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AUSTRALIA endured a nightmare in Abu Dhabi on the second day of the second Test at the hands of Pakistan.
The batsmen once again failed to deliver as the Pakistanis attacked ripped through the order with ease, before Pakistan took to the crease and showed the deck was made for plenty of runs as they ran up their lead.
Australia 145
Pakistan 282 & 2/144 (Azhar 54, Sohail 17)
12.05am
Legends hammer dismal Aussies
Nathan Lyon’s strong words after the opening day’s play clearly fell on deaf ears as the Aussies capitulated in a horror display.
The Aussies entered day two of the second Test already two down after losing Usman Khawaja and Peter Siddle in the final seven overs of day one.
It didn’t take long for things to go from bad to worse, however, as Pakistan quick Mohammad Abbas dismantled the batting attack.
Abbas took the first two wickets of the day, giving him the first four of the innings and putting the Aussies in a tenuous position.
Mohammad Abbas has 54 wickets in 10 Tests. No other fast bowler from Pakistan took this many wickets in his first 10 Tests. Abbas still has an inns to go. #PakvAus
The collapse wasn’t over with, as Mitch Marsh, Aaron Finch and Tim Paine all followed suit shortly after and left the scoreboard in a bleak state.
Marnus Labuschagne and Mitch Starc saved the innings from being a complete humiliation with some late heroics, but the capitulation saw Australia’s innings come to an end still 137 runs shy of the first innings score set by Pakistan.
The sad display from the Aussies opened the door for a severe backlash and two legends in Mike Hussey and Shane Warne raised serious questions.
“Once you start getting into your 30s, mid-30s, you can’t afford to have a run like that, because everyone starts talking about your position in the team, is that the end of your career, and that extra pressure builds up on you as well,” Hussey said on Wisden radio.
“In reality, at the end of the day, you do need to be scoring runs. There’s going to be a lot of discussion about his place in the team.”
Then, just like he did in the first Test, Shane Warne hit out and believed only two of the currently team were worthy of keeping their place in the batting line-up.
Australia’s bowling quality has saved this Oz side for a while now, but how long can they keep doing it ? These current batsman need to stand up & quickly or it will be a v long summer, Finch/Khawaja been good and will start in the 1st test in Oz – the rest ??? @FOXCricketLive
Ps Bowlers will get injured if they have to continue to bowl day after day without rest, due to the batsman continue to fail. Also, I’m a huge fan of Mitch Marsh & his capabilities but appointed VC & batting so high?Paine has to bat in top 6 & why has Lyon not been appointed VC?
Pakistan then rubbed salt in the Australian wounds with their second innings as they showed that the wicket was indeed batter friendly.
Debutant Fakhar Zaman carried on where he left off in the first innings as he raced to his half century. His innings came to an end on 66, but his name enters the record books as he becomes the first Pakistani player to record back-to-back half centuries on debut.
Twin fifties for Fakhar Zaman in his debut Test – first Pakistani to achieve this feat. Can he convert it into a hundred? #PAKvAUSpic.twitter.com/vqKyyMwmzh
Azhar Ali entered in the fourth over and he followed in Zaman’s footsteps as he recorded a well-earned half century before the day wrapped up.
After two days of play the Aussies are in a nightmare position as they currently trail by 276 runs with Pakistan still having eight wickets in hand.
Australia took their foot off the throat of Pakistan on day one and ever since they’ve been made to pay dearly. It’ll take a monumental turnaround if they’re to save the series from here.
Nathan Lyon removed the record maker for Pakistan in remarkable circumstances.
A routine delivery from Lyon was blasted straight back at him and his unbelievable reflexes saw him not only get out of the way, but get his hands up and reel in the catch.
The powerful shot was perfectly summed up by the commentary team: “Catch it or you’re dead”.
Nathan Lyon has some crazy impressive highlights when it comes to caught & bowled!
Marnus Labuschagne is on his way back to the sheds after a horror runout caught him with his bat in the air.
A deflection from Yasir Shah saw the ball clatter into the stumps and while Labuschagne’s bat was behind the crease it was not on the ground and he was sent on his way.
Amazing scenes. Labuschagne out after a deflection from Yasir from a Starc straight drive. Bat behind the crease but in the air. That’s a sickener for Aust #PakvAus
Right on the brink of the lunch break, disaster struck the Aussies with skipper Tim Paine trapped on the crease and out via LBW.
