Wednesday, July 16, 2014

Life Of Louis Moore Bacon

Louis Moore Bacon is an American Hedge Fund Manager, trader and founder of Moore Capital Management. Bacon was born in Raleigh, North Carolina, graduated from Episcopal High School in Alexandria, Virginia, attended Middlebury College in Vermont where he received his B.A. in American literature, graduating Cum laude in 1979 and then received his MBA degree in finance at Columbia Business School in 1981.

         After receiving his MBA, Bacon joined the sales and trading program at Bankers Trust and then got a job on the floor of the New York Cotton Exchange, working as a "runner". Bacon later worked as a broker and trader of financial futures at Shearson Lehman Brothers and eventually became the senior vice president for their futures trading division.

       In 1987 Bacon founded Remington Trading Partners and his insights into the market crash of that era allowed him to profit as the market declined as well as during its rebound some time later. In 1989, Bacon used his middle name in founding Moore Capital Management LLC and in 1990 created Moore Global Investments using the $25,000 he inherited from his family.

      Bacon came in limelight when he made a killing in 1990 by anticipating that Saddam Hussein would invade Kuwait, so he went long on oil, short on stocks, and helped his new hedge fund return 86 percent that year. In the following year, he also correctly bet that the U.S. would quickly defeat Iraq and the oil market would recover.

    In 2006 Forbes names Bacon as the 746th richest person in the world and in 2011 he was listed as the 736th richest man.

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