Markets Magazine
Boaz Weinstein Reveals the Secret Trade That Helped Make Him Famous
The Saba Capital Management founder talks about the little-known deal that showed him how to take on JPMorgan’s chief investment office, and describes the new opportunities he’s finding in today’s credit market upheaval
Boaz Weinstein thinks about markets differently than most credit traders.
The 49-year-old founder of hedge fund Saba Capital Management spent his early career at Deutsche Bank AG, when credit-default swaps were just hitting the market. Over the next decade, he made a lot of money for the German lender trading CDS—effectively insurance against a corporate default—and the instruments remain a big part of his portfolio.