The money managers were gathered for a charity tournament to play a card game that, in some circles, is taken almost as seriously as their day jobs. As a DJ blasted music, competitors spent the evening shoulder-to-shoulder, setting aside work for play.
But others could not help but discuss the tumult sweeping through equities, bonds and currencies. Boaz Weinstein, founder of hedge fund Saba Capital, would not predict when the stock market would reach a bottom."Anyone who gives you an answer is not modest because nobody knows with this market," Weinstein said between rounds at the 12th annual "Take 'Em To School" tournament.
The evening allowed participants to set aside concerns about the bear market for stocks, surging inflation, rising interest rates and the war in Ukraine, which are fueling market volatility and creating plenty of trading opportunities. "There's so much going on in the markets now that it's difficult not to talk about it here, but it is a fun competition," said hedge fund manager John Petry of Sessa Capital.The tournament also offered a distraction from turmoil swirling around lender Credit Suisse
This is hilarious.. though was The Onion for a second
The parallels between high-stakes poker and trading are many! Risk management Probability analysis Human nature Personal discipline Patience and Aggression The list goes on... Which is why investors like Einhorn and Buffett love the game so much!
HOT DOG!