Louis Bacon

Louis Bacon

Born Louis Moore Bacon
(1956-07-25) July 25, 1956
Raleigh, North Carolina, US
Residence New York, New York, US
Alma mater Middlebury College (BA)
Columbia Business School (MBA)
Occupation Hedge funds
Years active 1989-present
Employer Moore Capital Management
Net worth US$ 1.81 billion (September 2015)[1]

Louis Moore Bacon (born July 25, 1956) is an American hedge fund manager, trader and founder of Moore Capital Management.[2]

Early life and education

Bacon was born in Raleigh, North Carolina; his father, Zachary Bacon Jr., founded real estate company Bacon & Co. and later led Prudential Financial’s and Merrill Lynch’s real estate efforts in North Carolina.[3]

Bacon graduated from Episcopal High School in Alexandria, Virginia. He attended Middlebury College in Vermont where he received his BA in American literature, graduating in 1979.[3][4] Bacon met Walter Frank while he was working on a fishing boat on Long Island. He was given a job clerking at the specialist firm Walter N. Frank & Co during the summers of his college years.[3] He subsequently received his MBA degree in finance at Columbia Business School in 1981.[3][5]

While at Columbia, Bacon traded commodities using a low interest loan he had received. During the first three semesters, he lost money and was forced to borrow money from his father to pay for necessities. He turned a profit during his fourth semester.[6]

Career

After receiving his MBA, Bacon joined the sales and trading program at Bankers Trust. Later he left the firm and returned to Walter N. Frank & Co. where he traded currencies. Bacon then got a job on the floor of the New York Cotton Exchange, working as a "runner".[3] Bacon later worked as a broker and trader of financial futures at Shearson Lehman Brothers and eventually became the senior vice president for their futures trading division.[3][5][7]

In 1987 Bacon founded Remington Trading Partners and his market insights allowed him to profit during the market crash and subsequent rebound.[3] In 1989, Bacon used his middle name in founding Moore Capital Management LLC and in 1990 created Moore Global Investments using the $25,000 he inherited from his family.[3]

In 2006, Forbes named Bacon as the 746th richest person in the world,[4] and in 2011 he was listed as the 736th richest man.[8] In 2010, the Denver Post reported that his $1.6 billion ranked him as the 238th richest American.[9] In March 2010 Forbes Magazine estimated Bacon's net worth to be $1.5 billion and the 655th richest person in the world.[4]

In December 2013, he purchased Taos Ski Valley from the Blake family, who had owned it since 1954.[10]

Philanthropy

In 1992, Bacon created The Moore Charitable Foundation (MCF) to provide financial support to nonprofit organizations that work to preserve and protect wildlife habitat and improve water systems.[11] Bacon has donated more than one million dollars to the environmental non-profit organization Riverkeeper.[12][13]

In June 2012, United States Secretary of Interior Ken Salazar and United States Fish and Wildlife Service Director Daniel M. Ashe announced Bacon intends to donate a conservation easement totaling approximately 90,000 acres in the Sangre de Cristo Mountains bordering the San Luis Valley in Colorado. This easement will provide the foundation for the proposed new Sangre de Cristo Conservation Area.[14]

Bacon owns the Trinchera Blanca Ranch located in the San Luis Valley. The Trinchera section of the ranch is currently protected by an easement administered by Colorado Open Lands. The new conservation easement Bacon intends to donate is to protect Blanca – thus protecting all 172,000 acres of land.[15]

In addition to his work in Colorado, Bacon has helped preserve and protect environmentally sensitive land in New York, North Carolina, and the Bahamas. His key conservation projects include:

He is the 2013 recipient of the Audubon Medal, given in recognition of outstanding achievement in the field of conservation and environmental protection.[19]

Political involvement

Bacon contributed £250,000 to Britain's Conservative Party.[20] Bacon also served as a fundraiser for Mitt Romney.[21] In 2015, Bacon donated $1 million to a Super Pac supporting the presidential candidacy of Jeb Bush.[22]

Litigation

In May 2011, the High Court in London granted Bacon a court order to obtain information from the Wikimedia Foundation, The Denver Post newspaper, and WordPress as to the identities of internet users alleged to have defamed him. Legal experts suggested compliance with the orders was unlikely, given the US tradition of freedom of speech, and the fact that US courts typically required "actual evidence or sufficient allegations of libel" before granting similar orders.[23][24]

Bacon has been involved in litigation with Peter Nygard, founder of Nygard International, a clothing manufacturer. He contends in multiple lawsuits that Nygard harming the environment around Clifton Bay, Bahamas, where both have compounds in Lyford Cay. Bacon also alleges Nygard has engaged in a smear campaign against him. Nygard denies the allegations and contends that Bacon is seeking to improperly acquire Nytard's property and hurt his reputation. Suits have been filed in the Bahamas and New York.[25]

Personal life

In 1986 Bacon married Cynthia Pigott,[5] a former Newsweek magazine staff member whom he later divorced in 2002. They had four children together.[6] In 2007, he married Gabrielle Sacconaghi in Manhattan.[26][27]

