Friday, October 28, 2011

Hedge funds a super gamble

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.

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Hedge Funds