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Wall Street investor rips Cabinet member as nothing but a 'failed' hedge fund manager

multivita-man

multivita-man

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Well, whaddya know, the President who somehow bankrupted a casino hired a Treasury secretary who lost money on a hedge fund. And MAGA trusts that the economy will turn out alright?

Investor Marshall Brandt, co-founder of the alternative investment firm Annapurna Funds, spoke to The Bulwark's Tim Miller about how bad a money person one must be to lose billions in hedge funding. That, however, is exactly what Bessent did when running the Key Square Group.
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Brandt said that Bessent's work was in micro-investments, which means trading on bets for "anything under the sun."

"So, you make these really big bets on rates, fixed income, inflation, and he worked for some of the best," said Brandt, noting that Bessent worked for George Soros at one point, who is considered one of "the best of all time."
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OMG!!! SOROS!!! SOROS!!! SOROS!!! <head asplode>

"He has the same profile I've seen a lot," Brandt explained. "You're a good PM [portfolio manager] and you spin out with your own fund."

"I feel for the guy a little bit," Brandt continued. "I mean, I don't know how exactly you put $4.5 billion to work on a Thursday. But he was down 50% of the time he was there. And the 'Golden Rule' for Soros and [Stanley] Druckenmiller as mentors is you never lose money. At least you can put it in 10-year Treasury [bonds]. So 50% of his years were down. And I don't see any way to view him as anything but a failed hedge fund manager."
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1757499971481.webp

U mad, Scott? lol
 
multivita-man said:

Well, whaddya know, the President who somehow bankrupted a casino hired a Treasury secretary who lost money on a hedge fund. And MAGA trusts that the economy will turn out alright?





OMG!!! SOROS!!! SOROS!!! SOROS!!! <head asplode>



View attachment 67588277

U mad, Scott? lol
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I took a quick peak at Wikipedia. Not the most reliable source in the universe, but it confirms the statements in the OP.

Bessent left SFM in 2015 to launch Key Square Group, a hedge fund named after a spot on the chessboard, with Michael Germino, who had been the global head of capital markets at SFM. It received a $2 billion anchor investment from George Soros. Key Square uses geopolitics and economics to make macro investments. Its main fund returned 13% in 2016 but declined or broke even every year from 2017 to 2021 before making major gains in 2021, 2022 and 2023. The inconsistent track record scared away clients. Assets under management shrank from $5.1 billion in 2017 to $577 million in 2023 and the number of institutional investors declined from 180 to 20 over the same period. It earned "double digits" percentagewise in 2024.

Bessent presents himself very well, is well spoken and intelligent. I've often wondered why he's willing to work with Trump. Maybe this is why. He was a failure in his last business venture.
 
RedFishBlueFish said:
I took a quick peak at Wikipedia. Not the most reliable source in the universe, but it confirms the statements in the OP.

Bessent left SFM in 2015 to launch Key Square Group, a hedge fund named after a spot on the chessboard, with Michael Germino, who had been the global head of capital markets at SFM. It received a $2 billion anchor investment from George Soros. Key Square uses geopolitics and economics to make macro investments. Its main fund returned 13% in 2016 but declined or broke even every year from 2017 to 2021 before making major gains in 2021, 2022 and 2023. The inconsistent track record scared away clients. Assets under management shrank from $5.1 billion in 2017 to $577 million in 2023 and the number of institutional investors declined from 180 to 20 over the same period. It earned "double digits" percentagewise in 2024.

Bessent presents himself very well, is well spoken and intelligent. I've often wondered why he's willing to work with Trump. Maybe this is why. He was a failure in his last business venture.
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A Soros backed hedge fund manager is in a key position of power?

Wild.
 
Another lesson in: Don't mix politics with investing.
 
RedFishBlueFish said:
Bessent presents himself very well, is well spoken and intelligent. I've often wondered why he's willing to work with Trump. Maybe this is why. He was a failure in his last business venture.
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Or, he wants to be the money guy when the dictator takes over.
 
dmpi said:
Another lesson in: Don't mix politics with investing.
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A bigger lesson: hire people who actually have a proven track record of success. That goes for presidents, too.
 
