And finally… American dream
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Jake Freeman
A 20-year-old student has crystallised a $110 million (c.£93.5m) profit after a one-month bet on the stock of American retail chain Bed Bath & Beyond.
Jake Freeman, currently an applied mathematics and economics university student, raised $27 million (c.£23m) through friends and family for his Wyoming-based investment fund, Freeman Capital Management. He bet all the funds on the failing retailer, Bed Bath & Beyond, taking a 6% position in the company when the share price was trading below $5.50, the FT reports.
In the space of several weeks the value of the holding multiplied to a share price of roughly $27, at which point the Mr Freeman sold his fund’s shares taking in a hefty profit.
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