Hedge Funds

Michael Geismar’s $710,000 blackjack breakfast


The story of how one hedge fund manager scored a blockbuster payday afterhours at the SALT Conference in Las Vegas. “We’re going to need more chips over here!”

   Michael Geismar (Photo by David Deal for AR in 2009)

Michael Geismar’s blackjack run ended just after six o’clock on Friday morning with $410,000 in manila envelopes in cash sitting on a table at Café Bellagio in the namesake Las Vegas luxury hotel, right next to the plates of steak and eggs and glasses of ice water.

The co-founder and president of $4.6 billion managed futures firm Quantitative Investment Management couldn’t put the bundled $100 bills in his room upstairs because the safe was already full with about $300,000 in winnings from two nights