The ball from Yasir Shah got the better of Paine who opted to review the decision and although the ball looked like it may have potentially gone close to missing leg stump, the decision was to stick with the umpires call.
Australia now head into the middle session of day two with only debutant Marnus Labuschagne left to partner with the bowling attack.
Bowlers do the job again but huge questions remain on our batsmen as a unit, it’s shaping as another test of character, Pakistan’s bowlers been impressive @TheRealPCB@CricketAust#PakvAus 🏏
Shaun Marsh batted like a man possessed during the Ashes series and left so many people with egg on their faces.
Ever since then however, those who had their doubts have been justified in their concerns over Marsh.
In his 11 innings since making a blistering century in Sydney, Marsh has an average of 14.27 runs. It might be time for the blowtorch to be applied to the selectors who continue to insert him into the squad.
Another low score for Shaun Marsh, nipped out by Abbas for 3, Aust 3-36 #PakvAus
]]>https://briefnews.eu/cricket-legends-hammer-dismal-aussies/feed/0UN committee blasts Trump adm. dismal job in hurricane-ravaged Puerto Rico, urges secession vote
https://briefnews.eu/un-committee-blasts-trump-adm-dismal-job-in-hurricane-ravaged-puerto-rico-urges-secession-vote/
https://briefnews.eu/un-committee-blasts-trump-adm-dismal-job-in-hurricane-ravaged-puerto-rico-urges-secession-vote/#respondTue, 19 Jun 2018 03:54:34 +0000http://briefnews.eu/un-committee-blasts-trump-adm-dismal-job-in-hurricane-ravaged-puerto-rico-urges-secession-vote/ Scores of local and foreign activists have called on Washington to end its “colonial occupation” of Puerto Rico, bashing the US President for his lackluster and “insulting” response to last year’s deadly Maria and Irma hurricanes.
In its annual resolution on Puerto Rico, the UN Special Committee on Decolonization demanded the US allow its Caribbean territory, still reeling in the aftermath of the devastating Maria and Irma hurricanes that ravaged the island last September, to decide for itself if it wants to stay or leave the US.
Over 40 Puerto Rican rights advocates, as well as the representatives of Venezuela, Cuba, Bolivia, Ecuador, Nicaragua, El Salvador and other nations, voiced their outrage over what they labelled “the colonial occupation” and “economic terrorism” enforced by the US, through multi-national companies, on the island.
Read more
The resolution, approved by the committee on Monday, became the 37th of its kind in support of Puerto Rico’s right to self-determination. However, this year its focus shifted from the island’s ambiguous status to the failure of the Trump administration to tackle the social and economic crises that ensued from the series of natural calamities.
Trump drew public wrath back in October, when he visited a devastated Puerto Rico for the first time after the hurricane. While the visit was intended as a show of support, Trump found himself in the middle of firestorm after throwing paper towels into a crowd at a disaster relief distribution center in Puerto Rico’s capital, San Juan. At the time, city mayor Carmen Yulin Cruz denounced this odd stunt as “terrible and abominable,” blasting Trump as “miscommunicator-in-chief.”
Some activists, as cited by the UN press service, went as far as to suggest that the Trump administration was intentionally letting Puerto Ricans down with insufficient support “in order to displace the island’s population and pave the way for gentrification.”
“While Trump is tossing out paper towels to my people, mocking their plight and insulting them, we were coming together and rising up,” Walter Alomar, of the Organization for Culture of Hispanic Origins was cited as saying.
Darlene Elias, National Co-Chair of the Green Party of the United States, argued that the hardships of Puerto Ricans had been “multiplied tenfold,” with Washington’s distancing itself from the tragedy and refusing to accept or allow humanitarian assistance from Cuba and Venezuela.
Ahead of his trip to the island, Trump drew a barrage of criticism for a Twitter post in which he appeared to suggest that Puerto Ricans were not taking enough responsibility for disaster relief. “They want everything to be done for them when it should be a community effort,” Trump wrote.
Read more
Other activists slammed the US laws, in particular the Jones Act, for impeding cost-efficient deliveries of goods to Puerto Rico. Describing the impact of the hurricane on healthcare, Judy Sheridan-González of the New York State Nurses Association argued that, given the US government’s inadequate response to the calamity, the already dire situation has turned into a full-fledged genocide.
“We cared for families who suffered the trauma of helplessly watching ill relatives die before their eyes, unable to get to the few functioning hospitals,” Sheridan-González said.
