(Bloomberg) -- When Steven Marks moved to Australia in the early 2000s, he was struck by the quality of Mexican food. It was, in his opinion, dismal. The...
-- When Steven Marks moved to Australia in the early 2000s, he was struck by the quality of Mexican food. It was, in his opinion, dismal. The Long Island native, a veteran of Steven Cohen’s SAC Capital and later Cheyne Capital , was so appalled with the burritos and tacos that he resolved to start his own restaurant.Hedge Fund Talent Schools Are Looking for the Perfect Trader
That didn’t deter Guy Russo, the former chief executive officer of McDonald’s Australia, from investing in 2009. He’s now GYG’s chairman and owns a stake worth more than A$140 million, according to the wealth index. His son, Gaetano Russo Jr, is the franchise owner of three GYG restaurants. GYG’s A$2.2 billion valuation works out to A$10.6 million per restaurant. By comparison, Chipotle Mexican Grill Inc., a staple of the US fast-casual restaurant scene, is valued at more than A$40 million per store, according to data compiled by Bloomberg.Last week, GYG increased the size of the initial share sale by almost 40%, making it Australia’s largest offering in nearly a year, data compiled by Bloomberg show.
On a statutory basis, GYG lost A$2.3 million last year and projects a further A$16.2 million loss for 2024 before a profit in 2025. Marks said he learned to “laser focus and never compromise,” but eventually decided he was sick of betting on other people’s businesses. “I want to have my own,” he said, “and that’s why I moved to Australia.”Documents Show How Musk’s X Plans to Become the Next Venmo -- Russia’s four-week average crude exports rose for a second straight week in the period to June 16, even as Moscow said it would strictly comply with its OPEC+ output target this month.
Bloomberg Mexican Food Cheyne Capital Bloomberg Billionaires Index SAC Capital GYG Australia Australian Securities Exchange
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former Hedge Fund Trader Builds $135 Million Burrito FortuneWhen Steven Marks moved to Australia in the early 2000s, he was struck by the quality of Mexican food. It was, in his opinion, dismal. The Long Island native, a veteran of Steven Cohen’s SAC Capital and later Cheyne Capital, was so appalled with the burritos and tacos that he resolved to start his own restaurant.
Read more »
Hedge Fund Talent Schools Are Looking for the Perfect TraderAmid a brutal hiring war, Steve Cohen’s Point72, Ken Griffin’s Citadel and other giant hedge funds are going in a radical new direction: Training schemes for in-house superstars.
Read more »
Ex-Millennium Trader Megia Debuts Own Hedge Fund With $5 BillionMillennium Management’s former senior trader Diego Megia kicked off his new hedge fund with $5 billion and closed it to new money on the very first day, becoming one of the largest startups in recent years.
Read more »
Inside the Hedge Fund Boot Camps Where Star Traders Are BornOn today’s Big Take podcast: As hedge fund assets swell and talent gets harder to come by, firms are going to new lengths to cultivate top traders.
Read more »
Steve Cohen’s Point72 Readies New Hedge Fund Targeting AI StocksSteve Cohen’s Point72 Asset Management is seeking to raise about $1 billion for a new stock-picking hedge fund focused on artificial intelligence, according to people familiar with the matter.
Read more »
Analysis-Hedge fund's trades with lenders point to return of crisis-era structuresEarlier this year a hedge fund structured two trades worth $642 million, the kinds of which have not been seen since the 2008 crisis. It sold insurance to...
Read more »