Photo: avinashkunneth via flickr
There’s a pretty outrageous article in Bloomberg today that says it’s not a coincidence that three hedge fund managers who started to lose money within a decade of buying a sports team.They are:
- John W Henry (John W Henry &Co) , bought a principle stake in the Red Sox in 2002, assets are down to $319 million as of Apr. 15 from a peak of $3.4 billion in 2005
- James Pallotta (Raptor) bought part of the Boston Celtics in December 2002 and then in June 2009, he closed his Raptor Global hedge funds
- Phil Falcone (Harbinger) bought a stake in the Minnesota Wild in April 2008. Two months later, his AUM peaked at $26 billion. Now he’s down to $7 billion.
Are these things connected? Not at all. Between the time when these 3 bought the teams and lost assets, there was a recession that has a lot more to do with their losses.
But Steve Cohen should watch out anyway, according to Bloomberg.