Porsche: The Hedge Fund That Also Made Cars

In 2008, Porsche was cruising.  The luxury car manufacturer generated $13.5 BN in pre-tax profit, and sold a record 98,652 automobiles — a staggering $136K profit per car sold. Even for a luxury brand, the numbers seemed nearly impossible. Upon closer inspection, $11.5 billion dollars of that profit wasn’t from selling cars — it was from speculating on financial…

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Thirty-Three-Hit Wonder

Joel was wearing a black T-shirt tucked into black jeans, black Vans, and an Indian Motorcycle ball cap. The back of his head, where hair might be, was freshly shorn, and his features, which in dark or obscure moods can appear mottled and knotted, were at rest, projecting benevolent bemusement. To prepare for the flight,…

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