Louis Bacon

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Louis Moore Bacon
Louis Bacon donating Historic Conservation Easement in Sangre de Cristo Mountains, In June 2012.jpg
Bacon donating Historic Conservation Easement in Sangre de Cristo Mountains, June 2012
Born July 25, 1956
Raleigh, North Carolina
Residence New York, New York
Alma mater Middlebury College (B.A.)
Columbia Business School (M.B.A.)
Occupation Hedge funds
Years active 1989-present
Employer Moore Capital Management
Net worth Increase 1.4 billion USD (March 2012)[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[edit]

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 B.A. in American literature, graduating Cum laude in 1979.[3][4] Bacon met Walter Frank while he was working on a fishing boat in Long Island and got 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. However, he eventually turned a profit during his fourth semester.[6]

Career[edit]

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 insights into the market crash of that era allowed him to profit as the market declined as well as during its rebound some time later.[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 names 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]

Philanthropy[edit]

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.[10] Bacon has donated more than one million dollars to the environmental non-profit organization Riverkeeper.[11][12]

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.[13]

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.[14]

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:

  • Robins Island, Long Island, NY: After purchasing the "Jewel of the Peconic" in 1993, Bacon secured the permanent protection of the land through a conservation easement and set about restoring a natural habitat that had been deteriorating for 300 years.[15]
  • Cow Neck Farm, Long Island, NY: Bacon’s Cow Neck Preserve, LLC purchased the farm in 1998 and donated a 540-acre conservation easement to the Peconic Land Trust, thus preventing development and ensuring the protection of the area’s habitat.[16][17]

Political involvement[edit]

Bacon contributed $250,000 to the Conservative Party.[18] Bacon also served as a fundraiser for Mitt Romney.[19]

Personal life[edit]

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.[20][21]

In 1991 Bacon was 20th on the list of Financial World's, Top 100 Wall Street Earners list.[22]

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.[23]

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 2010, Bacon purchased the Orton Plantation Gardens in North Carolina which was built in by his ancestor, Roger Moore, in 1735.[3][24]

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.[25][26]

References[edit]

  1. ^ "The World's Billionaires". Forbes. Retrieved 1 August 2012. 
  2. ^ [1] Linkedin, Moore Capital Management
  3. ^ a b c d e f g h i [2] Louis Bacon: Macro maestro,Stephen Taub, July 1, 2011, Retrieved July 17, 2011.
  4. ^ a b c "Louis Moore Bacon". Forbes 400 (Forbes magazine). March 2006. Retrieved 2006-08-10. 
  5. ^ a b c "Cynthia Pigott married to Louis Bacon". The New York Times. February 16, 1986. Retrieved March 14, 2011. 
  6. ^ a b http://www.forbes.com/global/2004/1220/072.html
  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. ^ "Billionaire Louis Bacon battles to protect his ranch from big utilities' solar-power plans". Denver Post. November 28, 2010. Retrieved December 28, 2011. 
  10. ^ "Board of Overseers: About: Louis Bacon ’81". Columbia Business School. Retrieved July 9, 2012. 
  11. ^ "Helping Protect the Hudson River". Wall Street Journal. April 22, 2011. Retrieved November 15, 2011. 
  12. ^ "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. 
  13. ^ "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. 
  14. ^ "90,000 Colorado acres offered for national protected area". The Denver Post. June 15, 2012. Retrieved July 9, 2012. 
  15. ^ "GARDEN NOTEBOOK;Paradise Returns (With Heliport)". New York Times. Retrieved 2012-08-30. 
  16. ^ "TERN ISLAND". Newsday. Retrieved 2012-08-30. 
  17. ^ "Landmark Land Gift From Funds Trader". Newsday. Retrieved 2012-08-30. 
  18. ^ Sears, Neil (30 August 2010). "The AMERICAN hedge fund billionaire who gave £250,000 to the Conservatives". Daily Mail. Retrieved 28 November 2013. 
  19. ^ Somaiya, Ravi (6 July 2011). "Romney Holds London Fund-Raiser". New York Times. Retrieved 28 November 2013. 
  20. ^ "Meet cash king Louis Bacon: the richest hedge fund manager in London". London Evening Standard. 23 April 2010. Retrieved 14 November 2011. 
  21. ^ "Weddings and celebrations - Gabrielle Sacconaghi, Louis Bacon". New York Times. 2 February 2007. Retrieved 14 November 2011. 
  22. ^ Peltz, Lois (2001). The New Investment Superstars. pages Intro, 5-6, 8, 9, 146: Wiley. ISBN 0-471-40313-X. 
  23. ^ Hooper, Troy (November 28, 2007). "Conservationist buys state's biggest ranch". The Denver Post. Retrieved March 14, 2011. 
  24. ^ "Orton Plantation Sold to Billionaire". WHQR. May 6, 2010. Retrieved March 14, 2011. 
  25. ^ Halliday, Josh (May 9, 2011). "US billionaire wins high court order over Wikipedia 'defamation'". London: The Guardian. Retrieved May 9, 2011. 
  26. ^ Luisa Kroll (10 May 2011). "U.S. Law Protects Anonymous Speech, Not Billionaires". Forbes. 

External links[edit]