PBHFA's March 2020 MISSIVE

Welcome to PBHFA's March missive!

The last few weeks have been quite interesting both socially and in the financial markets.

Black swan style events of COVID 19 and geo-political tensions have spiked the VIX sending equities and the oil complex plunging lower.

I have not witnessed this type of market action for decades. The index swings and confusion on the street create tremendous opportunity, as well as, hazards across the board.

RIght now, our social events are moving forward as scheduled. However, our plans hinge upon our sponsors and venues staying the course.

We will keep you posted of any rescheduling and changes in the social calendar.

Several socials remain open for sponsorship this season.
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PBHFA's Social Calendar Through April

Right now everything is moving forward as scheduled. However, we are dependent upon our sponsors and venues not wanting to reschedule.

We will let you know as soon as we know should there be any changes.

First, we will be hosting one of our ultra-popular yacht events in West Palm Beach on March 26th aboard an amazing superyacht. Check it out here!

Next, our members and guests will be treated to an amazing deal-making social at the phenomenal Setai Hotel on March 27th. Located in Miami Beach this event promises to be even more fun than last years blow out party! Take a closer look he re.

An intimate evening with the Palm Beach Symphony awaits our members on April 19th at the iconic Kravis Center in West Palm Beach. Details here

Then April will wrap up with an incredible social at Rybovich Shipyard in West Palm Beach on April 24th!

Looking forward to seeing you soon!!

Remember our deal-making events and socials are strictly members only. We invite you to explore membership here.
Boaz Weinstein Thrives In The Market Chaos

Boaz Weinstein’s main hedge fund gained 25.5% in the year’s first two months as he bet against companies exposed to the coronavirus and benefited from some of the most violent market swings in almost a decade.

Weinstein’s $2.2 billion  Saba Capital Management  reaped gains trading credit default swaps, a sort of insurance against companies defaulting on their borrowings, according to an investor in the 11-year-old firm. He also profited from derivatives bets on companies in the retail and energy sectors.

Read the rest on Bloomberg here

The VIX Spikes To Highest Level Since The Financial Crisis

The rise in the VIX usually correlates to a decline in stocks because traders and investors use it to hedge their equity positions.

The surge in the VIX was at least partially sparked by an outbreak of COVID-19, the infectious disease that was first identified in Wuhan, China in December and  has sickened roughly 117,000  people and claimed more than 4,260 lives, implying that fears of the deadly pathogen to this point by far outstrip those pegged to an implosion of the global financial markets.

That may have been the inflection point, the coronavirus,” Longo said.

Longo also said the surge in VIX this year may reflect that the markets, which have enjoyed a period of quiescence, even amid a few bursts higher, may be entering a paradigm shift.

“We may be in a new volatility regime for the foreseeable future,” he said.

BattleFin COVID 19 Webinar On March 12th!

Don't panic, predict is about the best advice I have heard regarding the current situation. As market participants, information is our lifeblood and the ability to make wise decisions in the face of uncertainty is what seperates sucess from failure. With this said, we are pleased to provide you access to the webinar.

Our partner BattleFin is an alternative data events company and data marketplace hosting a webinar on Thursday, March 12th at 11AM reviewing some of the datasets currently available on BattleFin Ensemble related to coronavirus, COVID-19. We would love to invite you to tune in.
This is the registration link, if you'd like to share it with anyone else who may be interested:  www.battlefin.com/webinar
BattleFin compiled a list of 35 different datasets relative to COVID-19 offering everything from airport foot traffic to sentiment data to flu season impact predictions related to the recent global outbreak of coronavirus (COVID-19). This data is available NOW on Ensemble to generate actionable insights. Don't panic, predict.

Thank you,
The BattleFin Team

Welcome Seaside 88 as our Newest Partner!

FInding consistent alpha is becoming more and more difficult. Mainstream finanancial strategies are simply not as effective in creating profits as they once were.

Investors are forced to look outside the box to locate pools of opportunity.

Our latest sponsor fits this criteria perfectly. Here's a closer look

Seaside 88. LP  is a fund with a very unique niche business that creates consistent alpha in this age of diminished returns. It's focus is providing smaller companies with growth capital in the form of an upfront payment in return for a share of the company's future monthly revenues until  Seaside 88   achieves a negotiated rate of return on its investment.

PBHFA Member Securities Attorney Laura Anthony Examines the Coronavirus Outbreak as It Relates to the Public Markets

The possibility of a global pandemic virus spreading out of control is indeed terrifying. There is a very specific feeling of helplessness that accompanies fighting an enemy that is invisible, relentless and able to move among us silently, without remorse or hesitation. The  investing public  is rarely concerned about other catastrophes such as earthquakes that can spawn tidal surges, dirty bombs or even war.

The fear of societal breakdown, in part or in whole, due to an unchecked superbug is a different kind of nightmare, one that can impact  public markets . Again, the fear is generally greater than the danger. Historically, it is not the outbreak that puts a dent in the indexes; it is the fear of the unimpeded spread that does the damage.

Read the rest here on Yahoo Finance
Top Hedge Funds Post Biggest Gains In Over A Decade
From FT

By Laurence Fletcher  in London

The top 20 best-performing hedge fund managers of all time made $59.3bn for their investors last year, their biggest annual gains in at least a decade, as hedge funds took advantage of a strong tailwind in stock and bond markets.

These managers, led by Christopher Hohn’s TCI and Steve Mandel’s Lone Pine, made about one-third of the $178bn of total gains bagged by the hedge fund industry in 2019, according to research by LCH Investments. LCH is a fund of hedge funds run by the Edmond de Rothschild group, which tracks the dollar gains made by managers.

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