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Philip FalconeTrader, former professional hockey player
Country:
 USA |
Content:
- Former Professional Hockey Player
- Early Life and Education
- Career in Finance
- Financial Success and Predictions
- Current Investments
Former Professional Hockey Player
Philip Falcone, a former professional hockey player, made one of the largest personal capital accumulations in the history of the modern financial market in 2008, earning $1 billion in a short period of time. He is known for his aggressive behavior in the market, relentlessly pursuing his goals at any cost.
Early Life and Education
Philip Falcone was born in a large family in Chisholm, Minnesota. Despite having nine siblings, Falcone's parents were able to provide him with an education at Harvard. It was at Harvard where Falcone developed a passion for hockey and, after graduating with a degree in business administration, he chose a professional hockey career over business. However, his knowledge and Harvard education would eventually help him transition back into the world of finance.
Career in Finance
In 1985, Falcone began working in the securities department of Kidder, Peabody & Co. He later moved to Barclays Capital, where he rapidly rose to lead the financial department. In 1997, Falcone became the head of a similar department at Gleacher Natwest, requiring him to relocate to Charlotte, North Carolina. However, he returned to Barclays Capital after only a year.
In 2001, Falcone was invited to join the hedge fund Harbinger Capital Partners, founded by Raymond Harbert. Harbert offered Falcone an initial capital of $25 million, and within five years, the "aggressive player" managed to increase Harbinger Capital Partners' capital to $20 billion.
Financial Success and Predictions
In 2007, Falcone earned his billion dollars by accurately predicting the credit crisis and the collapse of the mortgage market. He smartly divested assets from this sector, selling 117 million shares of Wachovia bank at $30 per share in May 2008. A few months later, the bank declared bankruptcy. Falcone also successfully predicted the collapse of Bear Stearns, earning a substantial profit from it.
Current Investments
Today, Falcone prefers to invest in more predictable sectors of the stock market. He owns 20% of the shares, worth $360 million, of the Times Co. publishing company. Alongside Scott Galloway, he also purchased 4.9% of the shares of The New York Times, securing a seat on the board of directors. Falcone also owns elite real estate in New York, including a $59 million building on the Upper East Side, formerly owned by Bob Guccione, the owner of Penthouse magazine. Additionally, Falcone holds a partial ownership of the National Hockey League team, the Minnesota Wild, keeping his passion for hockey alive.
