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{{short description|American hedge fund executive (born 1947)}}
{{BLP sources|date=September 2013}}
{{BLP sources|date=September 2013}}
{{Infobox person
{{Infobox person
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==Education==
==Education==
Meriwether earned an undergraduate degree from [[Northwestern University]] and an [[MBA]] degree from the [[University of Chicago Booth School of Business]].<ref name="education">{{cite news|title=John Meriwether: Hedge Fund Wizard or Wall St. Gambler Run Amok? |last1=Morgenson |first1=Gretchen |url=https://partners.nytimes.com/library/financial/100298crisis-meriwether-profile.html|accessdate=17 March 2016|publisher=The New York Times|date=2 October 1998}}</ref>
Meriwether earned an undergraduate degree from [[Northwestern University]] and an [[MBA]] degree from the [[University of Chicago Booth School of Business]].<ref name="education">{{cite news|title=John Meriwether: Hedge Fund Wizard or Wall St. Gambler Run Amok? |last1=Morgenson |first1=Gretchen |url=https://partners.nytimes.com/library/financial/100298crisis-meriwether-profile.html|accessdate=17 March 2016|work=The New York Times|date=2 October 1998}}</ref>


==Salomon Brothers==
==Salomon Brothers==
After graduation, Meriwether moved to New York City, where he worked as a [[Bond (finance)|bond]] trader at [[Salomon Brothers]]. At Salomon, Meriwether rose to become the head of the domestic [[fixed income arbitrage]] group in the early 1980s and vice-chairman of the company in 1988.<ref>{{cite web|url=https://dealbook.nytimes.com/2009/07/08/meriwether-closes-hedge-fund-after-loss/|title=Meriwether Said to Close Hedge Fund|date=8 July 2009|website=Dealbook|access-date=20 September 2019}}</ref> In 1991, Salomon was caught in a [[Treasury security|Treasury securities]] trading scandal perpetrated by a Meriwether subordinate, Paul Mozer. Meriwether was assessed $50,000 in civil penalties.<ref>{{cite web |url=https://www.forbes.com/sites/thestreet/2012/05/23/reincarnation-on-wall-street-screw-ups-never-die/#46adde32198a |title=Reincarnation on Wall Street: Screw-Ups Never Die |date=23 May 2012 |publisher=[[Forbes]]|access-date=11 January 2018}}</ref>
After graduation, Meriwether moved to New York City, where he worked as a [[Bond (finance)|bond]] trader at [[Salomon Brothers]]. At Salomon, Meriwether rose to become the head of the domestic [[fixed income arbitrage]] group in the early 1980s and vice-chairman of the company in 1988.<ref>{{cite web|url=https://dealbook.nytimes.com/2009/07/08/meriwether-closes-hedge-fund-after-loss/|title=Meriwether Said to Close Hedge Fund|date=8 July 2009|website=Dealbook|access-date=20 September 2019}}</ref> In 1991, Salomon was caught in a [[Treasury security|Treasury securities]] trading scandal perpetrated by a Meriwether subordinate, Paul Mozer. Meriwether was assessed $50,000 in civil penalties.<ref>{{cite web |url=https://www.forbes.com/sites/thestreet/2012/05/23/reincarnation-on-wall-street-screw-ups-never-die/#46adde32198a |title=Reincarnation on Wall Street: Screw-Ups Never Die |date=23 May 2012 |work=[[Forbes]]|access-date=11 January 2018}}</ref>


==LTCM==
==LTCM==
Meriwether founded the [[Long-Term Capital Management]] [[hedge fund]] in [[Greenwich, Connecticut]] in 1994. Long-Term Capital Management collapsed in 1998.<ref>{{cite web |url=https://www.barrons.com/articles/a-good-time-for-caution-in-the-markets-1499489952 |title=A Good Time for Caution in the Markets |last= Sears|first=Steven |date=8 July 2017 |publisher=[[Barron's (newspaper)|Barron's]] |access-date=11 January 2018 |quote=}}</ref> The books ''[[When Genius Failed: The Rise and Fall of Long-Term Capital Management]]'' and ''Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It'' detail the events leading up to and following Long-Term Capital Management's demise.<ref>{{cite web|url=https://www.nytimes.com/2000/08/22/business/markets-market-place-manager-hedge-fund-fiasco-seeks-repair-his-reputation.html|title=THE MARKETS: Market Place; Manager of Hedge Fund Fiasco Seeks to Repair His Reputation|last=Hakim|first=Danny|date=22 August 2000|website=NYTimes.com|access-date=20 September 2019}}</ref>
Meriwether founded the [[hedge fund]] [[Long-Term Capital Management]] in 1994. The fund collapsed in 1998.<ref>{{cite web |url=https://www.barrons.com/articles/a-good-time-for-caution-in-the-markets-1499489952 |title=A Good Time for Caution in the Markets |last= Sears|first=Steven |date=8 July 2017 |publisher=[[Barron's (newspaper)|Barron's]] |access-date=11 January 2018 |quote=}}</ref> The books ''[[When Genius Failed: The Rise and Fall of Long-Term Capital Management]]'' and ''Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It'' detail the events leading up to and following Long-Term Capital Management's demise.<ref>{{cite web|url=https://www.nytimes.com/2000/08/22/business/markets-market-place-manager-hedge-fund-fiasco-seeks-repair-his-reputation.html|title=THE MARKETS: Market Place; Manager of Hedge Fund Fiasco Seeks to Repair His Reputation|last=Hakim|first=Danny|date=22 August 2000|website=[[The New York Times]]|access-date=20 September 2019}}</ref>


