YouSaid · the spoken record

James Fishback

lines on the record: 143
first: 2024-05-23
most recent: 2024-05-23
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Through the fixed income channel, you have consumer deposits, you have this insane excess savings that we're now not compounding at zero, but we're compounding at 4 or 5%. If you go to RobinHood.com right now, you will see the word earn interest before you see the word crypto.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“But then it starts to sweeten up. And the reason it sweetens up is because the structure of the US economy has fundamentally changed. For the most part, we are economy that our assets are floating and our liabilities are fixed. The thirty year fixed rate mortgage is uniquely an American phenomenon. Don't find those in the UK. Sure as heck, don't find those in Eastern Europe or South America. And so when people were clamoring about 8% mortgage rates, I was looking at the data on Bloomberg. The average effective outstanding mortgage rate was 3.6%. Fed funds could have gone to 15 or 12 percent, Jack, and people would still have been paying on average 3.6% on their mortgages. And so that represents about 80% of household liability is the mortgage. And so when you have folks who are paying not more for this increase in rates and are actually being rewarded.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Okay, will you put them in your mouth? First thing you is sour. That's sour. Then you get sweet. And so the perception is it's a sour candy, but it's actually a sweet candy. The perception was that the fastest rate hiking cycle since the era of a guy named Paul Voker was going to be bad for growth, was going to be massively disinflationary, and was going to be bad for risk assets. And we actually haven't seen that. And so Lemonhead, because it's been counterintuitive, you pop a lemonhead, you expect it to be sour. It is at first that was the stock market going down 18% in 2022 in the face of the Fed funds rate going up at the rate that it did.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“So I've had this. Framework for thinking about the Fed, which I call it the lemon head problem. The Fed has a lemon head problem. And what do I mean by the Fed has a lemon head? I'm not calling them lemon heads, although there's certainly evidence to suggest that many of them are, given how they conducted themselves in the post-pandemic era of monetary policy, we are living in a higher R-star world, the neutral rate is much higher than the Fed appreciates than the market appreciates. And so what that means is Fed policy is not as restrictive as everyone thinks it is. And why do I call it Lemonhead? Have you ever had lemonhead candy, by the way, Jack?”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“No, no, I understand. And look, I don't want to comment on David's charitable work. I think he's done great work in that space. And I don't necessarily know these organizations well enough. And again, I'm not commenting on his political investing process at all. I want to be very clear about that. What I'm saying is folks who confuse their political beliefs with their investment. Process are doomed.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“I don't know anyone's voting record. I know that it was a firm that was based in Midtown East of New York City. You can look publicly at some of the people that David Einhorn supported. Again, this is not about differences in political opinion. This is about, to the extent that it matters, to what extent are you letting those political differences influence your investing process coming into an election year in particular? That is, and I'm not speaking about any case in particular, but that is how it would matter, Jack. I have tons of friends who are Democrats. It's their ability to separate their personal politics from their investing. That's what ultimately matters.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Would have been to your detriment, especially if you thought about going the other way, which is shorting. And then you have someone like Druken Miller who says, I like what this guy has to say. He rejects the World Economic Forum. It rejects that type of state-run economy and embraces the beauty of libertarian capitalism and laissez-faire markets.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“I don't want to comment either way on this. I would say that it is prevalent in our industry, Jack. You see what George Soros did going into the election, the losses that he sustained as well. Obviously, someone who suffers from very severe Trump derangement syndrome in one George Soros. And so I commend people who are able to look at the facts even if they aren't going to vote a certain way in November, that they are able to look at the situation objectively. In the same way, I have very little tolerance for the people who have been yelling about the Fed this and the Fed Lat for the last 15 years and buying gold and buying gold call options and them expiring worthless. You have to look at the situation objectively. I have very serious disagreements about what Chair Powell did. Inflation broke 5% in June of 2021 and he didn't hike rates until March of 2022. I don't care about forward guidance. I don't care about.