Philip Falcone grew up in the mining town of Chisholm, Minnesota, population 4976. The youngest of nine children who lived in a three-bedroom house, Falcone excelled at ice hockey and played for Harvard.
After college, a burgeoning career as a professional hockey player was cut short by injury and he then cut his teeth in the markets as a trader at Barclays Capital.
Now, Falcone is best-known as a "billionaire New York hedge fund manager". Geared to the gills like most hedge funds, his Harbinger Capital Partners made a poultice in the bull market; in Australia, too. Falcone's most notable play being a 16 per cent stake in Andrew Forrest's Fortescue Metals which reaped him hundreds of millions in profit when he sold down two years ago.
Read more: http://www.smh.com.au/business/hedge-funds-a-super-gamble-20111014-1lp2n.html#ixzz1c6PM4n4s
Hedge Funds
