It’s not just Bill Hwang at Archegos who has chosen a lifestyle that doesn’t reflect his true net worth (or, in Hwang’s case, his net worth before March of last year) – Karthik Sarma, one of the richest hedge fund managers on Bloomberg’s list of top hedge fund earners for 2021 did the same.
Despite making $2 billion last year, Bloomberg reports that Sarma has spent the pandemic living in a modest two-car home with his sister’s family in a New Jersey suburb, presumably in her bedroom. ‘friends. Aged 47, he’s not a hedge fund manager we’ve heard much about – although he was dubbed the least talented partner when he joined Tiger Global aged 26 in 2001. .
Sarma’s secret seems to be his closeness to his family – not only did he stay with his sister, but he named his fund after his father’s initials, SRS, and his patience. Last year’s windfall is the result of an 11-year bet on Avis Budget Group, the car rental company whose stock rose 465%.
Sarma, who grew up in India, also appears to be a man of quiet conviction. Bloomberg reports that its investment in Avis reflects its belief that companies that can manage vehicle fleets profitably are the future of human transportation.
Separately, when Goldman Sachs CEO David Solomon takes off his suit and picks up his vinyl back, he’s allegedly undergoing a personality makeover. As DJ D-Sol, Solomon performed in front of 2,000 people, including Jeff Bezos on Super Bowl weekend night. Several people there had no idea who he was. Whoever did it, said Solomon is a whole different guy when he spins the records. “He shows up with a backpack, in a T-shirt, jeans, sneakers,” one of the organizers said. “After dark, he’s a different person, so free-spirited. ”
During this time….
Coinbase wants 2,000 people for its product, engineering, and design teams. “We are looking for people with the desire and ability for #LiveCrypto, actively building and sharing their crypto expertise with those around them.” (Average)
HSBC is cutting 110 support staff in Switzerland and reducing its offices in Geneva. (FinancialTimes)
British law firm Burgess Mee has appointed a 43-year-old fertility worker to help young women with their pregnancy plans. “As women lawyers, there is concern that having children before entering into a partnership is essentially career suicide, and I believe strongly that it should not be thought of that way.” (The temperature)
“At the end of the day, Bitcoin is the size of a large tech company. It won’t necessarily be able to produce the returns that some of these large, high-frequency companies might envision.” (Bloomberg)
Poached Citadel Dan Ramirez of Long Whale Rock. Ramirez will assemble a stock selection team investing in technology, media and telecommunications. (Business Insider)
Three technology bankers, Alex Ramirez, Richard Soto and Raymond Yousefian, left Citi after the bonus payments. (Business Insider)
Two female partners at Carlyle have thrived on their friendship at work. “Because she’s not involved in the details and emotion of the individual deal, so she can provide perspective, but she’s close enough to the people and the opportunities to offer insight.” (Business Insider)
The president of the New York Stock Exchange says the trading floor will not disappear. “The role of the human is incredibly important. It’s something close to my heart and I can’t wait to change the way land is used.” (Yahoo)
Roger Ng’s trial has begun. His lawyers argue that he was just a bookish Goldman doctor and that Goldman’s former partner Tim Leissner was the real perpetrator. (Bloomberg)
Ng’s lawyer also accuses Leissner of being a double bigamist. He was “married to two different women at the same time, twice.” (Bloomberg)
“Let’s Go Brandon”, the MAGA-themed cryptocurrency, fell 99.5% in 30 days. (Daily Beast)
Harvard Business School is running a course on happiness. Some high-achieving students rank highly on meaning-seeking and achievement, but score lower on positive emotions. “You are constantly postponing your gratification,” which can lead to burnout. (WSJ)
Photo by Blake Carpenter on Unsplash
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