==JWM Partners==
==JWM Partners==
A year after LTCM's collapse, in 1999, Meriwether founded [[JWM Partners LLC]]. The [[Greenwich, Connecticut]] hedge fund opened with $250 million under management in 1999 and by 2007 had approximately $3 billion.<ref>{{cite web |url=http://www.hoovers.com/jwm-partners/--ID__61105--/free-co-profile.xhtml|title=JWM Partners-Company description-Hoovers |accessdate=2008-04-11 }}</ref> The [[Financial crisis of 2007-2009]] badly battered Meriwether's firm. From September 2007 to February 2009, his main fund lost 44 percent. On July 8, 2009, Meriwether closed the fund.<ref>{{cite web |url=https://www.ft.com/content/21a6bbee-6c00-11de-9320-00144feabdc0|last=Jones|first=Sam|date=8 July 2009|title=Meriwether's JWM Partners winds down flagship fund|publisher=[[Financial Times]]|accessdate=11 January 2018 }}</ref> In a [[Bloomberg L.P.|Bloomberg]] story on the closing of JWM Partners Tammer Kamel, an investment adviser, said that, "For many investors, John Meriwether is by now just another hedge-fund manager," and that "LTCM's infamy was a big story in 1998, but the events of 2008 might finally relegate LTCM and 1998 to footnote status."<ref>[http://www.newsmax.com/Finance/FinanceNews/john-meriwether/2009/07/13/id/331500/]</ref>
A year after LTCM's collapse, in 1999, Meriwether founded [[JWM Partners LLC]]. The hedge fund opened with $250 million under management and by 2007 had approximately $3 billion.<ref>{{cite web |url=http://www.hoovers.com/jwm-partners/--ID__61105--/free-co-profile.xhtml|title=JWM Partners-Company description-Hoovers |accessdate=2008-04-11 }}</ref> The [[Financial crisis of 2007-2009]] badly battered Meriwether's firm. From September 2007 to February 2009, his main fund lost 44 percent. On July 8, 2009, Meriwether closed the fund.<ref>{{cite web |url=https://www.ft.com/content/21a6bbee-6c00-11de-9320-00144feabdc0 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/21a6bbee-6c00-11de-9320-00144feabdc0 |archive-date=2022-12-10 |url-access=subscription |url-status=live|last=Jones|first=Sam|date=8 July 2009|title=Meriwether's JWM Partners winds down flagship fund|publisher=[[Financial Times]]|accessdate=11 January 2018 }}</ref>


==JM Advisors==
==JM Advisors==
Meriwether opened his third hedge fund venture, named JM Advisors Management, also based in [[Greenwich, Connecticut]], in 2010.<ref>Sam Jones: [http://www.ft.com/cms/s/0/331bae80-be93-11de-b4ab-00144feab49a.html?nclick_check=1 Meriwether setting up new hedge fund], ''[[Financial Times]]'', 22 October 2009</ref> The fund is expected to use similar strategies as both LTCM and JWM, namely highly leveraged "relative value arbitrage". By March 2011, however, the JM Advisors Macro Fund had raised only $28.85 million.<ref>[https://www.sec.gov/Archives/edgar/data/1487847/000113605611000061/xslFormDX01/primary_doc.xml SEC Filing for JM Advisors]</ref>
Meriwether opened his third hedge fund, named JM Advisors Management, in 2010.<ref>Sam Jones: [http://www.ft.com/cms/s/0/331bae80-be93-11de-b4ab-00144feab49a.html?nclick_check=1 Meriwether setting up new hedge fund], ''[[Financial Times]]'', 22 October 2009</ref> The fund is expected to use similar strategies as both LTCM and JWM, namely highly leveraged "relative value arbitrage". By March 2011, however, the JM Advisors Macro Fund had raised only $28.85 million. <ref>[https://www.sec.gov/Archives/edgar/data/1487847/000113605611000061/xslFormDX01/primary_doc.xml SEC Filing for JM Advisors]</ref>


==Thoroughbred racing==
==Thoroughbred racing==
Meriwether has been an owner of [[Thoroughbred]] horses for a number of years and is a member of the [[Board of Directors]] of the [[New York Racing Association]] (NYRA). He is best known for once saying to "bet on a horse that craps just before the race." He notably campaigned Buckhan, the winner of the 1993 [[Washington, D.C. International Stakes]].<ref>[http://www.ntra.com/stats_bios.aspx?id=3604 John Meriwether, Richard Leahy - NTRA] {{webarchive|url=https://web.archive.org/web/20071020055257/http://www.ntra.com/stats_bios.aspx?id=3604 |date=2007-10-20 }}</ref>
Meriwether has been an owner of [[thoroughbred]] horses for a number of years and is a member of the [[Board of Directors|board of directors]] of the [[New York Racing Association]] (NYRA). He notably campaigned Buckhan, the winner of the 1993 [[Washington, D.C. International Stakes]].<ref>[http://www.ntra.com/stats_bios.aspx?id=3604 John Meriwether, Richard Leahy - NTRA] {{webarchive|url=https://web.archive.org/web/20071020055257/http://www.ntra.com/stats_bios.aspx?id=3604 |date=2007-10-20 }}</ref>


==See also==
==See also==
* [[List of trading losses]]
* [[List of trading losses]]
*''[[When Genius Failed]]''
* ''[[Liar's Poker]]''
*[[Black swan problem]]
* ''[[When Genius Failed]]''
* [[Black swan problem]]


==References==
==References==
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[[Category:American investors]]
[[Category:American investors]]
[[Category:American money managers]]
[[Category:American money managers]]
[[Category:American people of Irish descent]]
[[Category:American racehorse owners and breeders]]
[[Category:American racehorse owners and breeders]]
[[Category:American stock traders]]
[[Category:American stock traders]]

Latest revision as of 14:49, 26 February 2024

John W. Meriwether
Born (1947-08-10) August 10, 1947 (age 77)
Chicago, Illinois, United States
Occupation(s)Businessman
Financier
Racehorse owner

John William Meriwether (born August 10, 1947) is an American hedge fund executive.

Education

[edit]

Meriwether earned an undergraduate degree from Northwestern University and an MBA degree from the University of Chicago Booth School of Business.[1]

Salomon Brothers

[edit]

After graduation, Meriwether moved to New York City, where he worked as a bond trader at Salomon Brothers. At Salomon, Meriwether rose to become the head of the domestic fixed income arbitrage group in the early 1980s and vice-chairman of the company in 1988.[2] In 1991, Salomon was caught in a Treasury securities trading scandal perpetrated by a Meriwether subordinate, Paul Mozer. Meriwether was assessed $50,000 in civil penalties.[3]

LTCM

[edit]

Meriwether founded the hedge fund Long-Term Capital Management in 1994. The fund collapsed in 1998.[4] The books When Genius Failed: The Rise and Fall of Long-Term Capital Management and Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It detail the events leading up to and following Long-Term Capital Management's demise.[5]

JWM Partners

[edit]

A year after LTCM's collapse, in 1999, Meriwether founded JWM Partners LLC. The hedge fund opened with $250 million under management and by 2007 had approximately $3 billion.[6] The Financial crisis of 2007-2009 badly battered Meriwether's firm. From September 2007 to February 2009, his main fund lost 44 percent. On July 8, 2009, Meriwether closed the fund.[7]

JM Advisors

[edit]

Meriwether opened his third hedge fund, named JM Advisors Management, in 2010.[8] The fund is expected to use similar strategies as both LTCM and JWM, namely highly leveraged "relative value arbitrage". By March 2011, however, the JM Advisors Macro Fund had raised only $28.85 million. [9]

Thoroughbred racing

[edit]

Meriwether has been an owner of thoroughbred horses for a number of years and is a member of the board of directors of the New York Racing Association (NYRA). He notably campaigned Buckhan, the winner of the 1993 Washington, D.C. International Stakes.[10]

See also

[edit]

References

[edit]
  1. ^ Morgenson, Gretchen (2 October 1998). "John Meriwether: Hedge Fund Wizard or Wall St. Gambler Run Amok?". The New York Times. Retrieved 17 March 2016.
  2. ^ "Meriwether Said to Close Hedge Fund". Dealbook. 8 July 2009. Retrieved 20 September 2019.
  3. ^ "Reincarnation on Wall Street: Screw-Ups Never Die". Forbes. 23 May 2012. Retrieved 11 January 2018.
  4. ^ Sears, Steven (8 July 2017). "A Good Time for Caution in the Markets". Barron's. Retrieved 11 January 2018.
  5. ^ Hakim, Danny (22 August 2000). "THE MARKETS: Market Place; Manager of Hedge Fund Fiasco Seeks to Repair His Reputation". The New York Times. Retrieved 20 September 2019.
  6. ^ "JWM Partners-Company description-Hoovers". Retrieved 2008-04-11.
  7. ^ Jones, Sam (8 July 2009). "Meriwether's JWM Partners winds down flagship fund". Financial Times. Archived from the original on 2022-12-10. Retrieved 11 January 2018.
  8. ^ Sam Jones: Meriwether setting up new hedge fund, Financial Times, 22 October 2009
  9. ^ SEC Filing for JM Advisors
  10. ^ John Meriwether, Richard Leahy - NTRA Archived 2007-10-20 at the Wayback Machine

Further reading

[edit]
[edit]
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