I don't care for John Ruffolo
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The "tech ecosystem" won't be pleased with this one. Or will they?
TV’s Andrew McCreath reaches $1B AUM
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A rare fund that's up in 2022.
Introducing the OPM Flaccid Manager Exchange
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OPM Flaccid Manager Exchange is the Ebay for sub-scale or retiring asset managers. Surrender your flaccid money management business to Bay Street's only Frontstabber!
Jeremy Weisstub and Aryeh Capital, a hedge fund with high pedigree and a $75m backer
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Hotshot hedge fund still struggles to beat market.
OSC vs David Sharpe & Natasha Sharpe of Bridging Finance
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The OSC today launched an enforcement action against David and Natasha Sharpe of Bridging Finance infamy. They stand accused of defrauding investors of millions through "dishonesty and deceit". The clients lost about $1.3B in this debacle. Those responsible face millions in fine and disgorgment, but no jail time, as
The Oracle of Ancaster - Doug Putman of Putman Investments
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The Globe recently outed a retail turnaround artist and empire builder. He is largely unknown to Bay Street, so I put together his basic info here.
Move over Anthony Lacavera, Canada has a new telecom messiah
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OXIO is trying to disrupt Bell and Rogers at providing Internet service.
Ninepoint Third Eye suspends redemptions - an update
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Some worrying developments at Third Eye.
Stephen Smith of First National: from bankrupt at 34 to billionaire
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How Stephen Smith built a financial services conglomerate from the ashes of ruin.
I am outing two mortgage billionaires: Stephen Smith and Moray Tawse of First National
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Canada's first fintech billionaires - thirty years in the making.
A Ninepoint fund advisor got Gary Ng’d
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Chasing fool's yield: steady returns from "alternative income" products prove illusory yet again.
Hedge fund update featuring MMCAP, Waratah, Bedford Park and Senvest
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A pot pourri of 2021 hedge fund numbers.
The Westons are flush with billions to deploy
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Wittington has a new President, Cornell Wright, who will get to deploy billions this year.
Bob Dhillon, Barbara Stymiest and Vahan Kololian named to Order of Canada
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Even with something as benign as the Order of Canada, I can create polemics.
Newton Glassman and Catalyst Capital have lost again
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A complete loss for Newton Glassman!
The Globe reveals the man who knew about Bridging Finance
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Alejandro Cardot revealed as a whistleblower on Bridging Finance.
The Ninepoint Third Eye Capital fund: initiating with a rating of PoS
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The Ninepoint Third Eye Capital fund has more red flags than a Chinese Communist Party banquet.
Third Eye Capital's CEO Arif Bhalwani's rebuttal to OPM Wire
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This is the response Third Eye Capital's CEO Arif Bhalwani sent OPM Wire in response to our first post on Third Eye Capital: I received a copy of your article spilling so-called kompromat about our firm and wonder what purpose is served by dressing up invective and opinion as facts.
Former Teachers’ Fixed Income Honcho Sean Rogister’s Cortland Credit : everything you would want to know
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A close review of Cortland Credit.
Penfund: lessons from the OG of private lending
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Best practices of a private debt manager with a 40+year history.
Third Eye Capital and the fall of the Buca restaurant empire
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Third Eye Capital's involvement in the spectacular collapse of the restaurant empire comprising Buca, La Banaane, Jacobs & Co and Jamie's Italian.
Ninepoint will sell any old crap, their AIP fund is a case in point
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Do you believe in taint by association? Ninepoint already has to live with the infamy of being Bridging Finance's former partner. Ninepoint is also the longstanding employer of Eric Nuttall, who goes on TV and pretends he can divine the direction of oil prices. If you believe people should be
Finding the next Bridging Finance
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I AM LAUNCHING COVERAGE OF PRIVATE DEBT FUNDS, starting with Third Eye Capital! If you want to get updates on private debt funds and other topics of your choice, click here.Many months before Bridging Finance was put into receivership, I received tips about how fishy it was. When Admiral
How total outsider Liddle Mo Lidsky built and sold Prime Quadrant in under 10 years
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Objectively, what Mo Lidsky has accomplished at Prime Quadrant is remarkable. Prime Quadrant's big transformation started in 2011. Until then, the firm had been led by Ian Rosmarin and his junior partner Evan Cooperman. Evan left in January 2011. Fortunately, at the same time, a saviour by the name of
My opening salvo against Prime Quadrant
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Many people said I could never become presidential and yet I have not written anything incendiary in many months. I have pulled a complete 180, just like Trump after he won the election (the first time). Of course, I am only human, so occasionally, I will have presidential relapses. I
Polar Asset Management and Paul Sabourin, the alpha dog of Canadian hedge funds
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Believe it or not, Polar is now almost as big as Wealthsimple. But much more profitable.
