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Squawk Pod

Boaz Weinstein: Hedge Funder, Risk-Taker, BlackRock Challenger 05/14/24

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2543 Ratings

🗓️ 14 May 2024

⏱️ 36 minutes

🧾️ Download transcript

Summary

In a rare extended interview, Saba Capital Management founder and CIO Boaz Weinstein explains his campaign against the world’s largest asset manager, BlackRock. Weinstein, a renowned risk-taking trader on Wall Street, takes on BlackRock’s closed end funds over a decade after he famously “harpooned” the London Whale in 2011. Plus, meme stocks like GameStop are still surging, thanks to “Roaring Kitty,” the Biden administration is ramping up China tariffs, and Kraft Heinz is reportedly exploring an Oscar Mayer sale. Boaz Weinstein - 16:10 In this episode: Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0

Bring in show music please.

0:03.0

Hi, I'm the NBC producer Katie Kramer today on Squawk Pod.

0:09.0

Famed Hedge Funder Boas Weinstein,

0:12.0

a rare interview on Wall Street's latest power struggle.

0:15.6

The retail investors are some of the least sophisticated investors in the world.

0:19.0

The president of Blackrock, I sat in his office, Rob Capito's office, seven years ago and he said,

0:24.0

kid, these products are sold not bought.

0:26.0

Why Weinstein and his Saba fund are going after closed end funds, like those managed by

0:31.8

Black Rock to unshackle the $1.4 billion he says is on the line

0:36.4

for shareholders.

0:37.4

Sometimes, unlike ETS, unlike mutual funds, they traded deep discounts to their objective value, and that discount can be corrected

0:46.0

with the press of a button.

0:48.0

Plus, the rest of today's stories that got us squawking.

0:51.0

Food news.

0:52.0

Bacon though, bacon, bacon,

0:53.0

new tariffs on China manufacturing and they're back.

0:57.0

The meme stocks return.

0:59.0

Thanks to what else, memes on social media.

1:02.0

I mean, he didn't notice improving fundamentals. What else? Memes on social media.

1:02.7

I mean, he didn't notice improving fundamentals

1:04.8

at Game Stop, did he?

1:06.1

It's not that he said, oh, look.

...

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