I don't care for John Ruffolo
Members Public

The "tech ecosystem" won't be pleased with this one. Or will they?

Tech/VC

TV’s Andrew McCreath reaches $1B AUM
Members Public

A rare fund that's up in 2022.

Hedge funds

Introducing the OPM Flaccid Manager Exchange
Members Public

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!

NoBull Klev

Jeremy Weisstub and Aryeh Capital, a hedge fund with high pedigree and a $75m backer
Members Public

Hotshot hedge fund still struggles to beat market.

Hedge funds

OSC vs David Sharpe & Natasha Sharpe of Bridging Finance
Members Public

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

Private Debt Funds

The Oracle of Ancaster - Doug Putman of Putman Investments
Members Public

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.

Moguls

Move over Anthony Lacavera, Canada has a new telecom messiah
Members Public

OXIO is trying to disrupt Bell and Rogers at providing Internet service.

Tech/VC

Ninepoint Third Eye suspends redemptions - an update
Members Public

Some worrying developments at Third Eye.

Private Debt Funds

Stephen Smith of First National: from bankrupt at 34 to billionaire
Members Public

How Stephen Smith built a financial services conglomerate from the ashes of ruin.

Moguls

I am outing two mortgage billionaires: Stephen Smith and Moray Tawse of First National
Members Public

Canada's first fintech billionaires - thirty years in the making.

Moguls

A Ninepoint fund advisor got Gary Ng’d
Members Public

Chasing fool's yield: steady returns from "alternative income" products prove illusory yet again.

Private Debt Funds

Hedge fund update featuring MMCAP, Waratah, Bedford Park and Senvest
Members Public

A pot pourri of 2021 hedge fund numbers.

Hedge funds

The Westons are flush with billions to deploy
Members Public

Wittington has a new President, Cornell Wright, who will get to deploy billions this year.

Family offices

Bob Dhillon, Barbara Stymiest and Vahan Kololian named to Order of Canada
Members Public

Even with something as benign as the Order of Canada, I can create polemics.

Calgary

Newton Glassman and Catalyst Capital have lost again
Members Public

A complete loss for Newton Glassman!

Kompromat

The Globe reveals the man who knew about Bridging Finance
Members Public

Alejandro Cardot revealed as a whistleblower on Bridging Finance.

Private Debt Funds

The Ninepoint Third Eye Capital fund: initiating with a rating of PoS
Members Public

The Ninepoint Third Eye Capital fund has more red flags than a Chinese Communist Party banquet.

Private Debt Funds

Third Eye Capital's CEO Arif Bhalwani's rebuttal to OPM Wire
Members Public

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.

Private Debt Funds

Former Teachers’ Fixed Income Honcho Sean Rogister’s Cortland Credit : everything you would want to know
Members Public

A close review of Cortland Credit.

Private Debt Funds

Penfund: lessons from the OG of private lending
Members Public

Best practices of a private debt manager with a 40+year history.

Private Debt Funds

Third Eye Capital and the fall of the Buca restaurant empire
Members Public

Third Eye Capital's involvement in the spectacular collapse of the restaurant empire comprising Buca, La Banaane, Jacobs & Co and Jamie's Italian.

Private Debt Funds

Ninepoint will sell any old crap, their AIP fund is a case in point
Members Public

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

Private Debt Funds

Finding the next Bridging Finance
Members Public

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

Private Debt Funds

How total outsider Liddle Mo Lidsky built and sold Prime Quadrant in under 10 years
Members Public

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

HNW shops

My opening salvo against Prime Quadrant
Members Public

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

HNW shops

Polar Asset Management and Paul Sabourin, the alpha dog of Canadian hedge funds
Members Public

Believe it or not, Polar is now almost as big as Wealthsimple. But much more profitable.

Hedge funds

SEC accuses Polar Asset Management trader of front-running scheme
Members Public

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

Hedge funds

Steve Scotchmer - Mark Leonard's muse and the best private investor you have never heard of
Members Public

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

Moguls

Rod Baker, Neil Baker and Gordon Capital, the Disruptor of the 80s
Members Public

Rod Baker's dad Neil Baker was a Bay Street legend!

Memba them?

The Millennial's guide to Gordon Capital, Jimmy Connacher and Neil Baker
Members Public

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.

Memba them?