The official US government count for the victims claimed by Hurricane Maria stands at 64, which, its critics argue, is an egregious understatement. A recent study conducted by Harvard University, estimated that the real death toll stands at over 4,600 people. A third of the victims died due to lack of medical care caused by power blackouts and crippled infrastructure, the study estimated.
]]>https://briefnews.eu/un-committee-blasts-trump-adm-dismal-job-in-hurricane-ravaged-puerto-rico-urges-secession-vote/feed/0Google’s Diversity Stats Are Still Very Dismal
https://briefnews.eu/googles-diversity-stats-are-still-very-dismal/
https://briefnews.eu/googles-diversity-stats-are-still-very-dismal/#respondFri, 15 Jun 2018 05:02:35 +0000http://briefnews.eu/googles-diversity-stats-are-still-very-dismal/The share of Google employees who are women, black, or Latinx barely budged last year, as the company was riven by internal debate over its diversity policies.
]]>https://briefnews.eu/googles-diversity-stats-are-still-very-dismal/feed/0Have yourself a dismal Christmas
https://briefnews.eu/have-yourself-a-dismal-christmas/
https://briefnews.eu/have-yourself-a-dismal-christmas/#respondWed, 20 Dec 2017 05:46:20 +0000http://briefnews.eu/have-yourself-a-dismal-christmas/
ONLY an economist would think to ask whether Christmas is efficient. In 1993 Joel Waldfogel, then a professor at Yale University, turned a lunchtime conversation with colleagues into a paper entitled “The deadweight loss of Christmas”, which argued that, no, it is not. That gift-giving might actually be bad is the kind of opinion which breeds a deep mistrust of economists—loathing is perhaps too strong—among those not schooled in the dismal science. It is also just the sort of analytical insight on which economists pride themselves: counterintuitive, irreverent and interesting. But they should perhaps be less pleased with themselves. The way they think about the most festive time of the year reveals something important about the shortcomings of the field’s approach to human behaviour.
Mr Waldfogel’s notion was a clever one. Massive amounts of money are spent on holiday presents; it makes sense to ask whether such spending leaves the world better off. In buying gifts, people do their best to…
]]>https://briefnews.eu/have-yourself-a-dismal-christmas/feed/0Wall Street has had a dismal year — and the latest business-by-business report card confirms it
https://briefnews.eu/wall-street-has-had-a-dismal-year-and-the-latest-business-by-business-report-card-confirms-it-2/
https://briefnews.eu/wall-street-has-had-a-dismal-year-and-the-latest-business-by-business-report-card-confirms-it-2/#respondTue, 28 Nov 2017 04:34:51 +0000http://briefnews.eu/wall-street-has-had-a-dismal-year-and-the-latest-business-by-business-report-card-confirms-it-2/Reuters / John Gress
A dismal year on Wall Street has been further confirmed by the latest business-by-business report card.
Investment banking revenues at the top-12 banks fell to $ 118.1 billion during the first three quarters of 2017, according to data from industry consultant Coalition.
Third-quarter revenues dropped 11% from 2016 to $ 36 billion, according to the latest data from Coalition. That follows a trying second-quarter in which revenues fell 5% from the previous year to $ 39.5 billion.
The culprit for the down year hasn’t changed in recent months: Trading teams have been hammered, especially on the Fixed Income, Currency, and Commodities (FICC) side of the business.
Through three quarters, FICC trading is down $ 4.1 billion, or 7%, to $ 54.9 billion.
The Coalition data includes revenues for: Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Societe Generale, and UBS.
Here’s the full breakdown:
Despite a hot start, Wall Street revenues fell 1% to $ 118.1 billion through the first nine months of the year. An 11% decline in the third quarter — including 21% and 3% fall-offs in FICC and equities trading, respectively — erased a 4% gain on the investment banking side.
Coalition
FICC trading has been the most dire part of the business in 2017, falling $ 4.1 billion, or 7%, to $ 54.9 billion through three quarters. Most of that decline can be attributed to G10 rates and G10 FX, thanks in part to low volatility, especially compared to 2016. Commodities continued to get clobbered, falling 35% from last year and 50% from 2015.
Coalition
Equities also declined, although much more modestly at 3%, a $ 1 billion retreat. Depressed demand from clients and slower trading contributed to struggles in cash equities and prime services, which fell 7% and 2%, respectively.