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“What the Fed will do. Don't confuse your views on President Trump with the economic and financial realities of a second Trump term. I've talked about this publicly, by the way. I'm calling it the Trump acronym T. Let's call it tax cuts, R, regulation rollback, U, unilateral trade policy, M, the migration, the curbing thereof, and P power projection. There are very obvious and not so obvious implications of what a Trump term would look like. And if anyone is working anywhere and has a fundamental disagreement about Donald Trump and that person is not, I don't think, viewing things necessarily in the most rational way. And I'm not talking about anybody in particular. I'm just saying if you and whomever were starting a fund and they had a view of any particular politician that was not rooted in truth and rooted in you can have disagreements about the guy you can call him the orange man you can laugh at his tweets but he was a game changer”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“And everyone was like Trump is the worst thing to happen. And in 12 hours, the market's up three or four percent. And so it's because people associated their politics of one man with an investment strategy. And you can never do that. You know, this is we're on forward guidance. Let's talk about forward guidance for a second. Don't confuse what you think the Fed should do.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“I think that they certainly didn't help. And, you know, there's this general thinking that you have to separate politics from investing. If you let your views on any particular candidate, cloud, and we saw that, by the way, Jack, I'm sure you'll remember going into the 2016 election when the markets went limit down in the S&P futures the night of the election.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“At a high school debate tournament that she was not allowed to bring up President Trump in a speech about President Biden's foreign policy. Certainly that was not well received at Greenlight.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“David Honoran's politics are well known. My politics are well known. Like most spirited people in the United States were allowed to have disagreements. I can't, you know, I'm not going to divulge my private conversations. He was certainly not a fan of President Trump. I've been a staunch defender of President Trump and what he's going to do. Hopefully if he gets a second term here. Fortunate enough to spend some time with Vivek advising him on his campaign and traveling Iowa, New Hampshire, South Carolina, seeing men and women of all walks of life who are frustrated with what's happening in this economy under Bidenomics. And those are my politics. And so I think that to some extent, if there was any catalyst, me going out and writing in the free press as I did in May and June of 2023 about the censoring of conservatives in high school debate, that certainly roughered some feathers when I went on Fox News and NewsMax and talked about a young lady from Broward County where I grew up who was told.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“I didn't speak to him on the phone. It was an email. They didn't say anything either way. What's their reaction? Is judged by what they've done over the last eight to nine months, which is send CSON desist letters to me, threaten things baselessly and not actually sue me, and then send those same CSIN desist letters to university, to a podcast, to a conference saying take all this content down. Last time I checked, Jack, we have a first amendment in this country. I think it's hanging by a thread, but we have a First Amendment in this country for a billionaire to go to a public university and to demand that that public university censor take down content that from a student org is a flagrant violation of the First Amendment. That public university is taxpayer funded. It is bound by the First Amendment. You ask me, well, how did they take it? Well, we see how they're taking it. They're attacking me. They're going after me.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“And I don't want some affirmative action wrapped up as a hedge fund check invested in Azoria. Every penny I earn that comes into the fund, I want it to be because someone believes in our framework and our approach to investing and that alone. That extends to David, that extends to this DEI person who wanted me to invest on the basis of being La Tinks or something.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Not necessarily, no. Not necessarily. No. Because I needed to wrap up a couple things internally. And so I didn't, I was finalizing some things. I had to wrap up some things internally that I can't obviously discuss about what I was working on at the time. I wrapped those things up. And then usually how these discussions go is that once you've finished everything up and you're wrapping up your employment and that's final, then you have a discussion. And so when I saw that letter, I wanted nothing to do with them. And again, I was mindful of the fact that this was something that internally there was no precedent for investing in a macro fund. I'll give you another example, Jack. I was recently told by a well-known investor that they could connect me with a fund of fund that would invest in hedge funds run by minorities, whatever that means. My mom's Columbian, I guess I'm Hispanic. I don't really think about my race all that often. And I said, heck no, heck no. I don't want a penny unless you're investing on merit. I don't want to hand out from my former boss.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Oh no, I never had a conversation with them. No. So, the season desist letter happened in September. I don't know what the question is.