This week, we speak with Boaz Weinstein, founder and chief investment officer of Saba Capital Management. Prior to that, he was co-head of global credit trading at Deutsche Bank, where he founded Saba Principal Strategies as a proprietary trading group at Deutsche Bank in 1998. (Deutsche Bank and Weinstein spun out Saba as a standalone).
He discusses how he interned at Goldman Sachs, where he was hazed by a “murderer’s row of future hedge fund greats.” The work involved settling bets for the traders, who debated over all manner of trivia. Pre-Google, settling bets about when interest rates were negative (WW2) and other oddities involved deep dives at the local library.
We discuss how Saba Capital became the 5th largest owner of SPACs, investing in a way very different than is typical. He also explains how he engages in tail risk hedging, looking for edges in asymmetrical bets. He also