RedFishBlueFish said:
I took a quick peak at Wikipedia. ...

... Its main fund returned 13% in 2016 but declined or broke even every year from 2017 to 2021 before making major gains in 2021, 2022 and 2023. ...​

... I've often wondered why he's willing to work with Trump. ...
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Perhaps he just assumed he wouldn't be able to manage any positive investment returns in the private sector with Trump back in the White House.
 
Trump is turning the US into Hungary. That good relationship with the regime becomes the most important part in having successful businesses and becoming rich. While citizens and businesses without connection to the regime are suffering under a failed economy.

www.justsecurity.org

Autocracy, Corruption, and Decline: Why Hungary and Orbanism Must Never be a Model for the U.S.

Adopting Orban's model would risk reshaping the U.S. into a country with weakened checks and balances, corruption, and a flagging economy.
www.justsecurity.org www.justsecurity.org
 
Bergslagstroll said:
Trump is turning the US into Hungary. That good relationship with the regime becomes the most important part in having successful businesses and becoming rich. While citizens and businesses without connection to the regime are suffering under a failed economy.

www.justsecurity.org

Autocracy, Corruption, and Decline: Why Hungary and Orbanism Must Never be a Model for the U.S.

Adopting Orban's model would risk reshaping the U.S. into a country with weakened checks and balances, corruption, and a flagging economy.
www.justsecurity.org www.justsecurity.org
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It's probably worse than that, actually. The US has a long history of violence that is part of this country's culture and character, and violence is a tool that has been used to oppress, and it no doubt will be going forward.
 
multivita-man said:

Well, whaddya know, the President who somehow bankrupted a casino hired a Treasury secretary who lost money on a hedge fund. And MAGA trusts that the economy will turn out alright?





OMG!!! SOROS!!! SOROS!!! SOROS!!! <head asplode>



View attachment 67588277

U mad, Scott? lol
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Surprisingly enough, Bessie is 2nd-tier "Stupid" among Trump's current Cabinet members.

Nutlick, Haggis, Noem, Gabbard and of course RFKrazy Jr. are kings of tier #1.
 
multivita-man said:
It's probably worse than that, actually. The US has a long history of violence that is part of this country's culture and character, and violence is a tool that has been used to oppress, and it no doubt will be going forward.
Click to expand...

Yes, the second Trump administration has already sent innocent people to be tortured in an El Salvadorian prison.

www.cbsnews.com

U.S. sent 238 migrants to Salvadoran mega-prison; documents indicate most have no apparent criminal records

The U.S. sent 238 Venezuelan migrants to a Salvadoran mega-prison. The Trump administration says they're all gang members, but 60 Minutes could find no criminal records for 75% of them.
www.cbsnews.com www.cbsnews.com

It's also encouraging and condoning violence from the MAGA movement. For example those who assaulted cops were not only pardoned but also welcomed to the White House. While a rioter urging fellow rioters to kill cops is now considered a "valuable member" of the Justice department.


While the cruelty and violence is also a distraction from Trump and the oligarchs enriching themselves. There Trump’s cronies can also profit directly from the cruelty.

www.brennancenter.org

What Trump’s Victory Means for the Private Prison Industry

The two largest companies that manage detention centers and correctional facilities are poised to profit from aggressive immigration policies.
www.brennancenter.org www.brennancenter.org
 
Roadvirus said:
Surprisingly enough, Bessie is 2nd-tier "Stupid" among Trump's current Cabinet members.

Nutlick, Haggis, Noem, Gabbard and of course RFKrazy Jr. are kings of tier #1.
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Republican in the Senate knew how incompetent and dangerous Trump was. Still they allowed him to fill his Cabinet with incompetent sycophants. There the people appointed by Trump now fire highly qualified employees because they are not deemed loyal to Trump.

 
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