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“So there's two reasons. The green light masters is their fund of funds. That's the only way that greenlight invests in external funds. And so they've never invested in a macro fund, to my knowledge, and they certainly weren't going to make an exception this time. So by the very nature of the institutional setup, they weren't suited to invest in the type of macro fund that I was launching. Honestly, I'm not the person who wants a handout. I'm just not. Sure as heck, especially after I was given this ultimatum and told you will be, you know, punished for ever referring to yourself as anything but this BS title that you had when you were hired that had changed twice since.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“They accepted my resignation. And then it was just the details I don't remember the exact, the back and forth, but I resigned. And again, I made it pretty clear that there's a difference between having a conversation about wanting to leave and resigning. And I think they recognized the two that this was not something I was open about having a conversation to. It wasn't framed that way. I'm resigning, period. Let's talk about winding this down.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“I've always had the itch. I've always had this entrepreneurial spirit to me. I was the kid running garage sales twice a month in my neighborhood because I didn't get an allowance. I had the itch in many respects on this front because I had run a fund myself. And what excited me most, Jack, about running my own fund is that I had skin in the game both ways. That if I failed, I failed because it was me. And if I succeeded, I succeeded because it was me. And then I got compensated accordingly. And I think that's the really big point here. I don't think I was fairly compensated at Greenlight for the contributions that I brought on. And I wanted to build something where one, I could be independent. And two, I could really own the upside, really own the upside, you know, in terms of you do the math, right? 20, 25% performance allocation on the profits. And I much would prefer to do that independently than to be awarded some bonus.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“The sales trader who was quoted, I think that was in Sherwood, who said that he attested to the size and scope of what I did at Greenlight. And I got a very friendly call from a very, very maybe the best known hedge fund manager in the country with some interesting news and his take on what's going on here. So, you know, there's a lot of criticism in some senses, but the people that matter know exactly what is happening here.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so I've thought a lot about this and obviously talk to my attorneys about this. Simply saying I'm not aware or in my opinion was giving you a way to exonerate yourself from defamation, that would be too clever for our legal system to work. In my opinion, Jack is a fraud is purely defamatory. You can't simply tack on some conditional statement as far as I'm aware or I think or in my opinion that exonerates you and gives you the runway to defame someone from your perch as a billionaire by the way $15 billion fund down to $1 billion fund, a purchase as a billionaire to attack your reformer employee. And that's the messages I've gotten. A lot of these anonymous, I call them dweebs on Twitter. They're this, that, and the other simping for a billionaire. The portfolio managers that have reached out to me on Bloomberg chat, we stand with you. We know what you did at Greenlight. We were on the other side of the trade. That's really interesting.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“That's not what the tweet says. He doesn't condition it on at green light. You did not do any other equity analysis or analyze Tesla. He says, I am not aware that you have ever spent any time analyzing Tesla or its fundamentals or really any other equity position for that matter. Period, certainly not during the two years while you were a macro analyst at Greenlight. And so those are two separate statements. He made a blanket statement that I've never done any work on any stock in my entire life. He did do a hedge, which is.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“And very well, maybe the end of my career. I don't know. I don't know. This is a very damning, damning tweet to say something this false in this defamatory. And so when you're debating someone, attack the argument, don't attack the person. He then goes on to mention that I wouldn't do this because of the ongoing litigation. That's the first time the litigation has ever been mentioned publicly. And that is when I respond and I want to be as transparent as possible. I post the full lawsuit and folks have dissected that since.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“It's a matter of opinion, but inherently it's a matter of opinion because I could never prove. His former employee, and one is defaming the other and one is trying to stick up for himself tell the truth and simply start a business. I say this with humility, Jack, if I were not going to start my own fund, if I were seeking a job at, let's say, 0.72 or at BlackRock or at Millennium, David's tweet would be the end of my career. David's tweet would be the end of my career.