The rise of Anson Funds and Moez Kassam
Members Public

Anson Funds and its founder Moez Kassam have emerged as players on Bay Street.

Hedge funds

Gluskin Sheff downgraded to low-status
Members Public

An update on Gluskin Sheff under new owners Onex.

HNW shops

Bridging Finance bagholder update
Members Public

Recovery rates will be low.

Money Managers

Vaccine tourist Rod Baker of Great Canadian Gaming fame
Members Public

Can he avoid the slammer?

Moguls

Drake and Ryan Reynolds value Wealthsimple at $5 billion!
Members Public

Iconic investors, blockbuster valuation.

Fintech

Key players in the Bridging Finance shutdown
Members Public

Featuring Ninepoint Partners (the former Sprott Asset Management), Admiral Gary Ng and the former CEO of OPTrust.

Kompromat

Mogo, Moka, some Montreal players and the El Mocambo's Michael Wekerle
Members Public

From zero to $50m exit in 4 years.

Fintech

Hedge fund manager Shawn Kimel donates $21m to Mount Sinai Hospital
Members Public

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

Hedge funds

Wealthsimple is leaving the US...is still bloated
Members Public

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

Fintech

GameStop: Two Montrealers among biggest winners: Richard Mashaal of Senvest and Ryan Cohen
Members Public

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

Hedge funds

Burgundy Asset Management's origin myth
Members Public

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’

HNW shops

Burgundy Asset Management downgraded to low-status
Members Public

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

HNW shops

Martin Connell and the Ewing Morris dilemma
Members Public

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

Hedge funds

Bay Street Lame Ducks taking advantage of wage subsidies
Members Public

Some well-known names on the Street are taking advantage of wage subsidies!

Kompromat

Burgundy Assets Under Pressure
Members Public

Blue-blood money manager Burgundy Asset Management is in flux.

HNW shops

Bill Ackman and Tim McElvaine back Andrew Wilkinson
Members Public

A lunch with Bill Ackman paid off for Andrew Wilkinson, a mogul in his own right.

Tech/VC

American private equity giant likely ensnared in Gary Ng's loan fraud
Members Public

Big name PE firm caught by rudimentary fraud!

Kompromat

Admiral Gary Ng in troubled waters: $172m loan fraud alleged by IIROC
Members Public

Explosive allegations against golden boy Gary Ng who bought PI Financial for $100m at age 34.

Kompromat

Moez Kassam and Anson up 29% YTD
Members Public

Moez Kassam is under attack, but is having a good year performance-wise.

Hedge funds

Anthony Melman and a parable on SPACs
Members Public

Onex biggie Tony Melman and the Acasta SPAC misadventure.

Private Equity

Jay Hennick: from pool boy to billionaire
Members Public

An under-the-radar billionaire who started from the bottom.

Moguls

Eric Rosenfeld of Canaccord and SPACs
Members Public

Eric Rosenfeld is back in the news with Canaccord.

Hedge funds

Ewing Morris: Even Harry Rosen couldn't save this hedge fund
Members Public

Hedge fund with big-name backers has performance issues.

Hedge funds

Reza Satchu-ration
Members Public

Possibly my last post on Reza Satchu. No promises, though.

Kompromat

Admiral Gary Ng sells PI Financial
Members Public

Dramatic turn in the Gary Ng story, he unloads the firm he had bought for $100m only 18 months prior.

Kompromat

OPM Wire pardons Raj Rajaratnam - Insider trading officially de-stigmatized
Members Public

This post is really weird!

NoBull Klev

Moez Kassam, Anson Funds
Members Public

Moez Kassam is one of the most colourful characters on Bay Street.

Hedge funds

I've got jack squat on Gary Ng
Members Public

New twists in the Gary Ng story!

Kompromat

Move over Mike Katchen, Gary Ng bought PI Financial for $100m cash at age 34
Members Public

The mysterious brokerage owner Gary Ng!

Kompromat

That time Reza Satchu had a home in Nevada
Members Public

A little known part of the Reza Satchu story!

Kompromat

Move over phoenix, Nick Maounis is also a Greek legend
Members Public

The comeback of Amaranth founder Nick Maounis.

Memba them?

The Second Mouse Plan Part 3: The Church of Latter-Day Mice
Members Public

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

Second Mouse Plan

That time I called Reza Satchu's mom
Members Public

More interesting revelations about Reza Satchu, founder of Alignvest.

Kompromat

Reza Satchu: Kevin O'Leary with hair
Members Public

The myth and reality of Reza Satchu.

Kompromat

That time Brent Belzberg fought Imperial Capital
Members Public

A David v Goliath battle on Bay Street.

Private Equity

Montreal family office conned by American She-Wolf
Members Public

Montreal entrepreneur Ariel Shlien is the victim of a Ponzi scheme.

Family offices

The Second Mouse Plan Part 2.2 - The Playbook
Members Public

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

Second Mouse Plan

BloombergSen: fighting inequality through crappy returns
Members Public

BloombergSen, another fund with performance fees and performance issues.

Hedge funds

The Second Mouse Plan Part 2.1 - The Playbook
Members Public

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

Second Mouse Plan

Walter Global Asset Management wants to back money managers...sad!
Members Public

A wealthy Montreal family office wants to invest in emerging managers, for some reason.

Family offices

Eric Nuttall - oil and gas fund manager of the decade
Members Public

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

Hedge funds

More Blind Squirrels of Bay Street
Members Public

Updates on various hedge funds. Jeff Banfield, Waratah, XIB, Avner Mandelman and more!

Hedge funds

Canadian Hedge Fund Death Watch
Members Public

How did hedge funds fare in the March market crash?

Hedge funds

That time I phoned Black Swan author Nassim Nicholas Taleb
Members Public

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

NoBull Klev

I once had a way better deal than Mike Katchen and Power...but I totally blew it
Members Public

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

NoBull Klev

Albert Friedberg, billionaire Original Gangster of Macro
Members Public

Albert Friedberg, old-school macro trader.

Hedge funds

Polar Asset Management, Original Gangster of Canadian hedge funds
Members Public

Polar has been around for a long time and is a rare institutional-grade hedge fund in Canada.

Hedge funds

The nature of the Portfolio Manager - Analyst relationship
Members Public

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

Money Managers

Barrage Capital : The One Direction of Hedge Funds
Members Public

Montreal Buffett disciples with intriguing performance.

Hedge funds

The rise of Ian Ball, Rob McEwen's protégé
Members Public

A rising star on Bay Street.

Moguls

OPM Wire revokes Greg Boland's title as The Smartest Guy on Bay Street
Members Public

“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

Hedge funds

That time I met Brian Chapman of Clearwater Capital
Members Public

Brian Chapman is an under-the-radar investment wizard.

Moguls

The need for an Apex Allocator
Members Public

A thought piece on changes in the investment industry.

NoBull Klev

Waratah Advisors - Apology & retraction
Members Public

More Waratah polemics!

Hedge funds

Mike Katchen started it
Members Public

Is Mike Katchen as affable as everyone says?

Fintech

Are Wealthsimple and Allianz really BFFs?
Members Public

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

Fintech

Waratah Performance - A hedge fund that is only semi-crappy
Members Public

Does Waratah Capital Advisors add any value?

Hedge funds

OPM Wire goes activist on West Face's ass
Members Public

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

Hedge funds

The first 3 funds I ever picked blew up 💥
Members Public

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

Hedge funds

VC returns suck even more than I thought
Members Public

Andreessen Horowitz performance is not as high as you would think.

Tech/VC

Wealthsimple, OPM Wire and The Globe are caught in a Mexican standoff
Members Public

Wealthsimple is employing some Trumpian exaggeration tactics.

Fintech

John Phillips and Shopify - the biggest angel score in Canadian history
Members Public

Meet Canada's newest billionaire.

Tech/VC

Wealthsimple's new initiatives in banking and crypto
Members Public

OPM Wire was first to report on these major new initiatives by Wealthsimple.

Fintech

An investment riddle for the Holidays
Members Public

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’

Strategy

Philip Fayer of Nuvei - Move over Mike Katchen, there's a new king of fintech - with unicorn status
Members Public

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

Fintech

The secret to raising money
Members Public

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

Marketing

That time I met Ron Mock, departing CEO of Teachers
Members Public

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

Pension funds

The Second Mouse Plan — Introduction
Members Public

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

Second Mouse Plan

Jeff Banfield, Original Gangster of Arbitrage
Members Public

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)

Memba them?

What Wealthsimple can learn from Kevin O'Leary
Members Public

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

Fintech