A Successful SAC Hedge Fund Investment
I once met an old college friend who hit it big time as a trader and broker in a Wall Street firm. He was able to make huge profits during the ten years that he had stayed in that firm. He eventually left, started his own trading firm and also established a chain of businesses. His restaurant chain along the east coast was especially successful.
Needless to say, he has millions and millions of dollars to his name but just like with any businessman, he wanted more successes. He has the unquenchable appetite to be always at the top of his game, not necessarily to be the richest man. Although the millions of dollars are the wonderful results of his triumphs.
William invited me to have dinner with him in one of his restaurants. I came alone as my 8 year old daughter was sick at that time and my wife of course had to stay to take care of her. I normally would have cancelled such meeting if not only for my wife who thought that it would be rude to back out of the dinner. Besides, that was the first time I was going to see an old friend again.
Once I told the front desk who I was, the restaurant staff ushered me to a beautifully set table. William soon joined me and we had shared a very sumptuous meal between sips of fine wine and talks about how our lives turned out so far. I learned that he had just participated in an SAC hedge fund and although he didn’t divulge how much money he actually invested, I was sure it was more than $1 million which is the usual minimum accepted in every hedge fund.
William told me how comfortable and assured he was of his investment in an SAC hedge fund, as that is one of the top firms dealing in this kind of investment. He said SAC’s performance fee of 50% is very high, probably the highest in the country, but he believed that SAC deserved it as they are the best in managing hedge funds.
I bid him goodbye after our almost four hours of talk because I was still worried about my daughter. A few months later, I’ve heard that William more than doubled his investment in that fund.