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Of course it's different, and that's not what his tweets about, Jack. I'm going to read the tweet for you word for word. I am not aware that you have ever spent any time analyzing Tesla or its fundamentals or really any other equity position for that matter. That's false. And so the test for defamation is, is it a true or false type statement? So for example, if I call Jackie like a nice guy we haven't met, if I called you a douche, I would never call you that. You're a good guy. I am a big fan of your podcast. If I called you a douche, is that defamation jack?”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“So I'm looking at David Einhorn's tweet right now. I would not say if this tweet was about me, I would not be happy with it. Certainly, I would not call it a charitable email. But what do you say if you are involved in macro, that is different than equities or an equity, a single name equity, let alone Tesla? For example, the best macro investor in the world, like say John Maynard Keynes, although I don't think he was the Macro investor in the world, you know, like George Soros, he doesn't really have an opinion on Bank of America versus Wells Fargo, right? He has an opinion on currencies, interest rates, some commodities maybe, and how to express those trades. Stan Drugenmiller. So single stock analysis and fundamental analysis is different than macro.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“That I have never done any equity analysis, never done any equity analysis, Jack. I was on Bloomberg Technology a couple months ago talking about my long position in Microsoft and why I think generative AI is going to be a boon for that company. And so that's how this started. I am playing defense. I am speaking truth and I'm grateful for Elon and what X has become to be able to do that and have the reach that I've been able to have.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“By the way, what am I doing actually? I didn't start this right. They defamed me. I have every right to sue them. And we had a lively Twitter opportunity to have a debate. And then David comes back and slaps back. And by the way, you notice what he did, Jack. He didn't say, I don't want to have a debate about Tesla because I think this is whatever. He shot back at me in decline by attacking my character and attacking me. And anytime in a debate, when you were attacking your opponent, not on their arguments or their perspective, but on who they are as a person, that is a sign that you are a losing the debate. So when he did that and then said that we're involved in lawsuit, that is when I published the lawsuit. That is when I put this out there. I want to remind everybody, I have kept this very quiet. It's been spoken to no one outside of my lawyers and my family since I left in August. It's his tweet. It's his insult. It's his lie.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“About what I did at Greenlight. And I care about this for one reason, not because I want to harm David, not because I wish him well. I wish everyone a green light while I had a lot of friends there. I don't think they're my friend anymore. I'm doing”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“I'll tell you why. It's because there's some real issues here about who has the ability to tell and to be honest about what's going on. That's the issue here. Look, we all, I don't think David is happy. I don't think I would be happy if someone left my firm mid-year to go do their own thing. That's a trope in our business, right? That, oh, so-and-so left and now so-and-so is pissed off. But to do this coordinated, send cease into sis letters to every university that I've spoken at, that, oh, I should say the University of Florida that I know of so far, I know of one other major conference that has also received a cease and desist letter that says, take this down, take this down, take this down. This is not normal, Jack. And anyone pretending this is about a title is sadly mistaken. This is about purging and rewriting history.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so I haven't read that email. So I have no clue. This is coming to me from an investor who told me that they refused to tell why Jack, why would they refuse? Something that is so blatantly obvious that I was a paid consultant for David Einhorn. Why?”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“I don't actually care about being called the head of macro. Maybe it sounds like a great pickup line. I think that's one of the memes is being able to slide into someone's DMs and say that. I care about this, Jack, because in America, you are allowed to compete even with your billionaire ex-boss. I care about this because I am trying to start a business. I am trying to compete. I am doing what David did in his late 20s, which was leave your firm to build something new and hang your own shingle. And so when I am trying to do that and my former employer is saying title, no, contributions negative, responsibilities, forget about it. The fact that you consulted refusals. That is what we're dealing with. Refusals to confirm.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“I'm looking at the document right now, and my name and my name alone is on that document. So you can have your opinion about what happened, but green light, greenlight's opinion of the facts is that on these internal documents, I was given credit for these trades. Now, Jack, I want to just back up for a second. Why do I care about this”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Okay, but you didn't answer the question, Jack, with all due respect. I asked if there are internal trading documents that give me and me alone attribution for the macro book than who ran the macro book.