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
Photographer: Chris Buck for Bloomberg Markets
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.