]]>https://briefnews.eu/wall-street-has-had-a-dismal-year-and-the-latest-business-by-business-report-card-confirms-it-2/feed/0Wall Street has had a dismal year — and the latest business-by-business report card confirms it
https://briefnews.eu/wall-street-has-had-a-dismal-year-and-the-latest-business-by-business-report-card-confirms-it/
https://briefnews.eu/wall-street-has-had-a-dismal-year-and-the-latest-business-by-business-report-card-confirms-it/#respondTue, 21 Nov 2017 00:30:09 +0000http://briefnews.eu/wall-street-has-had-a-dismal-year-and-the-latest-business-by-business-report-card-confirms-it/Reuters / John Gress
A dismal year on Wall Street has been further confirmed by the latest business-by-business report card.
Investment banking revenues at the top-12 banks fell to $ 118.1 billion during the first three quarters of 2017, according to data from industry consultant Coalition.
Third-quarter revenues dropped 11% from 2016 to $ 36 billion, according to the latest data from Coalition. That follows a trying second-quarter in which revenues fell 5% from the previous year to $ 39.5 billion.
The culprit for the down year hasn’t changed in recent months: Trading teams have been hammered, especially on the Fixed Income, Currency, and Commodities (FICC) side of the business.
Through three quarters, FICC trading is down $ 4.1 billion, or 7%, to $ 54.9 billion.
The Coalition data includes revenues for: Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Societe Generale, and UBS.
Here’s the full breakdown:
Despite a hot start, Wall Street revenues fell 1% to $ 118.1 billion through the first nine months of the year. An 11% decline in the third quarter — including 21% and 3% fall-offs in FICC and equities trading, respectively — erased a 4% gain on the investment banking side.
Coalition
FICC trading has been the most dire part of the business in 2017, falling $ 4.1 billion, or 7%, to $ 54.9 billion through three quarters. Most of that decline can be attributed to G10 rates and G10 FX, thanks in part to low volatility, especially compared to 2016. Commodities continued to get clobbered, falling 35% from last year and 50% from 2015.
Coalition
Equities also declined, although much more modestly at 3%, a $ 1 billion retreat. Depressed demand from clients and slower trading contributed to struggles in cash equities and prime services, which fell 7% and 2%, respectively.
]]>https://briefnews.eu/wall-street-has-had-a-dismal-year-and-the-latest-business-by-business-report-card-confirms-it/feed/0The Dismal Future of Trump’s Least Favorite Agency
https://briefnews.eu/the-dismal-future-of-trumps-least-favorite-agency/
https://briefnews.eu/the-dismal-future-of-trumps-least-favorite-agency/#respondFri, 17 Nov 2017 17:55:08 +0000http://briefnews.eu/the-dismal-future-of-trumps-least-favorite-agency/The strangest thing about the man who’s expected to be named the next leader of the Consumer Financial Protection Bureau is that he has long opposed the agency’s work. This is the agency established in the wake of the 2008 market crash, whose regulatory reach touches countless financial products that Americans use every day—student loans, payday loans, credit cards, mortgages, and so on.
Earlier this week, the bureau’s current leader, Richard Cordray, announced he will step down by the end of November, likely to pursue the governor’s office in Ohio. As early as Friday, according to some reports, President Trump could announce his temporary replacement. The frontrunner for the job is said to be Mick Mulvaney, the current head of the Office of Management and Budget (OMB)—a man who once called the CFPB “a sick, sad joke.”
If appointed, Mulvaney will have the power to set the agenda for the Bureau’s work, but he likely won’t direct day-to-day operations. Because he currently holds a Senate-confirmed position, he’s eligible to serve as the acting head of the Bureau under the Vacancies Act. He can also simultaneously maintain his current position at the OMB, where he has proven himself a consummate supporter of Trump’s policies, particularly those that seek to roll back regulations. Additionally, Mulvaney has supported federal hiring freezes and workforce reduction via attrition in the name of savings. Although Mulvaney couldn’t unilaterally shutter the CFBP, or its operations, overnight, he could certainly make the agency weaker, and direct its efforts away from the sorts of aggressive actions that have been its hallmark.
The brainchild of Senator Elizabeth Warren, the Bureau was founded in 2010 as a provision of the Dodd-Frank Act, as a financial watchdog acting in the interest of American consumers. Since its founding, the agency has created new mechanisms for citizens to bring complaints and concerns about financial institutions and products, provided educational resources, and weighed in with rules and regulations regarding payday loans, prepaid cards, and fiduciary responsibility, among other issues. These are areas for which consumers voices weren’t represented in any regulatory agency prior to the financial crisis.