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“No, because I'm staring right now again, right here, at the internal performance sheet that breaks down all of my trades with a little nice little number at the end of it there, and I am the one given full attribution fishback and my initials JF. And so you have your theory, Jack. I understand that. I'm privy to the facts here. Green light is privy to the fact. There's only two people really in the world that know what happened here, I guess two parties, me, them and their legion of lawyers, right? And so let's just settle this right now, Jack. David Einhorn, release the detailed internal trading documents and release who was given attribution for these trades. Jack, would you agree that if an internal trading document James Fishback and James Fischback alone was given full attribution for these macro trades, then he was the one who ran these macro trades, yes or no?”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Jack, if I'm lying and I didn't run macro, they can sue me tomorrow in federal court and they haven't for eight months. I get what you're saying, but if I am lying, then I am defaming them and they could have every opportunity to sue me, and they haven't. Why haven't they? If I'm lying?”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Well, he never consulted for us. He was never a macro head of macro. He never ran macro investing. He wasn't responsible for macro investing. Anything that I say is defamatory. And that's really messed up. And I urge them, I plead with them. If I am defaming you, if I am lying about my title, my contributions and my responsibilities, that would be defamation and you would have grounds to sue me. They certainly have the resources, Jack, to do that. They threaten to do so on two occasions in September and October of last year, and they haven't yet. Why? Because to sue someone for defamation, they have to be telling falsehoods.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“I was hired. Like I said, I was a portfolio manager of my own fund for five years. I was hired a green light to do similar work that I was doing for David. I also want to remind folks, and we haven't talked about it yet on this interview, but I posted on X last week. I had an investor text me a couple days ago saying, I see what's happening on Twitter. I just want to let you know when I was doing due diligence for your fund, I reached out to Greenlight and I asked them to confirm that you were a paid consultant for David and they refused. And I asked them again. And they refused to tell me that you were a paid consultant. I was obviously a paid consultant. I've shared publicly the images of checks that say green light capital paid to the order of James Fishback. And in the memo, get this jack, macro consulting. And so it's not about a title. I know that's how this started. I know this, that, and the other. That's literally the meme of what's going on. And some of them, to tell you the truth, are pretty funny. They are pretty funny. When you're saying.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“No. And I encourage David to release these documents if I could. I would release them in a heartbeat. But David Einhorn should release publicly release these as nothing to hide here. Again, this is like straight out of a billions episode, Jack. Podcasts, the university, I have student groups who are saying we can't host you anymore on campus. Podcasts being deleted, rewriting history, purging my name, purging the comments and remarks that I've given, all because of this, this can't be just about a title. And that's why I want us to focus less on, well, when were you called this and what email this, that, and the other. This is not about a title. It's about who deserves credit for what happened at Greenlight Macro for those three years.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“JF. And so you might have a theory or a definition of what it means to run macro, but by Greenlight's own admission, their own internal trading documents that were used to determine my bonuses and my compensation, I was given credit for these trades and no one else. Funny enough, by the way, there are situations in which other folks at the firm were given dual credit between different analysts or between David and an analyst. And on this ledger, I'm looking at right in front of me. There's only one person's name, and that is mine.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“I know we'll support my case. And again, I want us to focus on what is really at stake here, Jack. I know this all started because of the head of macro title. I know that's how this whole thing started. This is much bigger than that. It's about who is responsible for Green Light's macro performance in twenty one, twenty two, and twenty three. That's the question. And so I'll give you one particular example. I don't want to get into too much detail on this, but on the internal documents that David Einhorn can release any day now and he hasn't. I was given full attribution for the hundred million dollars in macro trades. So I'm actually staring. I can't show you, of course, but I'm staring right now at my internal trading ledger that goes through all of my trades by instrument and the profit or loss on those trades. And right at the top, it says fishback performance, and then in the column next to each trade, it has my initials, JF, JF.