You know what’s cool? An oil-price collapse that saves you a few dollars when you fill up the Escalade. You know what’s cooler? An oil-price collapse that makes you ONE BILLION FREAKING DOLLARS.
A hedge fund called PointState Capital is currently enjoying that second state of cool, Bloomberg reported on Wednesday. The New York firm has made a $1 billion profit from betting that crude oil would crater, according to the report.
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It’s not as easy as the geniuses make it look — even for the geniuses. Paulson’s ride since the financial crisis hasn’t been bump-free; he took massive losses in 2011 and 2014 on big bets gone wrong. The list of huge hedge fund disasters is at least as long as the list of huge hedge fund wins.
For Schreiber, now comes the hard part. Though that $1 billion should ease the way a bit.