The CFPB holds a uniquely independent role in government—which has long been a sticking point for conservatives. In order to keep the agency independent, the Bureau’s budget isn’t subject to congressional appropriation, but is instead provided through the Federal Reserve. And the Bureau’s leadership is directly appointed by the president. Nick Bourke, the director of consumer finance at the Pew Charitable Trust says that since its inception the CFPB has played an important role in protecting consumers, which includes “taking decisive actions to prevent bad practices from harming people.” According to Bourke, the entire industry would be best served if the next director provided continuity when it comes to the overall mission of the agency.
But the choice of Mulvaney would send a clear message otherwise, signaling that Trump intends to make good on his promise to disempower and potentially dismantle the agency. “It will be a great tragedy for American consumers if Mulvaney is appointed to head the CFPB,” said Paul Bland, the executive director of the advocacy group Public Justice, in an email. “He has voiced contempt for the agency, its important work and accomplishment. He has displayed hostility to the basic mission of consumer protection.” Mulvaney might well agree with that assessment. The OMB director once described himself as “a right-wing nutjob.”
While Bland sees this as a clear conflict, it’s Mulvaney’s outright hostility to the Bureau that might make him an ideal candidate in the eyes of Trump and congressional Republicans—all vocal critics of the Bureau’s creation, structure, regulations, and leadership since its creation.
Though just about everything about the Bureau irks conservatives, that doesn’t mean that all CFPB detractors will automatically see the appointment of Mulvaney as a good thing. “The agency will completely change course,” says Peter Wallison, a financial policy fellow at the American Enterprise Institute, a conservative think tank. “This is the right thing for the Trump administration to do once their nominee takes control of the agency, but it is bad government.” Wallison says that a sudden change in regulatory approach could hurt the many companies that fall under the CFPB’s jurisdiction.
]]>https://briefnews.eu/the-dismal-future-of-trumps-least-favorite-agency/feed/0A hedge fund connected to a legendary New York real estate family is returning money to investors amid dismal performance
https://briefnews.eu/a-hedge-fund-connected-to-a-legendary-new-york-real-estate-family-is-returning-money-to-investors-amid-dismal-performance/
https://briefnews.eu/a-hedge-fund-connected-to-a-legendary-new-york-real-estate-family-is-returning-money-to-investors-amid-dismal-performance/#respondSat, 07 Oct 2017 11:10:03 +0000http://briefnews.eu/a-hedge-fund-connected-to-a-legendary-new-york-real-estate-family-is-returning-money-to-investors-amid-dismal-performance/Shutterstock
A hedge fund run by the scion of New York real estate dynasty is returning money to outside investors amid poor performance, according to documents seen by Business Insider.
The fund is O-Cap Management, a small New York-based hedge fund managed by Michael Olshan.
Olshan is the son of Morton Olshan, the chairman and founder of commercial real estate giant Olshan Properties, and is a former managing director at hedge fund Jana Partners.
Launched during the Great Recession, O-Cap’s primary fund lost 17.7% after fees from September 2009 through the end of June this year. The S&P 500 was up 161% over the same period.
O-Cap lost 4.3% in the second quarter this year and was down 8.03% year-to-date in 2017.
Michael Olshan did not respond to calls and emails, and the fund’s chief financial officer, Lloyd Jagai, hung up on a Business Insider reporter when reached by phone.
In a September letter to clients, O-Cap blamed its losses on poor market conditions, pointing to the rise of passive investment vehicles like ETFs, the disproportionate share of FAANG tech stocks in the S&P 500’s gains, and an overall lack of public sector opportunities. The company was heavily exposed to energy, a bet that took a hit amid oil and gas industry turmoil, losing 8.45% in the first half of this year.
“We do not feel today’s market is rife with attractive buying opportunities in the core sectors in which we focus,” Michael Olshan wrote in the client letter. “In our opinion, market participants are taking on an increasing amount of risk for lower return expectations, and are doing so late in a cycle that has been characterized by strong reflation in asset prices and public equities.”
“Today’s public equity markets can be defined by too much capital chasing a meager set of bargains,” Olshan added. “The result is increased risk taking for lower and lower return expectations.”
The fund continues to manage money for Olshan and his family, and said it sees more opportunities in private company investments.
O-Cap Management is a small fund. Documents filed with the Securities and Exchange Commission say the firm held $ 14.1 million in gross assets in its primary fund at the end of March, 56% of which belonged to management. Management owned 5% of the smaller fund, which had $ 5.8 million in assets.
Olshan comes from a prestigious and successful New York business family, and O-Cap at one point had its sights set on raising as much as $ 1 billion, according to trade publication HFMWeek.
Morton Olshan began buying real estate properties in the 1950s and amassed an enormous portfolio of properties in Manhattan and beyond. Today, Olshan Properties owns and manages “14,000 units of multifamily, 10 million square feet of retail, 3 million square feet of office and 1,447 hotel rooms located across 11 states,” according to the company’s website.
Morton Olshan became a minority owner of the New York Yankees in 2000 and remains a member of the club’s board of directors. He also serves as a member of The President’s Council of the New York Public Library.
Andrea Olshan, Morton’s daughter and Michael’s older sister, runs the family real estate business today.
]]>https://briefnews.eu/a-hedge-fund-connected-to-a-legendary-new-york-real-estate-family-is-returning-money-to-investors-amid-dismal-performance/feed/0A hedge fund connected to a legendary New York real estate family is shutting its doors to outside money amid dismal performance
https://briefnews.eu/a-hedge-fund-connected-to-a-legendary-new-york-real-estate-family-is-shutting-its-doors-to-outside-money-amid-dismal-performance/
https://briefnews.eu/a-hedge-fund-connected-to-a-legendary-new-york-real-estate-family-is-shutting-its-doors-to-outside-money-amid-dismal-performance/#respondFri, 06 Oct 2017 16:16:00 +0000http://briefnews.eu/a-hedge-fund-connected-to-a-legendary-new-york-real-estate-family-is-shutting-its-doors-to-outside-money-amid-dismal-performance/Shutterstock
A hedge fund run by the scion of New York real estate dynasty is returning money to outside investors amid poor performance, according to documents seen by Business Insider.
The fund is O-Cap Management, a small New York-based hedge fund managed by Michael Olshan.
Olshan is the son of Morton Olshan, the chairman and founder of commercial real estate giant Olshan Properties, and a former managing director at hedge fund Jana Partners.
Launched during the Great Recession, O-Cap’s primary fund lost 17.7% after fees from September 2009 through the end of June this year. The S&P 500 was up 161% over the same period.
O-Cap lost 4.3% in the second quarter this year and was down 8.03% year-to-date in 2017.
Michael Olshan did not respond to calls and emails, and the fund’s chief financial officer, Lloyd Jagai, hung up on a Business Insider reporter when reached by phone.
In a September letter to clients, O-Cap blamed its losses on poor market conditions, pointing to the rise of passive investment vehicles like ETFs, the disproportionate share of FAANG tech stocks in the S&P 500’s gains, and an overall lack of public sector opportunities. The company was heavily exposed to energy, a bet that took a hit amid oil and gas industry turmoil, losing 8.45% in the first half of this year.
“We do not feel today’s market is rife with attractive buying opportunities in the core sectors in which we focus,” Michael Olshan wrote in the client letter. “In our opinion, market participants are taking on an increasing amount of risk for lower return expectations, and are doing so late in a cycle that has been characterized by strong reflation in asset prices and public equities.”
“Today’s public equity markets can be defined by too much capital chasing a meager set of bargains,” Olshan added. “The result is increased risk taking for lower and lower return expectations.”
The fund continues to manage money for Olshan and his family, and said it sees more opportunities in private company investments.
O-Cap Management is a small fund. Documents filed with the Securities and Exchange Commission say the firm held $ 14.1 million in gross assets in its primary fund at the end of March, 56% of which belonged to management. Management owned 5% of the smaller fund, which had $ 5.8 million in assets.
Olshan comes from a prestigious and successful New York business family, and O-Cap at one point had its sights set on raising as much as $ 1 billion, according to trade publication HFMWeek.
Morton Olshan began buying real estate properties in the 1950s and amassed an enormous portfolio of properties in Manhattan and beyond.
His first purchase was a 56-unit apartment building at 60 W. 76th St., according to a story in the Wall Street Journal from 2014. He paid $ 100,000, and as of a few years ago the property was worth at least $ 10 million.
Today, Olshan Properties owns and manages “14,000 units of multifamily, 10 million square feet of retail, 3 million square feet of office and 1,447 hotel rooms located across 11 states,” according to the company’s website.
Morton Olshan became a minority owner of the New York Yankees in 2000 and remains a member of the club’s board of directors. He also serves as a member of The President’s Council of the New York Public Library.
Andrea Olshan, Morton’s daughter and Michael’s older sister, runs the family real estate business today.