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“There's no reason for him to lie about that or to inflate my title. And there was no reason for them to refer to me as the head of macro countless times at the Robin Hood Conference internally when meeting with investors and so on and so forth.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“No, because this was self evident. I mean, I'm not going to sit there and go through every last email. This was an email that I had recently gotten that had recently come up because Dan Royton was talking about it. I screenshotted that email. Again, I trust the court process. I trust what Discovery is going to bring up. Again, the way we're approaching this from a legal standpoint is when you call someone something, that's who they are, especially if you publish it externally and the whole world sees it in this case. You have someone from an external firm seeing it. Again, you don't call someone the head of macro if they're not the head of macro. It's not some colloquialism like macro guru or macro genius or here's our macro dude, here's our macro whatever. No, head of macro is a recognized title on both the sell side and on the buy side. GLG, we were paying them to attend their events. They had no reason to inflate anything about me. It was a Zoom call with Eric Rosengren that seven or eight people were on.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Have the resources to sue me any day now. It's been eight months since they've threatened to sue me for defamation for calling myself the head of macro. That's what the cease and desist letter says, two of them. These are the same people who have sent cease and desist letters to podcasts, to universities. Alleged culprit. They've yet to sue me for defamation. Why, Jack? Because for to sue someone for defamation, they have to have said something false. And there's nothing false about me being the head of macro and me running macro investing a green light capital.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Send an email to Dan Reutman and they ask, hey, want to confirm what was his responsibilities? What was his exact, this, that, and the other? And then Dan Reutman shoots back and says, he wasn't the head of macro. We never had a head of macro at Greenlight. And so that investor, I guess, understand why they did what they did because I was effectively being called a liar. They did not end up investing, costing me a $10 million investment in my new fund. And that's where we said, look, when you lie and you cause damages and you do it in such a way, then that is defamation. And that's why we filed this suit. And again, I want to remind your listeners. If I am lying about my title,”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I filed that after I had one of my investors Reach out to Greenlight. It's about to invest $10 million of preeminent family office. It's going to invest $10 million in Azoria. And just as due diligence was coming to an end, they had forgot to do a basic reference check. That's just kind of trust would verify, right? You want to, he says he worked a green light. Everyone knows you worked a green light, but let's just do it because we have to do it because that's our SOP.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“From Daniel Reutman. Absolutely. Absolutely. And you know, Jack, if I would have known they were going to pull this crap, I would have recorded everything. I would have recorded. I would have taken screenshots of every last email. I would have recorded David head of macro this head of macro that no. Of course. But I come in on this naive kid, right? All I have is a high school degree. I was running a hedge fund for five years. I got $15 million to drop out of college. I come work for David Einhard. I'm just kind of happy to be there. And I'm doing this macro stuff 2020 happens. 2021 happens. And if I would have known they were going to pull these shenanigans, and that's what they are, they're shenanigans. Then of course I would have documented everything. But that's why the United States has a court system. That's why that court system allows for discovery. And I look forward to those documents coming to light in that process.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“My message to David is this. A lot of respect for you. I learned a lot working at Greenlight for three years. We made a lot of money together. If you want to compete, let's compete. Don't use your lawyers to email the University of Florida as you did, to email conferences and my friends and my partners, and threaten to sue them if they so much as have me on a panel, as the head of macro. Don't do that. Let's just cut this out. Let's compete. Let me start Azoria. Let me start my hedge fund. You run your hedge fund. And let's circle back in a couple years and see where our performance is. Nothing about currently being in litigation prevents you or me from telling the truth. So you should respond to this video, David. You should because the truth is all that matters.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“And that is, I can go out anywhere, anytime, and criticize anybody. And it's not defamation so long as I'm telling the truth. It's been eight months since Greenlight threatened in a written cease and desist letter to sue me for defamation for referring to myself as the head of macro and running macro investing. Why haven't they sued me? Why haven't they taken me to court on that charge of defamation for using a title that allegedly is not mine? The reason why they have not filed that case is because it is not defamatory to tell the truth.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT