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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

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

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

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

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

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

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

Moez Kassam, Anson Funds
Members Public

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

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

BloombergSen: fighting inequality through crappy returns
Members Public

BloombergSen, another fund with performance fees and performance issues.

Hedge funds

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

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

That time I met Brian Chapman of Clearwater Capital
Members Public

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

Moguls

Waratah Advisors - Apology & retraction
Members Public

More Waratah polemics!

Hedge funds

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

Hedge funds

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

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

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?

Francois Rochon of Giverny Capital: The real Warren Buffett of Canada
Members Public

Money Managers

Eric Sprott and Tom Stanley lost big yesterday
Members Public

Eleanor Roosevelt said great minds discuss ideas; average minds discuss events; small minds discuss people. But why would you listen to an antisemite who married her fifth cousin? So forget her, we are going to discuss events and people. Specifically, Tom Stanley (aka Tom Lazarus Stanley), Eric Sprott and how

Hedge funds

Sam Belzberg's comeback and his answer
Members Public

Start from Part 1 here. Belzberg continued to be an active and opportunistic investor. In 1992, he started Gibralt Capital as his main investment vehicle post First City. He took advantage of opportunities like the Savings and Loans crisis in the US in the 90s and distressed property in Alberta

Moguls

My Bud Fox-like meeting with Sam Belzberg
Members Public

Read Part 1 here. A friend who was acquainted with Belzberg gave me a preview of the meeting. He said: “try to keep your pants on the whole time”, meaning that Sam was a charmer. We met in a small conference room along with Travis Dowle, a portfolio manager working

Moguls

Sam Belzberg - That time I met Brent Belzberg's uncle
Members Public

In its short life, this newsletter has already amassed an audience bigger than Obama's inauguration. I feel the pressure to be relevant, so today I am going to write about a guy who peaked in the 80s and is no longer alive. You are going to enjoy it and fax

Moguls

Move over Lazarus, Tom Stanley also rose from the dead
Members Public

This post, like my last one, is about Tom Stanley, although from now on, I will call him Tom Lazarus Stanley. In case you don’t know, Lazarus is a Bible character who was brought back to life by Jesus. Of course, Jesus also famously came back to life, but

Hedge funds

Tom Stanley of Resolute Performance has delivered near 8x returns since 2016
Members Public

Move over Tiger Woods, there's a new Comeback Kid.  Tom Stanley is the manager of the Resolute Performance Fund, a strategy he has been managing continuously, in various guises since 1993. For a while he had a phenomenal track record and reputation, culminating in a 2005 Report on Business Magazine

Hedge funds

Cymbria: a Berkshire-like exit option for business owners looking to sell
Members Public

I buried the lead in my previous story on EdgePoint Wealth. What I should have said is that the founders of EdgePoint used $2.5 million in startup capital to create $1.5 billion (and counting) in value for their business in a little over 10 years. And at the

Private Equity

Move over Mike Katchen, Tye Bousada founded three separate billion dollar investment firms
Members Public

I have been telling myself I need to improve my titles, so I am proud of the one above, because it combines three clichés of business journalism: rivalry, whiz kids and billions. At OPM Wire, everything is a pissing contest, so consider the following my competitive response to Report on

Money Managers

The Wealthsimple founders before Wealthsimple
Members Public

The three co-founders of Wealthsimple.

Fintech

Is Dave Nugent still Chief Investment Officer of Wealthsimple?
Members Public

Let me start by telling you about a pivotal event that happened at the foundation of Wealthsimple.  In Canada, in order to have a license to manage discretionary money, you generally need two things: real experience in the field and an educational certification (either the CFA or a more local,

Fintech

Wealthsimple's global ambitions are - to date - a flop...we have the numbers
Members Public

In 2018, Wealthsimple founder Michael Katchen penned an essay saying "Canada is bad at thinking big". Wealthsimple launched in the US in January 2017.  By then, US robo-advisors had been around since 2008.  So it was pretty bold of Wealthsimple to try to break into that competitive market. Let's check

Fintech

Robert Krembil has made another killing
Members Public

Another case of the rich are getting richer.

Moguls

Joe Lewis, Tavistock, Newton Glassman and Callidus Capital, the distressed investor that went meta
Members Public

The saga of Callidus Capital as a public company is winding down with a shareholder vote later this month on a take private offer at $0.75 per share. The original IPO price was $14. The offer is from Braslyn, an affiliate of the Tavistock Group. Tavistock is the investment

Private Equity

Andrew Wilkinson of Tiny Capital, the Charlie Munger of Tech
Members Public

So Bill Ackman is holding a Buffett-type lunch auction. Ackman is essentially a Buffett clone, except that he has an inclination for activism and shorting, which has sometimes proven too clever by half. The Buffett recipe is very hard to improve. Ackman claims to have learned from his mistakes and

Tech/VC