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

“Not that I have access to, but Discovery is going to be fun, Jack. Discovery is going to be a lot of fun. We're going to find out a lot of stuff, stuff that I don't even know about, about how exactly this went down and why it went down. And again, this title was not in dispute up until I said, hey guys, I'm going to leave. I'm going to do what David did in his late 20s. I'm going to start my own hedge fund. It was really nice knowing you. Boom, here's a letter, $300,000 of loan forbearance on the explicit condition that you never refer to yourself as anything but a research analyst. And then within 45 days I'm being served to cease and desist letters. Jack, I want to point out one thing real quick. What is the difference between suing someone for defamation successfully and unsuccessfully? There's one big difference.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“You don't have to try to get anybody into a GLG event. It's a paid service, Greenlight pays to be a part of that network. And so we are allowed to go to those events, whether you're the head of Mac or whether you're the intern who's in high school. There was no need for them to inflate my title to get me into a GLG Zoom call with Eric Rosenged, formerly of the Boston Fed.”
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, if I don't have my access to my company email, if I did, we could produce them up the wazoo, right? This was not even in dispute. It's like saying, how often do people call you James? How often do people call you fishback? I was the head of macro. They called me the head of macro. I didn't think twice about not an offered letter, about not an increase in pay when I was upgraded to trader and when I was then upgraded to head of 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
“Absolutely. But that's the biggest thing here, Jack, is that's not even in dispute. No one is disputing that. I'm not disputing that. Of course David deserves some credit. He's the one who hired me. He's the one who gave capital to the strategy. He's the one who really thought about what macro would mean within the green light operation. I'm not trying to take credit away from David. And I reject the notion that this is really about one versus the other. This is about... In turn, demand their students to take down a podcast with me, a podcast, Jack, just like you and I are having right now, because in that 45-minute podcast, I referred to myself as the head of macro. And I leave you with this kind of one thing on this particular point, is if I wasn't the head of macro, why did they keep calling me the head of 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
“Look, I want skin in the game. I've always wanted that. I've always valued that. And if that means I lose money, I lose money. If I make money, I make money. But I should only be given the recognition if I, in fact, deserved that recognition. If I didn't, then I'm the person to blame because I'm the person who's generating these ideas, structuring them, risk managing them, executing them and doing that under David. So absolutely.”
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 that it suggests command and authority. I think if you run a restaurant, you still defer to the owner of the restaurant if you're going to change the menu, right? I deferred to David both out of respect and out of the institutional setup of Greenlight Capital, which is not a multi-manager hedge fund. It is a single key man operation.”
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, I mean, that's the case in any, I think, in any situation is that if the founder and the CEO of a hedge fund does not like an idea, it will not get into the 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
“And so I always went to him for advice for feedback about how we were going to precisely size these things. And I valued his input 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
“No, David knew about everything. David was intimately involved in every trade, in every aspect of the portfolio, and of course he ran the show. So I came to David on everything. We had conversation, probably spoke almost every single day, even though I was a remote employee. I think one thing that's interesting, Jack, for your viewers, is there were six folks on the investment team, many of them, like I said, 10 to 15 years older than me. And I was the only one who had the ability to go out and trade in the marketplace. And I took that. I always conferred with David Jack because I valued his feedback. So for example, if we were making a rates trade at the time and he had some view on tech or industrials or defensives, he might want to size that trade in a different way than had he not had that exposure 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
“I'll give you just an example of how this would work. We would look at a Fed meeting, for example, and we would say, we think there is a chance that the forward guidance at this meeting is going to change what the next six months of Fed pricing looks like. So I would do the research on that. I would generate the idea itself. I would structure that idea. Some of the markets you mentioned, Fed funds futures, SOFA, OIS, one year, one year, whatever the case may be. I would then take that idea. That idea would get cleared and I would go and execute that idea in the marketplace. Risk management, come back, and then we'd have a conversation about taking profits.”
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 describe the process by which you would do a trade. You say, oh, I saw I've been doing some work on oil, or the Fed has been saying this. The interest rate curve is, I see an opportunity here. You would then go to David. David would say yes, tell you to do the trade.”
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 is ultimately a decision that is left to David. David obviously has the final say on anything that's in the book. In any case, and there were situations where there were things that we had agreed on that I came in one morning and that had been trimmed. David, it's a single man operation. It's a David Einhorn show. Everyone recognizes that. And so, of course, David Einhorn is the president. He's the founder. He's the CEO. He has ultimate discretion about what is and what is not in the 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
“A great question. So, here's how I define macro investing, and here's how I define running it researching, generating, structuring, executing, risk managing, and taking profits on macro traits.”