SEC accuses Polar Asset Management trader of front-running scheme
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Sean Wygovsky, CFA, a Toronto-based trader was arrested this morning and charged with securities and wire fraud in a front-running scheme. His employer is by far the oldest and largest Canadian hedge fund, Polar Asset Management, AUM of over $20 billion. Sean allegedly exploited his advance knowledge of Polar's large
Steve Scotchmer - Mark Leonard's muse and the best private investor you have never heard of
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One way of finding potential good managers is to look at the biggest winners in the stock market and finding out who invested early in those names. Steve Scotchmer was there at the very beginning of Constellation Software and made a killing. Surely you know of Constellation? They are a
Rod Baker, Neil Baker and Gordon Capital, the Disruptor of the 80s
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Rod Baker's dad Neil Baker was a Bay Street legend!
The Millennial's guide to Gordon Capital, Jimmy Connacher and Neil Baker
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A guide to the legendary Gordon Capital, the Big, Bad disruptor of the 80s... like The Wolf of Wall Street, but in a convenient blog post format.
The rise of Anson Funds and Moez Kassam
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Anson Funds and its founder Moez Kassam have emerged as players on Bay Street.
Gluskin Sheff downgraded to low-status
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An update on Gluskin Sheff under new owners Onex.
Bridging Finance bagholder update
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Recovery rates will be low.
Vaccine tourist Rod Baker of Great Canadian Gaming fame
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Can he avoid the slammer?
Drake and Ryan Reynolds value Wealthsimple at $5 billion!
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Iconic investors, blockbuster valuation.
Key players in the Bridging Finance shutdown
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Featuring Ninepoint Partners (the former Sprott Asset Management), Admiral Gary Ng and the former CEO of OPTrust.
Mogo, Moka, some Montreal players and the El Mocambo's Michael Wekerle
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From zero to $50m exit in 4 years.
Hedge fund manager Shawn Kimel donates $21m to Mount Sinai Hospital
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Arbitrageur Shawn Kimel, founder of hedge fund K2 and his partner Kate Schatzky have gifted $21m to Sinai Health, aka the Toronto Mount Sinai Hospital. Shawn was treated at the hospital for a severe brain injury stemming from a bike accident in 2017. This will lead, among other initiatives, to
Wealthsimple is leaving the US...is still bloated
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This post is only for those of you who follow Wealthsimple. I am the world’s foremost Wealthsimple expert, people depend on me. And this story may bring schadenfreude to some, which is an important feeling, especially during these difficult times. Wealthsimple has announced the transfer of its US business
GameStop: Two Montrealers among biggest winners: Richard Mashaal of Senvest and Ryan Cohen
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My sister publication, The Wall Street Journal, has reported on a $700m gain on GameStop, now fully realized, by a hedge fund operated by Senvest Management. Montreal connoisseurs will know that Senvest has roots in Montreal and is part of a TSX-listed holding company, Senvest Capital. It was originally started
Burgundy Asset Management's origin myth
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If status isn't the most important thing, then why is Richard Rooney - a man with $13 million just in his foundation and the body of a Greek god - insisting on re-casting himself of late as a co-founder of Burgundy Asset Management? Hmm??? Is he really a co-founder? We’
Burgundy Asset Management downgraded to low-status
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What's the most important thing in life? Give yourself full marks if you said "status". This is why I was so alarmed when I recently came across statistics about average account sizes at Burgundy Asset Management, a firm I previously associated with blue-blood, properly wealthy Canadians. Like the billionaire Jackman
Martin Connell and the Ewing Morris dilemma
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The Ewing Morris Opportunities Fund had one of the more notable negative performances of 2020. It was still down 21.7% as of November 2020. I have already covered their struggles before here. I mentioned that fund had a $20m investor and I finally solved that mystery. It all started
Bay Street Lame Ducks taking advantage of wage subsidies
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Some well-known names on the Street are taking advantage of wage subsidies!
Burgundy Assets Under Pressure
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Blue-blood money manager Burgundy Asset Management is in flux.
Bill Ackman and Tim McElvaine back Andrew Wilkinson
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A lunch with Bill Ackman paid off for Andrew Wilkinson, a mogul in his own right.
American private equity giant likely ensnared in Gary Ng's loan fraud
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Big name PE firm caught by rudimentary fraud!
Admiral Gary Ng in troubled waters: $172m loan fraud alleged by IIROC
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Explosive allegations against golden boy Gary Ng who bought PI Financial for $100m at age 34.
