests Pension Funds Into Private Equity Firms
Florida governor and Republican presidential hopeful Ron DeSantis has been crusading against “woke” investments for allegedly threatening his state employees’ retirement funds. But the most imminent threat to Florida public employees’ retirement dollars appears to be the massive state pension investments that have gone to some of the Republican Party’s Wall Street donors under DeSantis’s watch.
Despite a federal anti-corruption rule designed to prevent donors from receiving pension investments, private equity executives have donated millions to political groups supporting DeSantis, all while the governor oversaw the transfer of more than $1 billion of Florida public employees’ retirement dollars into these donors’ high-fee, high-risk “alternative investments.”
Our review found that had the state pension fund instead been invested in a simple, low-cost index fund, compared to its present mix of holdings, teachers, police officers, and other state employees would have about $10 billion more in their retirement funds....
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The Battle of the Axioms
If you’ve been on Wall Street for a while, here are two axioms you have probably heard more than a few times: 1) “don’t fight the Fed” and 2) “the Market is always right.” Yet when it comes to the outlook for short-term interest rates, both cannot be right. To explain, let’s start with the Fed. In the June 14 Summary of Economic Projections (SEP), the median economic projection of the 18 Federal Reserve Board members is that the Fed Funds rate will be 5.6% at the end of this year (up 50 bps from its current level and 50 bps higher than the Fed’s March projection).
Furthermore, 12 of the 18 Board members projected a year-end FF rate of 5.6% or higher. However, the market does not agree. For example, Fed Funds futures are currently predicting a 91% chance that the Fed will increase the FF rate at its July 26 meeting, but only a 24% chance of a rate increase at the Sept. 20 meeting and a 27% chance on Nov. 11.
Moreover, the futures are cumulative. Thus, in aggregate, they are predicting a peak...
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The top 10 technologists at Millennium in Miami
Millennium has done this too. After founding a technology hub in Florida last year, the fund now has nearly 200 tech staff in Miami and has launched a new LEaD (learning engineering and development) program to train up graduates there.
If you want to work for Millennium in Miami, who do you need to know? We haven't discussed this with Millennium, but by our reckoning, these are some of the fund's most significant technologists in the city. ...
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Summer Camp for Grownups? We Say “Yes!”: Why You Need Eco Medicine and Where You Should Get It
By Denise Joseph, J.D. & Louis Joseph, M.D.
Open Sea Institute for Psychiatry, Wellness & Executive Performance Coaching
July 1st, 2023
Only a generation ago, an alien visitor to our country could land in just about any neighborhood and find unsupervised gaggles of children playing outside. A visitor might have seen them walking to or from school, to or from friends’ houses, or to and from recreational clubs. Just as easily, the visitor might have observed children playing hopscotch, playing pretend in the woods behind their homes, or just milling around in packs of two to ten on lazy summer days, full-sugar popsicles, lollipops, and ice cream cones hanging from their mouths.
Today’s alien would be as challenged to locate “aimless” children in the neighborhood as they would a payphone.
First coined by psychoanalyst Eric Fromm, the word Biophilia denotes the human tendency or instinct to seek relationships with the natural world. Scientists believe there is genetic basis for biophilic impulses in humans. Today’s adults are as equally divorced from nature as today’s children. During the march toward industrialization, private property and the ability to house human families in relatively sterile environments safe from the elements and predators, we humans have gradually forsaken intimacy with our natural surroundings for the presumptive safety and comfort of the indoors. However, it is scientifically proven that we have not lost our appreciation for the outdoors...
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Crypto-friendly Miami Mayor Francis Suarez enters GOP presidential race to challenge Donald Trump
The 45-year-old mayor, the only Hispanic candidate in the race, declared his candidacy with the Federal Election Commission. He had teased an announcement, noting that he would be making a “big speech” Thursday at the Reagan Library in California.
Before Trump arrived at the courthouse Tuesday, Suarez toured the media encampment wearing a T-shirt with a police logo, as his city’s police force had jurisdiction over the downtown area.
“If I do decide to run,” he told CNN, “it’s starting a new chapter, a new conversation of a new kind of leader who maybe looks a little different, speaks a little different, had a little bit of a different experience, but can inspire people.”..
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PBHFA's Instagram
We have finally embraced social media with the launch of our instagram profile!
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Do Good With PBHFA's Gear For Good!
After receiving multiple requests for PBHFA.org gear, we decided to offer a selection of merchandise.
PBHFA’s Gear For Good includes a limited selection of hats, sweatshirts, polos, & t-shirts as the initial offerings for our members and supporters. The selection will be updated and changed every few months to keep things fresh.
We are open to your suggestions as to the style of gear you want us to carry!
We decided to make this a worthwhile endeavor by donating 100% of the profits to a carefully curated selection of Palm Beach & South Florida charities.
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