Billion Dollar Fund Manager Comes Out of Retirement To Bet Against Canadian Real Estate
You may not know who Marc Cohodes is, but the 55 year old retiree is a Wall Street legend. So when the man the New York Times once called “the highest-profile short-seller on Wall Street” decided to come out of retirement, we were dying to get in contact with him to see what he was betting against – turns out it’s the Canadian housing market.
Before retiring, Cohodes previously ran one of the largest hedge funds in the world, Copper River Partners. They managed over $1.5 billion in assets, and made a fortune betting against companies whose books and practices didn’t quite make sense. In 2008 Marc quit the financial game after a correct bet against Lehman resulted in a complication between Copper River and Goldman Sachs, which led to the fund’s demise.
Since then he’s retired from his trade desk, and runs Alder Lanes, a swanky chicken farm in Sonoma County, California. That is, until he started following the Vancouver and Toronto housing market, which in his words “makes the US look like Sunday school with what’s going to happen.” So we sat down with Marc and he explained to Better Dwelling co-founder Stephen Punwasi, the perfect storm he sees in the Canadian housing market – a mixture of rising home prices, foreign money laundering, and an unregulated sub-prime lending system most Canadians don’t even know exists.
mo
https://betterdwelling.com/city/toronto/marc-cohodes-short-canadian-real-estate/
You may not know who Marc Cohodes is, but the 55 year old retiree is a Wall Street legend. So when the man the New York Times once called “the highest-profile short-seller on Wall Street” decided to come out of retirement, we were dying to get in contact with him to see what he was betting against – turns out it’s the Canadian housing market.
Before retiring, Cohodes previously ran one of the largest hedge funds in the world, Copper River Partners. They managed over $1.5 billion in assets, and made a fortune betting against companies whose books and practices didn’t quite make sense. In 2008 Marc quit the financial game after a correct bet against Lehman resulted in a complication between Copper River and Goldman Sachs, which led to the fund’s demise.
Since then he’s retired from his trade desk, and runs Alder Lanes, a swanky chicken farm in Sonoma County, California. That is, until he started following the Vancouver and Toronto housing market, which in his words “makes the US look like Sunday school with what’s going to happen.” So we sat down with Marc and he explained to Better Dwelling co-founder Stephen Punwasi, the perfect storm he sees in the Canadian housing market – a mixture of rising home prices, foreign money laundering, and an unregulated sub-prime lending system most Canadians don’t even know exists.
mo
https://betterdwelling.com/city/toronto/marc-cohodes-short-canadian-real-estate/
