David Ezra Gerstenhaber of Argonaut Management, LP
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March 18, 2013 Investa article entitled “Hedge Funds Build Treasury Bets to ’07 High in Bear Rebuke – Bloomberg 03-18-13″
September 2012 Insider Monkey post entitled “David Gerstenhaber’s Top Stock Picks”
In May of 2011 it was reported that Argonauts annual average return has been 16% since its inception in 2000, and had gained 16% since the beginning of 2010, outperforming the SPY by 9 percentage points.
In January 2011 David Gerstenhaber spoke at the Bloomberg European Debt Crisis Briefing.
2011 Business Insider article entitled “The Hottest Hedge Fund Wives On Wall Street”
November 2010 Market Folly post entitled “David Gerstenhaber of Argonaut Capital on Risk Management (Interview)”
November 2010 Seeking Alpha article entitled “David Gerstenhaber of Argonaut Capital on Risk Management and Global Macro Investing”
In August of 2010, David Gerstenhaber was interviewed on CNBC. He stated that the US demographics were working against US equities. The demographics of workers had seen their net worth decline by 50%, planning for retirement, and may have substantial costs related to children and education.
August 2009 Alternative Investment News article entitled “Gerstenhaber’s Argonaut Hires Economist” (page 3)
In January of 2009, David Gerstenhaber was profiled in an article in Barron’s. His fund had never had a down year since it started in 2000. His Argonaut Aggressive Global Partnership fund gained 12.3% in 2008, while the S&P 500 fell 37%. He is said to manage risk very well, providing consistent returns year after year.
In February of 2007, Pirate Capital filed suit against a former employee, Miguel Triay. Triay served as one of the company’s directors of sales. He left Pirate and joined Argonaut Capital. Pirate Capital alleged that he stole a list of Pirate clients and violated a non-competition clause by going to work for another hedge fund firm.
In January of 2001, John Trammell left the position of chief operating officer at Argonaut Capital in order to join Investor Select Advisors.
In October of 1997, it was reported that David Gerstenhaber had been hired by Soros Fund Management as one of the managers of the $2.5 billion Quasar International Fund. Yet a report from 1998 stated that Mr. Gerstenhaber lasted only 3 months at Soros Fund Management. One executive at SFM stated that “the chemistry wasn’t right.” Afterwards, Gerstenhaber was reportedly managing $100 million of personal funds from SFM managing directors.
In January of 1997, JetTrain Corporation filed a lawsuit in US District Court for $1.45 million. The lawsuit was filed against investors in the company which allegedly pledged to provide money to help meet financial conditions set by federal regulators before it could be certified to fly. One of the people named in the lawsuit was David Gerstenhaber, who JetTrain alleges owes $1 million.
In 1996, a report from the Baltimore Sun was published titled “AFTER A FALL IN ’94, GERSTENHABER REBUILDING ARGONAUT.” The article profiled Gerstenhaber and Argonaut Capital Management as they tried to recover from a disastrous 1994 that brought the $400 million investment pool down to less than $50 million. The Argonaut fund was down 28% after the first seven months of 1994 and many clients began pulling money. Yet in 1996 the company rebounded to post 32% and 57% returns in two Argonaut funds.
In August of 1994, Argonaut Management announced that one of two company partners and head trader, M. Barry Bausano, had resigned. David Gerstenhaber stated that Argonaut would continue to be in business. Two of Argonauts funds had fallen more than 25% in 1994, causing many investors to withdraw money. The company had seen assets go from $395 million to $200 million.
In 1993, David Gerstenhaber left his job at Tiger Management in order to start his own hedge fund, Argonaut Capital management. Within six months his British Virgin Islands-based fund had attracted $166 million, according to the US Offshore Funds Directory.
In 1991, David Gerstenhaber left his position at Morgan Stanley and joined Tiger Management. Tiger Management founder, Julian Robertson, first met Mr. Gerstenhaber in 1987 and called him for advice regarding Japanese markets before recruiting him in 1991. The relationship between Robertson and Gerstenhaber was considered lucrative, yet stormy. The two were both described as strong, controlling personalities. The two made 34% before fees in 1992 and 80% before fees in 1993.
David Gerstenhaber is married and has four children.
David Gerstenhaber and his wife, Kelly Posner Gerstenhaber, are both listed as Directors of the Hereditary Disease Foundation.
David Gerstenhaber was described in a 1996 article as being “bright and arrogant.”
David Gerstenhaber graduated from Yale University in four years with a bachelor’s and master’s degree in Economics. He won a Fulbright scholarship to Cambridge before joining Jardine Fleming Securities in Japan and later Morgan Stanley & Co. as an economist.