Hedge Funds

Hype over Boaz Weinstein’s J.P. Morgan harpooning turns out to be much blubber


“Whale" of a trade is minnow for vast majority of Saba’s investors; tail risk strategy up big for month, down on year.

  Boaz Weinstein of Saba Capital Management
Photo: Bloomberg

He has been compared to Captain Ahab, but Boaz Weinstein is more like a fisherman patiently trawling for cod than a whale hunter with an itchy harpoon hand.

The 38-year-old Weinstein of $5.78 billion credit firm Saba Capital Management made headlines the past month when his publicly-announced short bet against North American investment grade bonds via a credit default swap index ended in humiliation for J.P. Morgan and its trader Bruno Iksil, the so-called whale who lost billions on the other side of Weinstein and other hedge