Moez Kassam and Anson up 29% YTD
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Moez Kassam is under attack, but is having a good year performance-wise.
Anthony Melman and a parable on SPACs
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Onex biggie Tony Melman and the Acasta SPAC misadventure.
Jay Hennick: from pool boy to billionaire
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An under-the-radar billionaire who started from the bottom.
Eric Rosenfeld of Canaccord and SPACs
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Eric Rosenfeld is back in the news with Canaccord.
Ewing Morris: Even Harry Rosen couldn't save this hedge fund
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Hedge fund with big-name backers has performance issues.
Reza Satchu-ration
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Possibly my last post on Reza Satchu. No promises, though.
Admiral Gary Ng sells PI Financial
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Dramatic turn in the Gary Ng story, he unloads the firm he had bought for $100m only 18 months prior.
OPM Wire pardons Raj Rajaratnam - Insider trading officially de-stigmatized
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This post is really weird!
Moez Kassam, Anson Funds
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Moez Kassam is one of the most colourful characters on Bay Street.
I've got jack squat on Gary Ng
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New twists in the Gary Ng story!
Move over Mike Katchen, Gary Ng bought PI Financial for $100m cash at age 34
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The mysterious brokerage owner Gary Ng!
That time Reza Satchu had a home in Nevada
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A little known part of the Reza Satchu story!
Move over phoenix, Nick Maounis is also a Greek legend
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The comeback of Amaranth founder Nick Maounis.
The Second Mouse Plan Part 3: The Church of Latter-Day Mice
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This is the conclusion of The Second Mouse Plan essay (Part 3). Make sure you have read Parts 1 and 2 first. Start here: The Second Mouse Plan — Introduction. Don't follow your passion!They call me Jay-Hova ‘cause the flow is religious. -Jay-zYou probably thought I had moved on from
That time I called Reza Satchu's mom
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More interesting revelations about Reza Satchu, founder of Alignvest.
Reza Satchu: Kevin O'Leary with hair
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The myth and reality of Reza Satchu.
That time Brent Belzberg fought Imperial Capital
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A David v Goliath battle on Bay Street.
Montreal family office conned by American She-Wolf
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Montreal entrepreneur Ariel Shlien is the victim of a Ponzi scheme.
The Second Mouse Plan Part 2.2 - The Playbook
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If you haven't read the previous parts, start here: Start here: The Second Mouse Plan — Introduction. Last week, I presented the first two strategies for reducing risk while still trying to make money: 1) being a copycat and 2) piggybacking on things that are already gaining strong traction. You are
BloombergSen: fighting inequality through crappy returns
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BloombergSen, another fund with performance fees and performance issues.
The Second Mouse Plan Part 2.1 - The Playbook
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How the Unimaginative Can Thrive in the Age of the Unicorn Recap of Part 1: Startups and venture capital suck at ROI. Most investors are seduced by potential and blind to probability. You can read Part 1 here. Part 2 is the core of the Second Mouse Plan and provides
Walter Global Asset Management wants to back money managers...sad!
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A wealthy Montreal family office wants to invest in emerging managers, for some reason.
Eric Nuttall - oil and gas fund manager of the decade
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Let’s go there and talk about man of the hour, Eric Nuttall. The last man limping in the active management of an energy fund. People want me to talk about Eric Nuttall - I have resisted so far, because he fails the bigliness test. Also, I didn’t want
More Blind Squirrels of Bay Street
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Updates on various hedge funds. Jeff Banfield, Waratah, XIB, Avner Mandelman and more!
Canadian Hedge Fund Death Watch
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How did hedge funds fare in the March market crash?
That time I phoned Black Swan author Nassim Nicholas Taleb
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Despite recent developments, I will focus on my niche of telling you about things that happened 15 years ago. Around 2005, I met a unique trader / investor for whom I continue to have great respect. Let's call him Bruce Wayne. I asked Bruce about his strategies and he said the
I once had a way better deal than Mike Katchen and Power...but I totally blew it
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So earlier this year, Wealthsimple founder Mike Katchen told his life story in a 60 second TV spot. As a competitive response, I will now serialize my own memoirs. I have told the stories of various meetings I have had with Important People, trying to get them to let me
Albert Friedberg, billionaire Original Gangster of Macro
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Albert Friedberg, old-school macro trader.
Polar Asset Management, Original Gangster of Canadian hedge funds
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Polar has been around for a long time and is a rare institutional-grade hedge fund in Canada.
