Red Sox principal owner John Henry is shutting down his Florida investment firm, a business that once had $2.5 billion under management and helped him build a formidable sports empire, but never came back from declines during the financial crisis.
With less than $100 million in funds left, Henry said his firm, John W. Henry & Co., has told clients it plans to return the rest of their money by year’s end. The Boca Raton, Fla., company, founded in 1982, will continue to manage Henry’s personal account.
Comments
Interesting snapshot of somebody who threw a rope up the mountain and pulled himself up. And he ended up occupying a perch in the 1%. At least for a while....
The problem, he said, “is the market is driven by human behavior, not by mathematical models. Over the long term, models continually fall short of modeling human behavior.” Sounds like the same problem Henry's facing with Sox and the sabermetricians that use statistics only to build a baseball team!
Further proof that anyone can make money in a rising market. (If you had a decent financial stake in 2008 you'd be a multi-millionaire today). It takes a special talent to maintain that in a stagnant/indecisive one.