“We had really aggressive bets in Japanese stocks and U.S. rates and the dollar and in hindsight we were more leveraged than I wished we had been. You come back to work [each day] angry and frustrated.” Michael Novogratz of Fortress Investment Group, on the investments that have brought his fund down by more than 9 percent so far this year. (via Wall Street Journal)
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“Being gay has given me a deeper understanding of what it means to be in the minority and provided a window into the challenges that people in other minority groups deal with every day… It’s also given me the skin of a rhinoceros, which comes in handy when you’re the CEO of Apple.” Apple CEO Tim Cook, who has come under a great deal of fire from Carl Icahn about the company’s cash reserves, in an essay in Bloomberg Businessweek publicly acknowledging his sexual orientation.
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“As I like to say to analysts protesting that their losing investment would have made money if some impossible-to-foresee thing hadn’t happened: . . . and if my grandma had balls, she’d be my grandpa.” Dan Gold of QVT Financial, in an investor letter explaining why he believes his QVT Onshore fund did worse than it should have in the first half of October. (via Institutional Investor’s Alpha)
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“It’s true we did have a dozen employees all over the world (at our peak) but the only person in Monaco was myself. I was an architect and a programmer of trading systems and not a marketing guy and cold calling is a joke for sure.” Joseph Galbraith, founder of the now-defunct Galbraith Capital Investment Management, responding in an e-mail to accusations that he “wrongly claims to have implanted offices in Monaco and engaged in cold calling. Galbraith, whereabouts currently unknown, faces accusations that he kept $1.5 million that Credit Suisse wired in error to his hedge fund’s account. (via New York Times)