The nature of the Portfolio Manager - Analyst relationship
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I wrote this essay on the true nature of the analyst’s role when they work for a portfolio manager. This piece originates from a discussion I was having with an analyst who felt confused about his role. It might also help cure some delusions many portfolio managers have, but
Barrage Capital : The One Direction of Hedge Funds
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Montreal Buffett disciples with intriguing performance.
The rise of Ian Ball, Rob McEwen's protégé
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A rising star on Bay Street.
OPM Wire revokes Greg Boland's title as The Smartest Guy on Bay Street
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“Investor activism is a shareholder right; it’s only newsworthy because investors were quite lazy for so long.” Greg BolandEver since Derek DeCloet declared Greg Boland the "Smartest Guy on Bay St." in 2006, this notion has gone unchallenged. That is, until I started stirring things last year. Now, upon
That time I met Brian Chapman of Clearwater Capital
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Brian Chapman is an under-the-radar investment wizard.
The need for an Apex Allocator
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A thought piece on changes in the investment industry.
Waratah Advisors - Apology & retraction
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More Waratah polemics!
Mike Katchen started it
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Is Mike Katchen as affable as everyone says?
Are Wealthsimple and Allianz really BFFs?
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In the four months I have been paying attention to Wealthsimple, no one - with the possible exception of Mike Katchen - has done more to refocus the company on the bundling opportunity in Canada than me. I think the banking product they launched this week is the best everyday
Waratah Performance - A hedge fund that is only semi-crappy
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Does Waratah Capital Advisors add any value?
OPM Wire goes activist on West Face's ass
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My other resolution is to double down on the fire-breathing. Welcome to OPM Wire, Phase 2. You know that advice to newly incarcerated inmates that on your first day, you should pick a fight with the biggest guy in prison so that everyone else falls in line? Today, OPM Wire
The first 3 funds I ever picked blew up 💥
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Good judgement comes from experience. Experience comes from bad judgement. —Bruce LeeI have just returned from a high-status holiday that my professed investment expertise presumably affords me. My resolution this year is to be more vulnerable. I heard Gwyneth Paltrow, founder of Goop, say that leaders must show their vulnerable
VC returns suck even more than I thought
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Andreessen Horowitz performance is not as high as you would think.
Wealthsimple, OPM Wire and The Globe are caught in a Mexican standoff
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Wealthsimple is employing some Trumpian exaggeration tactics.
John Phillips and Shopify - the biggest angel score in Canadian history
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Meet Canada's newest billionaire.
Wealthsimple's new initiatives in banking and crypto
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OPM Wire was first to report on these major new initiatives by Wealthsimple.
An investment riddle for the Holidays
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Dear disgruntled reader, I wanted to leave you with a riddle to ponder over the Holidays. Let’s take two classic Buffett statements and analyze them: 1) Our favourite holding period is forever 2) All investing is value investing These two statements, though undeniably Buffettesque, are hard to reconcile. Let’
Philip Fayer of Nuvei - Move over Mike Katchen, there's a new king of fintech - with unicorn status
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A financing last week minted Canada’s first fintech unicorn. Nuvei, a Montreal based payments processor, raised US $270 million at a US $2 B valuation. Nuvei was started by Philip Fayer in 2003, when he was 24 years old. Philip started the company while taking some time off from
The secret to raising money
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Man is the most vicious of all animals, and life is a series of battles ending in victory or defeat.-Donald Trump, politician, author and thinker “The older I get, the more I realize how many kinds of smart there are. There are a lot of kinds of smart. There
That time I met Ron Mock, departing CEO of Teachers
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My career is the sum of my experiences. - Ron MockRon Mock, President and CEO of Ontario Teachers' Pension Plan is retiring at the end of the year, having been in post since January 2014. Teachers manages over $200 billion. During his tenure (to the end of 2018), Ron Mock
The Second Mouse Plan — Introduction
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How the Unimaginative Can Thrive in the Age of the UnicornThis painting depicts the fall of Icarus (near bottom right corner) and shows society’s indifference to individual failure — No plough stops for the dying man. Or the failing co-working space.“Do not let the brevity of these passages prevent
Jeff Banfield, Original Gangster of Arbitrage
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Jeff Banfield is primarily known as an arbitrageur. After working for many years as a prop trader at banks, he started Banfield Capital Management in 1997. In February 2001, Banfield was allegedly involved in some insider trading shenanigan (or it might have been a kerfuffle, I'm not a regulation expert)
What Wealthsimple can learn from Kevin O'Leary
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The essence of success is that it is never necessary to think of a new idea. It is far better to wait until somebody else does it and then to copy him in every detail except his mistakes. -Some authorLet me state upfront that Kevin O’Leary is anathema to