Warren Buffett’s Deputy Explained How He Snowballed his Retirement Account from $70,000 into $264 Million, How He Shrugs Off Losses, and How People can Save a Fortune (Business Insider)
Warren Buffett‘s deputy grew his retirement fund from $70,000 to $264 million in under 30 years. He detailed how he did it, revealed the way he shrugs off investment losses, and offered tips on saving for retirement in a recent Washington Post interview. Ted Weschler, who helps Buffett manage Berkshire Hathaway‘s investment portfolio, discussed his approach with Allan Sloan for the writer’s latest column. ProPublica first disclosed the size of Weschler’s nest egg in June, citing federal tax returns it obtained.
Steve Cohen’s Mets Dream Keeps Unraveling With DUI Bust for Acting GM (Bloomberg)
Everything seemed to be going right for Steve Cohen and the New York Mets. The billionaire bought the Major League Baseball franchise in December for about $2.5 billion, beating out Alex Rodriguez and Jennifer Lopez for the right to own the team he has supported since childhood. His backing gave Mets fans visions of World Series titles — especially after the team moved into first place in its division in April and stayed there through July.
‘Like the Titanic’: Enron 20 Years On (Investors Chronicle)
As the 20th anniversary of the Enron scandal looms, Julian Hofmann talks to Jim Chanos and other key players from the time to find the lessons and parallels for today’s investors. The Enron scandal was the emblematic corporate scandal of early 21st century American capitalism. Wall Street and retail investors fell in love with what had been a small Houston-based pipeline and utility company – one that had grown its sales from $10bn to the totemic $100bn mark within just a few years through the simple trading of energy options and futures.
These ETFs Hedge Against Rising Interest Rates and Volatility. Here’s How Risky It is to Invest (CNBC)
Protection plays are in vogue as stocks extend their winning streak. Investors have been seeking hedges against everything from inflation to rising interest rates to unprecedented volatility all year, funneling around $5 billion in the past 12 months into exchange-traded funds using options to enhance or protect their returns.
Citadel operating chief in Asia departs for HKEX (The Trade News)
The chief operating officer for Asia at Citadel has departed the US hedge fund after three years to join Hong Kong Exchanges and Clearing (HKEX) in a senior operations role. John Buckley will join the exchange operator in December as head of exchange operations and transformation, HKEX confirmed, reporting to chief operating officer, Calvin Tai. Prior to joining Citadel, Buckley spent nearly seven years at JP Morgan in several roles including chief risk officer and chief financial officer for Asia Pacific.