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 a really messed up thing. This is a bigger story than just a title. It's a story really, I think, about fairness and about trust. And again, I remind you that cease and desist letter that was sent by Aiken Gump to me in October of 2023, their last contention with me wasn't that I was using the head of macro title, but that I was merely saying that I ran macro investing at Greenlight. So I'm not allowed to use a title jack. I'm not allowed to talk about my responsibilities. I'm not allowed to talk about my contributions. And I'm sure as heck, not allowed to have my track record. That makes things pretty hard when it's time to go build Azoria over the next year.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Correct an increase in responsibilities, and more than anything, here's the most important thing it was acknowledged by management, both internally and externally, going to the Robin Hood Conference and being introduced to ultra high net worth individuals and family offices as the head of macro and then sitting and having a cocktail with somebody for 45 minutes about what the forward path of inflation and the Fed path was going to look like. And so when it was convenient for me to be there.”
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 in your two promotions, one from research analyst to trader, one from trader to head of macro, you're saying that neither of those came with a letter and neither of those came with an increase in pay, but they did come with an increase in responsibilities.”
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 would say it is accurate, which leads me to believe why did they not acknowledge this publicly? Why, you know, and maybe the truth of the matter, Jack, and I don't want to speak for them. I don't want to make assumptions, but maybe they were embarrassed in a sense that someone with a high school degree, no more and no less, was coming in and was running a macro book. And to give that person public credit and plot it through promotions and through accolades would draw questions from investors. I don't know, but I do find it very strange there was this double standard in many senses about how I was treated as opposed to different employees.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Wasn't common at all. It was extended to me, I was told because of my good performance. And so I was effectively able to borrow against future bonuses and the money that had already been invested on my behalf in the fund, given bonuses that I had been given in prior years. And so as folks know, even if you're an investor in a hedge fund, if you need money or you want to buy something, you can't pull that money out. And so when I would need 50 grand or 100 grand, David would extend me a very low interest loan to be able to use that money without having to redeem my interest and I could effectively borrow against my future 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
“Anything other than a research analyst. My title had never been in dispute. You're ahead of macro as long as you work here. But it seems like the second you leave, you are nothing to us and your contributions are meaningless.”
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 to my knowledge, no, not to my knowledge. I can only speak. I was only there for three years. There are folks who were there for 10 or 15 years. I was very clearly promoted on two occasions and never got an updated offer letter. That's a question to ask them. Why didn't they do the proper paperwork? I just knew I came in on Monday and I had new responsibilities. And honestly, Jack, I had never worked anywhere before in my life. I went off to Georgetown. I did that for two years. I got $15 million to start a macro fund. I did that for five years. I had never gotten a pay stub in my entire life prior to Greenlight. And so when you promote someone, I guess in hindsight, I should have demanded an offer letter, but I figured that everybody was acting in good faith. And I was, I can't even say surprised. I was totally floored and shocked that while my last day, I was put a forbearance letter in front of me that said, we're going to give you $300,000 of loan forbearance on the explicit condition that you never refer to yourself as.”
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 no HR department at Greenlight is what you're saying. But if someone had been other people who are promoted, do they normally get an offer letter? And was there normally a process by which that was recognized in writing?”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Its lawyers saying, Take down the podcast and take down the social media posts of James Fishback because he is making statements and your students in effect are making statements that are harmful to green light. They are going all out, contacting every podcast, conference, university that I've spoken at, trying to purge this title and association with Greenlight, and that is wrong.”
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 is no green light HR document. There was no green light HR department. There was nobody who worked in HR. It's a very small firm. I can tell you that I was promoted to trader. I got nothing in writing. I got no new offer letter. I got no increase in compensation. I just got trading authorization. Then I was promoted to head of macro and nothing of the sort, no balloons, no offer letter, no bonus, none of that. And so I think people have to recognize that Greenlight is one of the smallest hedge funds in this universe. Had I worked at 0.72, I think it'd be different. I think I would have gotten an actual offer letter and it would have been codified in some HR documents. But people have to recognize that if I wasn't the head of macro, if I wasn't contributing, why on earth are they coming after me as hard as they are? Here's the thing, Jack. I gave a lecture at the University of Florida. I gave a podcast interview at the University of Florida both earlier this year. The University of Florida was served with a cease and desist letter by green light.”
