Wes Edens is not your typical NBA owner and he took a unique path in order to achieve this goal. After graduating from Oregon State University in 1984, he was hired by Lehman Brothers three years later. Edens worked his way up to managing director over the course of the ensuing six years.After becoming a partner as well, Edens decided to move on in 1993 and it was at this time that he decided to join the BlackRock Asset Investors team. He became a managing director and partner at this firm as well.Fortress Investment Group was the next stop on his road to success. When the group was founded in 1998, Wes Edens was one of the five principal partners involved. He helped to oversee the company’s first initial public offering and he is responsible for what the firm has become today.He was also instrumental in assisting the company during their resounding rebound in the wake of the subprime mortgage crisis.
Stock prices fell precipitously during this period but thanks to the help of Edens, it did not take long for Fortress Investment Group to bounce back.When longtime owner Herb Kohl finally elected to sell the NBA’s Milwaukee Bucks, Edens came together with Marc Lasry to submit the winning $550 million bid. The team was in danger of moving to a different city before the purchase but Edens has pledged to invest the money that it will take to build a new arena.He is also placing a major bet on the world of e-sports. Over the past few years, he has made a number of investments in this realm. It started with the $2.5 million purchase of a League of Legends team in 2016 and continued in 2017 with the establishment of the FlyQuest league.
Wes Edens was not content to stop there, though. When the NBA decided to establish a professional NBA 2K league where top notch gamers could compete against one another for real money. 16 of the 30 teams in the NBA have elected to create teams for this venture and it is expected to be instrumental when it comes to engendering fandom in the younger demographics. Console gaming is believed to be one of the key factors in creating younger NBA fans who will grow with the product and Wes Edens is placing a crucial bet on this direction. If his track record is any indication? This is a bet that is about to break his way.
In New York City there is a financial firm called Kerrisdale Capital Management. It was formed by Sahm Adrangi and he as the chief investment officer he ultimately determines what his company invests in. He graduated from Yale University and then entered the financial industry. His company manages a hedge fund which is worth about $30 million. He is a value investor for the most part. However, he also likes to invest in special situation investments when he spots an opportunity to make money off a company that is overvalued by the market.
This latter situation occurred after Eastman Kodak Company did a press release which caused their stock to soar. What they announced was that they were entering the digital currency industry. They have two new initiatives which are called KODAKOne and KODAKCoin. The first one of these is a new online platform for the purchase of photographs. The second is how people will buy photographs on KODAKOne and how the rights holder will be paid.
As soon as Sahm Adrangi saw this press release he and his analysts went to work. They concluded that all this press release was about was Eastman Kodak trying to move into the hot new thing of having IPOs (initial coin offerings). There was nothing of substance and he believes that shareholders will never receive any value from this move. Because of this belief, Sahm Adrangi shorted their stock and released his own press release about why he had done so.
Sahm Adrangi made the case in his negative report, and during a subsequent conference call, that this announcement changed absolutely nothing about what Eastman Kodak is. And that is a company that has been in serious decline for the past decade. He says their revenues are falling each year and soon they might not be able to pay their debt. He said KODAKOne and KODAKCoin will never work out because it is based on an imaginary currency with nothing backing it except a company with shaky fundamentals. As it turns out he was right and their stock has been quickly descending in value.
When hedge funds are in need of investors, they look for those whose net worth is extremely high. However, this can be a difficult task, since many of these investors have multiple options when it comes to deciding where to put their money. Therefore, it’s important for those who are involved in client and investor relations to develop channels by which they can tap into the pool of potential investors. By doing so, they can begin to build a large number of investors they can call upon when an investment opportunity arises, allowing them to stay ahead of the competition. When it comes to finding numerous high net worth investors with which to do business, few people do it better than Sam Tabar.
Using his CrunchBase defined excellent educational background from Oxford University and Columbia Law School, Sam focused on learning everything possible about hedge funds. Working with numerous clients, Sam became an expert on compliance issues and various regulatory matters. In addition to this, he also began to develop skills in global marketing, specifically for the Asia-Pacific region. Meeting with clients from that region on a regular basis, Sam was able to develop a reputation for knowing the economics of that region and what areas of investment clients should closely examine for future opportunities.
LinkedIn indicates that when Sam began working for PMA Investment Advisors in 2004, his expertise in working with affluent investors came to the forefront. As the firm’s Managing Director and Head of Business Development, Sam was able to focus almost exclusively on developing an extensive network of high-profile investors. Put in charge of a hedge fund worth more than $2 billion, Sam knew it was important to find just the right investors to make the hedge fund as successful as possible. Executing several strategic marketing plans, Sam eventually was able to build up a personal file of more than 2,000 individual investors that he could work with on a regular basis when new investment opportunities presented themselves.
Working with these investors, along with more than 400 additional investors, Sam produced even better results for the hedge fund. Working with the firm’s CEO, Sam assisted the firm in raising an additional $1.2 billion in assets, helping the firm become one of the world’s most successful financial firms.
Whether acting as legal counsel for a firm or as an investment advisor working with clients around the world, Sam brings an interesting combination of education and experience to each new position. By doing so, his reputation as a financial genius will only continue to grow. Now the new CEO of FullCycleFund, Sam Tabar is more successful than ever.