Kyle Bass' 2,400 acre Texas ranch listed at $59.5 million. For the bulk of this year, Bass has focused his attention on attacking China’s assault on freedoms in Hong Kong (back in 2019, he unveiled a long-shot bet that Hong Kong’s currency peg to the dollar might break). [41], Bass has been vocal in public appearances about future calamities stemming from financial meltdown. Hundreds of pages of documents and emails that have come to light show how Bass’s firm reached out to law enforcement and the media while trying to bend the market to where he wanted it to go.

Bass managed or advised over $4 billion of positions in subprime RMBS. “Did you know that?..I just bought a million dollars’ worth of them,” he said, and then, perhaps sensing I couldn’t do the math: “twenty million nickels.”... “Actually, it’s very difficult,” he said, and then explained that he had to call his bank and talk them into ordering him twenty million nickels. “Fireballs from hell,” says Greenlaw more than four years later, recalling the mood shifting that day from festive to disbelief. But if the shares increase, the short seller has to buy them back at a loss.

Here’s How We Get REAL Conservatives on OUR Side in Office, Why Trump Will Be the Greatest President of Our Lifetime. “The government has refused to admit they were used by Bass. Later, Kyle Bass passed out from the college with a degree in finance which further helped him to concentrate on the real estate business in the future. Copyright © 2020 The Dallas Morning News. Bass ordered his team to short other companies he believed would fall on negative UDF news, investing $58 million in that effort. [40] However, Bass reported in his 2016 Investor Letter, that the Japan Macro Opportunities Fund performed well, stating "Our first Asia-focused fund, the Japan Macro Opportunities Fund, successfully returned capital to investors after the Japanese yen had depreciated approximately 40% from 2012-2015."

He was also accused of spreading misleading information through a website.

[9], Bass is known as a staunch rhetorical critic of the Communist Party of China and its policies. The Protesters are Right, the Government is Wrong. Bass predicted a hard landing for the Chinese economy following a bank crisis and a severe devaluation of the Chinese currency, variously given as "somewhere between 15%-20%" and "30 to 40 percent". Here’s Why. Check if Twitter is Shadow Banning you with this Tool! His Japanese and European strategies have not been major successes and the Chinese yuan short led to severe losses for his fund in 2017. "[19] While at Legg Mason, Bass advised hedge funds and other institutional clients on special situation investment strategies.[3]. In 2009 he warned about the possibility of defaults by major countries over the next 3 years.

When Lewis, the analyst, texted him pictures showing undeveloped land that UDF had funded, Bass responded, “I love it.” In another text, he wrote, “Make sure you send along the photos to SEC and FBI.”. Some of the people may have been his fan for long time as well as they may also want to obtain some more information regarding him. In a Nov. 24 email to Bass, Lewis said Hayman was spending $84,000 a day, or $2.5 million a month, to maintain the position.

[77], U.S. House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, University of Virginia Darden School of Business, Business Executives for National Security, "Kyle Bass, The Man Who Shorted The World", "Kyle Bass' Comeback Plan: Oil, Argentina and Patents", "Kyle Bass: Troubling Times for His Strategy", "Investor Who Won Big Betting on Housing Collapse Falters With China Bets", "Bass Battled U.S. Drug Patents and Prices But Lost to 'Cabal, "Investor's Attack on Texas Real-Estate Lender Boomerangs", "Kyle Bass, Steve Bannon accuse Wall Street of 'funding the Chinese Communist Party's' economic war on the U.S.", "Don't Mess With Texas, An Interview with Kyle Bass", "Hearing of the Role of Credit Agencies in the Structured Finance Market, Testimony of J. Kyle Bass", "Hedge Fund Manager Makes Lonely Defense of G.M. Sometimes the newer funds would buy pieces of loans owned by the older ones in an effort to ensure that cash was available. Undecided Voter? He added that within a year all of Europe would be in default as well. Short-seller Andrew Left, who runs Citron Research, warned that the stock could go to zero. "[39] In May 2012, Business Insider agreed, faulting Bass's analysis, since debt-to-GDP ratios do not reflect the interest rate or credit risk of a nation. Joe Biden Memes to Flood Facebook and Twitter. Some of you them also may be having information regarding Bass’s professional and personal life from different gossip pages, news paper as well as magazines. Michael Lewis wondered how a Texan who had barely left the country could be so interested in the debt of foreign countries, especially Iceland— which was Bass' first obsession. [51], Through its investment in Hayman Credes Offshore Fund, LP, the Chinese company appears to have participated in Bass' challenges of numerous U.S. drugs patents reportedly aimed at driving down the price of U.S. drug company stocks. The first post about UDF was cited on Seeking Alpha and ValueWalk. [57], In October 2016, Bass prevailed in the case, with USPTO invalidating the two Celgene Corp patents related to its cancer drugs Revlimid, Pomalyst, and Thalomid at issue. He started off betting against Portugal, Ireland, Italy, Switzerland and Greece back in 2008 (not bad a bad call, obviously).

“It’s a joke to even be here.”. To Lewis, it looked like a Ponzi scheme. In 2010, Bass testified before the Financial Crisis Inquiry Commission. The unfolding legal battle provides a rare look into a short-selling campaign. Liberals and Illegal Aliens. Defenders say they keep businesses honest. Shares dropped to $9.46 from $17.60 that day, wiping out about $237 million in shareholder value. Perhaps you know a thing or two about Kyle Bass, however, how well do you know about him? My Version of Glenn Beck’s Prayer for the Nation, An Open Letter Destroying the Damned Snowflakes. 2011-11-23T16:10:00Z The letter F. An envelope. Here, with the new firm Kyle has served as the investment manager. Ready for a Pandemic? With thousands of acres of land attached. [53][54] When he initiated this practice in January 2015, he claimed that his motive was to encourage competition in the manufacture of pharmaceuticals and thus bring down prices.

He provided a 17-page document that described UDF as having “characteristics emblematic of a Ponzi-like scheme.”. Illegal Aliens Must Leave!

Similarly, he also shared the workouts of his wife, Alexandra on the same day.

This is Why We Have Free Speech, a President, a Congress, and a Supreme Court. [63] On August 27, 2014, Bass accused Elliott's Paul Singer of "holding poor countries as hostages," prompting The New York Post to comment in an editorial the next day that Bass had "sounded more like Argentina's leftist economy minister Axel Kicillof than a US hedge-fund manager." Additionally, he has also lectured at various of the universities such as Texas Christian University, Columbia University, Harvard Business School, University of Chicago booth school of business, university of Virginia Darden School of business and University of Texas. Better Read this Now. Traders bet against the first public company, the Dutch East India Company, 400 years ago. [60], The BBC has described Bass as having a "good relationship" with Argentina's president Cristina Fernandez de Kirchner. Please! He says he wanted to protect his family and employees. Poole was a pseudonym for Kyle Bass, a Dallas hedge fund manager who had taken out what amounts to a Wall Street bounty on Grapevine real estate investment trust United Development Funding. Pelletier says Bass is the one at fault. Bass calls the lawsuit harassment and says he spared potential investors from plowing money into a corrupt company.