Whether he knew it or not at the time, his day job ending in a massive blow-up was the best thing that happened to Ed Tiege, who had been a portfolio manager with the hedge fund Sailfish.
Tiedge had been trading mortgages since the beginning of his career, and luckily, got out of the business towards the beginning of the crisis, before he lost all of the money he would eventually use to found a distillery.
Tiedge, a former marine, began his mortgage trading career as the Senior Mortgage Portfolio Manager at Federated Investors before moving to ABP Investments to head the Mortgage Strategy unit.
Then, he got a big job offer from Merrill Lynch, and became the Director of Mortgage Relative Value Trading.
In 2005, things got even better; he got a call from Sailfish Capital Partners, a Stamford, CT based hedge fund run by SAC Capital alum Mark Fishman and UBS veteran Sal Naro, which, going out on a limb here, we’re willing to guess was also trading mortgages, based on the story of their epic blow-up in January 2008.
A reminder: Two sources from the firm said that on January 29th 2008, Fishman and Naro got into a shouting match and ordered their traders to liquidate all of their positions.
“They told everyone to start selling their positions, to liquidate,” said one source. “It’s basically blowing up. Everyone is sending out their resumes. They want out. It’s basically mayhem.”
As of February, the firm was toast.
So after fifteen years of trading mortgages, you can see why Ed Tiedge needed a stiff drink.
Lucky for him, he had enough money saved up to follow his dream.
Now, he actually enjoys what he does, and he sleeps better.
“You miss the paycheck and this is a little bit more uncertain. But you know what? I sleep better now. I enjoy what I do. I never got that feeling on Wall Street.”
Gotta love a happy ending after an epic blow up.
Watch Tiedge on CBS: