{"id":1678760,"date":"2022-10-07T18:52:32","date_gmt":"2022-10-07T22:52:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1678760"},"modified":"2022-10-07T18:53:31","modified_gmt":"2022-10-07T22:53:31","slug":"u-s-fund-managers-bet-on-poker-while-market-wagers-loom-large-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-fund-managers-bet-on-poker-while-market-wagers-loom-large-2\/","title":{"rendered":"U.S. fund managers bet on poker while market wagers loom large"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-fund-managers-bet-on-poker-while-market-wagers-loom-large-2%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1678760&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Carolina Mandl<\/p>\n<p>NEW YORK (Reuters) \u2013     Hundreds of hedge fund managers and traders gathered at New York\u2019s Gotham Hall ballroom on Thursday, fixated on their big bets \u2013 in poker, not markets.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>The money managers were gathered for a charity tournament to play a card game that, in some circles, is taken almost as seriously as their day jobs. As a DJ blasted music, competitors spent the evening shoulder-to-shoulder, setting aside work for play.<\/p>\n<p>But others could not help but discuss the tumult sweeping through equities, bonds and currencies. Boaz Weinstein, founder of hedge fund Saba Capital, would not predict when the stock market would reach a bottom. <\/p>\n<p>\u201cAnyone who gives you an answer is not modest because nobody knows with this market,\u201d Weinstein said between rounds at the 12th annual \u201cTake \u2018Em To School\u201d tournament. The event raised almost $2 million for Education Reform Now, a nonprofit organization that promotes improvement in public education. The tournament was organized by brothers Michael Sabat, managing director at Raymond James, and John Sabat of hedge fund Point72 Cubist Systematic Strategies.  <\/p>\n<p>The evening allowed participants to set aside concerns about the bear market for stocks, surging inflation, rising interest rates and the war in Ukraine, which are fueling market volatility and creating plenty of trading opportunities. <\/p>\n<p>\u201cThere\u2019s so much going on in the markets now that it\u2019s difficult not to talk about it here, but it is a fun competition,\u201d said hedge fund manager John Petry of Sessa Capital.<\/p>\n<p>Hedge funds are down 6.18% this year through September, according to data provider HFR.<\/p>\n<p>The tournament also offered a distraction from turmoil swirling around lender Credit Suisse and, separately, Elon Musk\u2019s proposed $44 billion buyout of Twitter Inc. One player drew parallels between the card table and business.<\/p>\n<p>\u201cI don\u2019t know if Musk will buy Twitter,\u201d said a derivatives trader who asked not to be identified. \u201cI hope he does, but I\u2019d bet he\u2019s a good poker player \u2013 you never know what\u2019s really on his mind.\u201d <\/p>\n<p>Roughly 400 attendees were spread out over about 30 tables under a massive domed ceiling modeled after ancient Rome\u2019s Pantheon. Wall Street\u2019s Morgan Stanley sponsored a table, as did famed hedge funds Pershing Square Capital Management and Third Point. They ate corn dogs and gyoza for starters, then steak and chicken for entrees.<\/p>\n<p>The champion was crowned after 1 a.m. The winner turned out not to be a hedge fund manager, professional poker player or even a banker. She was Alejandra Cata, a real estate agent and model, who was playing in only her second-ever competition. <\/p>\n<p>\u201cI played aggressively and decisively. I also got good cards,\u201d she said.<\/p>\n<p> (Reporting by Carolina Mandl in New York; Editing by Lananh Nguyen and Matthew Lewis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/u-s-fund-managers-bet\/attachment\/12th-take-em-to-school-charity-poker-tournament-in-new\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9610P-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9610P-BASEIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/u-s-fund-managers-bet\/attachment\/12th-take-em-to-school-charity-poker-tournament-in-new-2\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9610R-BASEIMAGE-1.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9610R-BASEIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/u-s-fund-managers-bet\/attachment\/12th-take-em-to-school-charity-poker-tournament-in-new-3\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9610Q-BASEIMAGE-1.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9610Q-BASEIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/u-s-fund-managers-bet\/attachment\/12th-take-em-to-school-charity-poker-tournament-in-new-4\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9610S-BASEIMAGE-1.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9610S-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Carolina Mandl NEW YORK (Reuters) \u2013 Hundreds of hedge fund managers and traders gathered at New York\u2019s Gotham Hall ballroom on Thursday, fixated on their big bets \u2013 in<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1678760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1678760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1678760"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1678760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1678760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1678760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1678760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}