In 1991 Bacon was 20th on the list of Financial World's Top 100 Wall Street Earners list.[28]

In November 2007, Bacon purchased the Trinchera Ranch in Costilla County, Colorado from the Forbes family. The 171,400-acre (694 km2) property sold for $175 million.[29]

In 2010, Bacon purchased the Orton Plantation in North Carolina which was built in by his ancestor, Roger Moore, son of James Moore, in 1735.[3][30]

See also

References

  1. ↑ "The World's Billionaires". Forbes. Retrieved 21 September 2015.
  2. ↑ Linkedin, Moore Capital Management
  3. 1 2 3 4 5 6 7 8 9 Louis Bacon: Macro maestro,Stephen Taub, July 1, 2011, Retrieved July 17, 2011.
  4. 1 2 3 "Louis Moore Bacon". Forbes 400 (Forbes magazine). March 2006. Retrieved 2006-08-10.
  5. 1 2 3 "Cynthia Pigott married to Louis Bacon". The New York Times. February 16, 1986. Retrieved March 14, 2011.
  6. 1 2 Dyan Machan (December 20, 2004). "Macro Moneymaker". Forbes.
  7. ↑ "Louis Bacon". atrader.com. June 6, 2010. Retrieved March 15, 2011.
  8. ↑ "The World's Billionaires - Forbes.com". forbes.com. 2011. Retrieved 15 November 2011.
  9. ↑ Blevins, Jason (November 28, 2010). "Billionaire Louis Bacon battles to protect his ranch from big utilities' solar-power plans". Denver Post. Retrieved December 28, 2011.
  10. ↑ Rohwedder, Cecilie (April 24, 2014). "Louis Bacon Tries to Turn Around Taos Ski Valley". WSJ. Retrieved 25 November 2015.
  11. ↑ "Board of Overseers: About: Louis Bacon ’81". Columbia Business School. Retrieved July 9, 2012.
  12. ↑ "Helping Protect the Hudson River". Wall Street Journal. April 22, 2011. Retrieved November 15, 2011.
  13. ↑ "Non profit news and comments - "Donor of the Day: Helping Protect the Hudson River." by Melanie Grace West". Wall Street Journal via hausercentre.org. April 22, 2011. Retrieved July 15, 2011.
  14. ↑ "AMERICA’S GREAT OUTDOORS: Salazar, Ashe Announce Historic Conservation Easement in Sangre de Cristo Mountains". U.S. Department of the Interior. June 15, 2012. Retrieved July 9, 2012.
  15. ↑ Finley, Bruce (June 15, 2012). "90,000 Colorado acres offered for national protected area". The Denver Post. Retrieved July 9, 2012.
  16. ↑ Raver, Anne (March 21, 1996). "GARDEN NOTEBOOK;Paradise Returns (With Heliport)". New York Times. Retrieved 2012-08-30.
  17. ↑ "TERN ISLAND". Newsday. Retrieved 2012-08-30.
  18. ↑ "Landmark Land Gift From Funds Trader". Newsday. Retrieved 2012-08-30.
  19. ↑ "Louis Bacon Receives Audubon Medal for Conservation, Environmental Work". Moore Charitable Foundation. January 18, 2013.
  20. ↑ Sears, Neil (30 August 2010). "The AMERICAN hedge fund billionaire who gave £250,000 to the Conservatives". Daily Mail (London). Retrieved 28 November 2013.
  21. ↑ Somaiya, Ravi (6 July 2011). "Romney Holds London Fund-Raiser". New York Times. Retrieved 28 November 2013.
  22. ↑ "Million-Dollar Donors in the 2016 Presidential Race". New York Times. 25 August 2015. Retrieved 14 October 2015.
  23. ↑ Halliday, Josh (May 9, 2011). "US billionaire wins high court order over Wikipedia 'defamation'". London: The Guardian. Retrieved May 9, 2011.
  24. ↑ Luisa Kroll (10 May 2011). "U.S. Law Protects Anonymous Speech, Not Billionaires". Forbes.
  25. ↑ Scannell, Kara (18 August 2014). "Louis Bacon’s Bahamas battle reaches New York court". Financial Times. Retrieved 21 February 2016.
  26. ↑ "Meet cash king Louis Bacon: the richest hedge fund manager in London". London Evening Standard. 23 April 2010. Retrieved 14 November 2011.
  27. ↑ "Weddings and celebrations - Gabrielle Sacconaghi, Louis Bacon". New York Times. 2 February 2007. Retrieved 14 November 2011.
  28. ↑ Peltz, Lois (2001). The New Investment Superstars. pages Intro, 5-6, 8, 9, 146: Wiley. ISBN 0-471-40313-X.
  29. ↑ Hooper, Troy (November 28, 2007). "Conservationist buys state's biggest ranch". The Denver Post. Retrieved March 14, 2011.
  30. ↑ "Orton Plantation Sold to Billionaire". WHQR. May 6, 2010. Retrieved March 14, 2011.

External links

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