“At the end of the day, [sports] franchises, whether it’s basketball or baseball, don’t really trade that often. Nobody’s looking at this thinking ‘we need to get out in five years’….When you invest, it’s for 20 years, it’s over a very long time.” Marc Lasry of Avenue Capital, speaking at the Bloomberg Sports Business Summit in New York, on his responsibilities to the city of Milwaukee as co-owner of the city’s basketball team, the Bucks — even though he has an agreement that will let him sell the team back to the National Basketball Association at a $25 million profit if a new arena isn’t under construction by the fall of 2017. (via CNBC)
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“This is a circus market rigged by [high-frequency traders] and other algorithmic traders who prey on the rational behavior of warm-blooded investors.” Andrew Cunagin, founder of Rinehart Capital Partners, a hedge fund that launched in 2007 with seed capital from Lee Ainslie’s Maverick Capital, in an investor letter explaining why he is shutting down his fund. (via Wall Street Journal)
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“I hate titles.” Michael Bloomberg, formerly known as “Hizzoner” the mayor of New York City, on why he doesn’t want to be called the chief anything when he returns to a hands-on role at his financial data and media empire Bloomberg L.P. (via New York Times)
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“Why in God’s name does someone who makes tens of millions managing a hedge fund pay only 15 percent in taxes, while the average GM worker who makes $55,000 a year pays 25 percent in taxes? America has always done best when we act as one America. When we do, the nation succeeds.” Vice President Joseph Biden presenting a case for doing away with the tax ruling that treats hedge fund earnings as carried interest instead of income. (via Detroit Free Press)
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“[The canceling of my column] is Beijing’s influence affecting freedom of expression.” Edward Chin, former Asia head for Man Investments and Refco Alternative Investments, now the organizer of the financial professional who support Hong Kong’s Occupy Central movement, on a Hong Kong business newspaper canceling a column he had been writing for nine years. (via Finance Asia)
