Billionaire Louis Bacon Shuns Bitcoin, Returns 70% By Betting On These Stocks
Billionaire Louis Bacon’s hedge fund Moore Capital Management has generated massive profits during the first year of trading after the macro hedge fund manager decided to step back from managing investors’ money in 2019 and consolidating its three funds into a single fund. Moore Capital, which oversees Bacon’s and partner’s money, gained more than 70% in one of the most unpredictable years.
One of the most successful hedge fund managers of his era Louis Bacon, who established Moore Capital in 1989 using a $25,000 inheritance from his mother and returned 17.6% annualized return since inception through 2019 from its flagship Remington funds, last year said in an investor’s letter that his firm would operate with less participation from him. Here is what he said in an investor’s letter: