Soros Veteran And Former CIO Quits Firm

Being a Chief Investment Officer at Soros Fund Management, the $26 billion family office run by billionaire George Soros who reportedly lost $1 billion following the Trump election as a result of bearish market bets, is not easy: recall that in August of 2016, Ted Burdick, the former CIO and veteran Soros employee, stepped down after just 8 months in the position but remained at the firm running the firm's credit portfolio. The transition took place at a time when Soros was said to have returned to an active fund management role, putting in place "big, bearish bets." Getting replaced as CIO by UBS asset manager Dawn Fitzpatrick, probably did not boost his ego.

So, after a tenure of some 18 years, having started working for George Soros back in 2000, Burdick, one of the most recognizable Soros lieutenants, has decided to call it a day and according to Bloomberg , quit Soros Fund Management last week.

Before his brief tenure as CIO in 2016, succeeding Scott Bessent, Burdick held a variety of roles including head of distressed debt.

Some highlights from Burdick's career, via Bloomberg: a 1992 graduate of Princeton University with a degree in economics, he started out at Bankers Trust, where he worked in high-yield corporate finance and proprietary trading. He joined Soros in April 2000 and left five years later to join Camulos Capital, a firm that managed money for Soros and others. He returned to Soros in 2010.

One reason why Burdick failed to stick at the top and may ultimately have left, is because as Bloomberg reported at the time, when he was promoted to CIO in January 2016, the firm lost several macro fund managers, who parted ways with the firm after disagreeing with Burdick over the direction of global markets. Soon after, Burdick stepped down from his CIO role and was replaced by Fitzpatrick.

Considering that Soros lost roughly $1 billion following the Trump rally in late 2016, just as Soros was turning apocalyptic, one wonders how long before the female CIO also get the boot.

If she quits, she would be the seventh CIO to hold the job since Soros decided to scale back risk following the departures of traders Stan Druckenmiller and Nicholas Roditi in 2000. Burdick was the 7th. Other prominent Soros CIO were former Maverick Capital principal Robert Bishop, ex-Goldman Sachs Group Inc. partner Jacob Goldfield, Soros’s son Robert Soros and BlackRock Inc. co-founder Keith Anderson.

Comments

overbet ludwigvmises Wed, 06/06/2018 - 16:38 Permalink

Yes always net long.Referring to the missed earn had he been bullish or even just neutral in his outlook. He lost in his bearish bets, but he also lost a lot more not just being neutral.

If you buy a stock and it goes down 10% you lose the 10%, but you also lost the time and money opportunity elsewhere.

If you were looking at two stocks to buy and decided instead of splitting the investment you put it all on one. The one you bought rose 5% the one you didnt buy, but were considering splitting it with rose 10%. Thats a bad decision. Not a horrible decision, but not optimal. In efficient markets those decisions can be the difference maker in ones profitability so striving for optimal is necessary if you expect to beat the market. Dont give anything away.

In reply to by ludwigvmises

Idiocracy's Not Sure Wed, 06/06/2018 - 16:07 Permalink

v patterned on the daily months before the election typically leads to a much higher market but the fact that the bankers did not get HRC in office was certainly a questionable threat on a collapse to re-establish the path to a new world order 

Idiocracy's Not Sure Idiocracy's Not Sure Wed, 06/06/2018 - 16:11 Permalink

currently I think the idea to reach qe escape velocity is being found in wreckless spending. while seeming a good idea, it in facts robs long term savings needed to secure the economy. I could find better ways to spend money but at this point I feel the people have forced to rob them of my opinion. With that said, I told max keiser about the v patter on the DJIA and he told me I was wrong. At least now I know he is a total shill  

In reply to by Idiocracy's Not Sure

Ms No Wed, 06/06/2018 - 16:09 Permalink

He probably lost a billion dollars of Rothchild's stolen loot just to spook the markets, huh?  Just like how some Euopean eunuch politician just told the population that the market would punish any disobedience.  

Aliens-R-Us Wed, 06/06/2018 - 16:15 Permalink

Grab him off the street and waterboard 'till he squeals like a fat pig.  Oh, give him immunity first.

What, he committed suicide?  5 bullets to the back of the head!

Must have been depressed.

DipshitMiddleC… Wed, 06/06/2018 - 18:13 Permalink

sounds like he has enough shekels and wants to leave with some dignity before the market collapses entirely

 

 

buffet wrote like 3 billion in puts that are expiring in 2018

 

after that its shoah  time

allthegoodname… Fri, 06/08/2018 - 15:45 Permalink

How could such a ugly, nasty, vile, famililess, little man, with just a few billion control anything except he work for the real money, Rothschild, and serves the Leadership, The District of Columbia and The City of London, he pretends to despise.

In other words Soros is a minion in the mass of minions who do all they do for the Rothschild Family and their King, the eldest born son of the Rothschild Family, Soros like Trump is just a cog in the gear that runs over life on Earth and enjoys doing it.

If Soros were not a Jew and the Rothschild Family so much into Jews then I think Soros would be long gone.  Soros, worked for the Rothschild Family when the Family needed a big Jew count in the camps, to gain for the Rothschild’s their own nation, something historical, something weird and ugly just like themselves, Israel.

Soros worked for the Rothschild Family when the Rothschild Family needed Communist Jews to murder the Tsar and his beautiful family, so Rothschild’s Communist Jews could take over Russia (later China) and rob Russia blind for the Rothschild’s. 

Soros is working for the Rothschild Family today, except, if Soros cannot and soon get laws passed denying, we, the people, here in The District of Columbia, aka “America” the right to have guns, then Soros like this CIO might get moved out of the game he so dearly loves, that is, hurting innocent people.

Wouldn't that be awful, then Soros and his son would have to live in luxury for the rest of their lives, flying, boating, doing whatever their hearts desired, using the wealth of innocent people, robbed, to do it with. 

We are all victims of the Soros' we are all victims of the Rothschild Family, we are all victims of Jews who have their command centers set up all over our nation(s), who today are loved and respected in our communities but who, with black hearts, sell us and our people out, and they do all they do for their own well-being, for their own privilege and joy, so they can have our wealth and never get their hands dirty.

Who cares I care, when I see them, all, as they saw the Germans, the Russians, the Europeans, the victims of the Rothschild’s Jew wars, build for them, the Jews, mansions and palaces, railroads across frozen wasteland, men and women, our Goyim, like slaves, worse than the poorest beast of burden made to work their mines and carry their load. 

When I see them, the Rothschild’s, Soros, and their Jew minions, shackled and torn, still, I can never be satisfied, for the cries from the ground, the sorrow of the victims, the victims of the Rothschild’s, the Soros,’ the Jews and their wars, their insatiable need for greed, their jealous hatred of real beauty, so they murder the innocent and burn children alive.

No, I can never be satisfied, I am doomed to live in torment, until I like them, the other victims of the Rothschild’s, the Soros,’ the Jews, cry, from the grave, get off our land and away from our children...