Jul 8, 2009
Canadian firm Salida wins Lunch with Warren Buffett
The identity of the Glide Foundation’s lunch auction with Warren Buffett is revealed! It’s of Canada.
“It is something we have been thinking about doing for a while,” said Courtenay Wolfe, Salida’s chief executive, in an interview. “Warren’s success has transcended decades and all types of market conditions, and his wisdom and experience is of great value to us, at such a sensitive time in history.”
…Wolfe said Salida began investing in 2000 and now oversees about C$300 million (US$256 million) of assets, focusing on “alternative investments” and macroeconomic themes, and employing leverage and short-selling strategies.
According to its website, the Salida Multi Strategy Fund has returned an average 22.3 percent since its 2004 inception. The fund is volatile: it fell 66.5 percent last year, but returned 83.4 percent from January to June, the website shows.
Unlike Buffett, the Salida Fund seems to take a bit of a different approach to investing. For one, it pretty much utilizes all strategies that are available.
The fund’s chief investors seem to be and . Both of which have experience running the merger arbitrage and long/short equity operations at Banfield Capital. Danny Guy’s bio also mentions that he looks at global macro trends when investing.
An calls Guy one of the “Top 30″ traders in Canada:
DANIEL GUY
Chief investment officer and director, Salida Capital Corp.
Claim to fame One of the hottest hedge funds in Canada. Heavily invested in resources. Gained some notoriety in 2004 when the fund forced Penn West Petroleum Ltd. to convert to an income trust and more recently, pressuring Western Oil Sands to put itself on the block. Style is long and short, with a bias toward long.
Assets under management US$1.1-billion. Bio Founded Salida Capital in 2001 after seven years with Richardson Greenshields (now RBC Dominion Securities Inc.). Was a member of the merger arbitrage group at First Marathon (now National Bank Financial).
After hours Publicity shy. Corporate donations to Make-A-Wish Foundation, Princess Margaret Hospital Foundation, Bloorview Kids Rehab Foundation.
It looks like they also release global macro reports on a regular basis (), and you can find an about some of their activities in November.
All in all, they seem like an interesting firm. Their fund’s strategy isn’t my cup of tea, it seems like they rely much more on global macro trend spotting than I do — but their views may be insightful.
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