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The firm was founded in 2003 by Jamie Mai as a family office to diversify the capital of his father, Vincent Mai, who ran the private equity firm AEA Investors, one of the oldest leveraged buyout firms in the United States.
May 18, 2021 · In real life, Charles Ledley and Jamie Mai started Cornwall Capital in a shed in Berkeley, California, and went on to make millions by making small bets against the housing market.
- Trade #1: Altria (MO) Calls
- Trade #2: Capital One Financial (COF) Calls
- Trade #3: South Korean Stocks
In 2003, Altria, a major tobacco company, faced a wall of rating agency downgrades. This was due to negative developments in the multiple class actionlitigations against it. These cases carried the potential for large settlements in the billions of dollars. There was also the risk of setting a favorable precedent for future plaintiffs. This created...
In 2002, Capital One (COF) had significant exposure to the subprime market. This was fine at the time because everyone assumed COF was a rock-solid business. But then news broke that regulators forced COF to raise its reserves and institute more stringent lending processes. This news cast doubt on the company’s previously held reputation as a leade...
South Korean stockswere dirt cheap in 2003-2004. Even though South Korea had done a better job than many of its Asian neighbors in adopting fiscal and market reforms after the 1997 currency crisis, its stock market continued to languish. It didn’t make sense, so Mai dug deeper. Jamie Mai personally visited South Korea, connected with local buy/sell...
Oct 28, 2019 · Charlie Ledley and Jamie Mai are founders of Cornwall Capital, which made its name shorting the housing market. Learn how they turned $110,000 into millions. Skip to content
Apr 9, 2016 · Basically, the gist of the interview is about how Jamie Mai found a pretty special type of arbitrage. His investment of choice is the XLP Exchange Traded Fund (ETF), which is...
Every new business is inherently implausible, but Jamie Mai and Charlie Ledley’s idea bordered on the absurd: a pair of 30-year-old men with an account containing $110,000 and a shed in the back of a friend’s house in Berkeley, California, dub themselves Cornwall Capital Management.
Sep 6, 2019 · In 2003, Charlie Ledley and Jamie Mai, at the tender age of 30 formed Cornwall Capital Management (the firm has produced an average annual compounded net return of 40% – 52% gross), opening a Charles Schwab account with an initial investment of $110,000.
