Hedge Fund Career & Investment Philosophy

For over two decades, I've managed hedge fund capital focused on gaming, hospitality, and technology. My approach—collaborative activism rather than hostile confrontation—has driven turnarounds at Las Vegas Sands, Bwin.party, Playtech, and other companies.

From Analyst to Hedge Fund Manager

My investment career began in 1991 when Ron Baron gave me my first Wall Street job. After positions at Baron Capital and Smith Barney, I joined Bear Stearns in 1995, where I built a franchise covering gaming, lodging, and leisure.

Institutional Investor recognized our team as the #1 ranked gaming and lodging analysts for 10 consecutive years. But analysis alone wasn't enough—I wanted to be a principal, not just an advisor.

In 2003, with backing from Bear Stearns, I launched Hayground Cove Capital. This marked my transition from Wall Street analyst to hedge fund manager.

SpringOwl Asset Management

I founded SpringOwl Asset Management to focus on what I know best: finding undervalued companies in gaming, hospitality, and related sectors, then working collaboratively with management to unlock value.

SpringOwl is an SEC-registered investment management firm based in New York. We practice what I call collaborative activism—engaging constructively with boards and management teams rather than pursuing hostile tactics.

Investment Philosophy

After three decades in the investment business, I've developed some unconventional views:

  • The crowd is usually wrong. The best investments are often the ones everyone else has given up on.
  • Activism doesn't require aggression. The best outcomes come from partnership, not confrontation.
  • Industry expertise beats financial engineering. Deep understanding of how businesses actually work is more valuable than spreadsheet models.
  • Patience is underrated. Real value creation takes years, not quarters.

I wrote about these principles in my book Deviate to Win: Insights From A Turnaround Investor.

Notable Turnarounds

Las Vegas Sands Corporation

I served on the Board of Directors from 2009 to 2016. During the financial crisis, many investors had written off LVS. We saw a company with exceptional assets and management. By 2016, Las Vegas Sands had become the world's largest hospitality company.

Bwin.party Digital Entertainment

SpringOwl acquired a significant stake and engaged constructively with the board to address strategic challenges. This culminated in the $1.6 billion acquisition by GVC Holdings (now Entain) in 2015—one of the most successful activist outcomes in European gaming.

Playtech

We identified Playtech as a fundamentally strong B2B technology company held back by governance issues and market misconceptions. Our engagement helped improve corporate governance and positioned the company as an acquisition target.

Other Investments

Our approach has also been applied to IGT, The Stars Group, Papa John's, First Bank of Nevada, Adelie Foods Group, and others.

Awards & Recognition

  • #1 Ranked Gaming & Lodging Analyst, Institutional Investor (10 consecutive years)
  • Crain's New York Business "40 Under 40" (1999)
  • Wall Street Transcript Awards

Learn More

For a deeper look at my investment philosophy, read Deviate to Win or listen to my conversation on the Absolute Return Podcast.