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 they say is that Are appropriating their performance. But I just want to get the facts on that your official title, if regardless of what everyone thinks or what people say on Zoom calls, but your official title, if we were to open up the greenlighthru document was still research analyst. There was no letter saying you've been promoted from research letter to head of macro. It was informal.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Macro investing. And so this isn't some beef about head of macro. Everybody wants to talk about head of macro this. They literally threatened to take me to federal court because my Twitter bio said that I ran macro investing. They don't want to give me any credit whatsoever in the smallest of terms for the insane contributions I brought to the table. And my question is why can't they just 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
“Look, I don't remember the exact date. Maybe they should have given me an offer letter when they promoted me to Trader and when they promoted me to head of macro, I don't have an exact date for you. And I think the bigger question here is twofold. One, if I weren't, if I wasn't the head of macro, who on earth was? Two, who was responsible for green lights, insane macro performance? And third and finally, Jack, and this is the most important one, why do you go to your employee on their last day of employment and say we're going to offer you three hundred thousand dollars in loan forbearance? I publish this document online, $300,000 in loan forbearance on the explicit condition that you do not refer to yourself as anything but a former research analyst. Let's actually talk about the cease and desist letters I've gotten since the fall as well. I got one letter in October of 2023, Jack, that said that I was defaming green light because my Twitter bio read, quote, James Rand.”
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 get a formal promotion letter in either of my promotions to Trader or to head of macro. And both were met with increased responsibilities. These were referenced internally and externally. And that's how it went.”
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, yeah, no, certainly a Fed funds futures contract or a sofa put tree is not an exotic option. But nonetheless, it's still part of a 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
“Well, let me just speak in general terms. I don't want to reference anything I did to Greenlight, but when I think exotic derivatives, I would say second gen FX exotic options, second gen interest rate exotic options, all OTC, I would think variant swaps. I would think volatility swaps on FX fall, variance on equity index fall in the sort.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“You say the word exotic. When I think of exotic, I think of things that no one really trades anymore that only existed like before the great financial crisis. I mean, things like variant swaps are traded, things like things that have really weird names that I like, I would not say shorting Fed funds futures or buying a sofa call op or put option is exotic. When you say exotic, how exotic are we talking 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
“I would leave it to your listeners to answer that question. I've been doing multi-asset macro derivatives trading now for close to 10 years. I have run a macro fund. I have thought a lot about this. And so when you think about this massive increase in macro performance in 2022 coinciding with me joining the firm in 2021, I think that would leave listeners to make an inference that would be sound. David's a brilliant investor when it comes to stock picking. You know, he and I have a disagreement about Tesla. And I've made that clear publicly. That's why I encouraged him to join this debate that we were both invited to. But when it comes to macro, when it comes to the type of exotic derivatives that green light was involved in, when it comes to the types of interest rate derivatives that were referenced in those letters, it's pretty clear that only one person would have been in a position to run that type of complicated macrobook.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“When did I first consider that to be the case? This would have been an early 2023. Again, it is you come into the office. I worked remotely, so I wasn't coming in. I probably went to the office only a total of eight, nine times my entire three years there. And I was an analyst meeting with all of the other analysts and everyone on the investment team and David Terms and what is our head of macro think? And then a couple weeks later, I'm introduced to investors at the Robin Hood Conference as the head of macro. And then I'm signed up for a conference as the head of macro. And this just becomes a running title within the firm that isn't just a title because, hey, how's it going, our macro guru? This was also a title that corresponded with increased responsibilities, increased ability to take risk, and so on and so forth. And so I think that's the big thing to consider here isn't just what the title is for itself.”
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 cannot, if David gives me permission, I'll be happy to talk about exactly what trades contributed to that. You can look in the public letters about the types of trades that were referenced, interest rate futures tied to the path of the Fed in 2022 is one example in that 2022 letter, along with inflation swaps and a number of other instruments. But again, I'm more than happy to talk in detail about exactly the trades that I put on, but I would need David Einhorn to give me permission first.”
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 definition, it had to be, Jack, it had to be a small percentage because of that regulatory limit, that CFTC four hundred thirteen de minimis exemption, which says that if you are not operating as a commodity pool in effect a macro hedge fund, you cannot invest any more than 5% of your capital in macro derivatives, interest rate futures, swaps, et cetera. And so, absolutely”
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 the truth, and I encourage David to release the detailed internal trading ledgers that show the answer to that question.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Never got a letter, but got the increased responsibilities. And of course, as you saw in that email in the lawsuit, Daniel Reutman, the chief executive officer, referring to me as the head of macro, being registered for a conference to be on a macro panel at the Global City Global Equities Conference as the head of macro. Again, if I had my company email right here with all of the emails, all the examples I was referred to as the head of macro, that would be, I'd have access to it and I could share that. I think the bigger thing here, Jack, is everyone wants to get caught up on a title. To be fair, that's exactly how this started. But the bigger question here is who is responsible for green light's insane macro performance? The title is part of that, but the crux of this debate, of this dispute, is David responsible or am I responsible for what Greenlight did in macro over 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
“So, in both cases, these were fairly informal promotions. Greenlight is a very small firm. It's 33 people in total. Like I said, six on the investment team. And so people would be given new responsibilities pretty much on a whim. When I was promoted to trader, I was now given trading authorization. I was now told, hey, you can do X, Y, Z. Again, I don't want to get into too much detail to violate my confidentiality, but when you're promoted at a hedge fund like Greenlight, it's not like they bring out a cake with balloons and send your mom a big letter home. It was. Here's new responsibility, and here's how you carry that out.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Exactly right. And my history, I want to be careful to not divulge anything confidential, everything I've spoken about is in the open, whether it's in lawsuits or it's whatever the case may be. But I joined in February 8th of 2021 as an analyst, and I think I did a pretty good job, hit the ground running. David referred to the macro performance in 2022 in their annual letter as the best ever. And certainly the numbers internally were reflective of that, not just in terms of...”
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. I'd have to go check. It was one or the other, but I want to make clear there's no distinction in green light. Everybody who's an analyst is a research analyst. There's just one type of analyst. So when we hear analyst Jack, we think, I think a lot of people think Goldman Sachs right out of Notre Dame working on the desk, you know, calling people left, right, and center. The analyst at Greenlight, there was six of us, and several of them had MBAs from Ivy League schools, and many of them were, I think I was the youngest by a decade. And so when we say analyst at a hedge fund, that is very different than a right out of college analyst working at Morgan Stanley on the commodity trading desk. And so that, I think, is a big misperception. I was hired as an analyst. I was previously a PM right before I joined Greenlight. And that's how it started in February of 21.”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“You never refer to yourself to anything other than a former research analyst. My investors reached out to them to want to get confirmation that I was who I said I was, that my responsibilities and my contributions were what I said they were and time and again they were told no he was not he did not they downplayed and they misled to tell you the truth that's my opinion from what I saw and here we are today so it's it's this has really been I've been quiet about this for the better part of a year started the day that I left I've been trying to quietly resolve it we were both invited on a podcast to have a spirited debate a lively debate about Tesla the Fed passive versus active investing and I encourage David to participate and that's when he sent the tweet that some are calling the tweet herd around the world where I was”
2024-05-23 · Forward Guidance · James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World · IDENTIFIED FROM THE TRANSCRIPT
“Running my hedge fund as a PM to working as an analyst for David, sharing, generating structuring these macro opportunities. I was then giving trading authority in the fall of 21. And then after a insane, and I think I can call it that, an insane 2022 for macro performance for green light. I was given more responsibilities, more autonomy. And that term head of macro is really where that started. And so here we are today. I left in August of 23 to start my new fund, Azoria Partners. I'm really excited about that. And I was shocked that the day that I left, I was put a letter in front of me that says, you know that $300,000 that you owe us because you borrowed against your collateral in the fund, well, we are going to extend that loan $300,000 of a financial reward for you in loan forbearance on the explicit condition that once you leave 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
“His funded greenlight. So we did that for 2019. Things got really interesting in 2020 when the pandemic hit. I went from talking to him maybe twice a month to several times a week sharing ideas, sharing feedback on what I was seeing. And to tell you the truth, it wasn't just a working relationship. It was a friendship. And I considered it, David, to be a friend. At the end of 2020, he offered me a job. And I took it, of course. I am a more than anything. I'm a kid of a working class background. I grew up in South Florida. Mom's an immigrant. Dad was a city bus driver for 10 years. Dropped out of college. And so I was running a fund. I was having fun with it. But to work for someone I looked up to, like David Einor, I read his letters in college. It was a really awesome opportunity. So I took it. I joined the firm in early 21 as a analyst. Shocker. That's the big scandal. I was hired as an analyst and I went from”
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, well, it said almost don't even know where to begin with all of this. I was a consultant for David Einhorn for two years while I was running my own hedge fund called Macravoyant. Before that I dropped out of college. I got fifteen million dollars to run a macro fund after sophomore year. I did that for five years. And then in the spring of 2019, to use a term that Gen Z likes to use, I slid into David Einhorn's DMs on Bloomberg and suggested a Fed funds futures trade idea in line with what was happening with the mid cycle adjustment that ended up happening in the summer of 2019 where the Fed cut at the July meeting September meeting and October meeting. So I reached out, pitched him a trade idea to his credit. He put the trade on a couple weeks later he made, I think it was about $2 million on the trade. And that began a relationship where he was paying me to generate structure and share asymmetric macro opportunities with him that he was then putting 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