Global InformationKyle Bass information
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Kyle Bass | |
|---|---|
| Born | Miami, Florida |
| Nationality | American |
| Alma mater | Texas Christian University (B.B.A.) |
J. Kyle Bass is an American investor and founder of Conservation Equity Management, a Texas-based private equity firm focused on environmental sustainability. He is also the founder and principal of Hayman Capital Management, L.P., a Dallas-based hedge fund focused on global events.[1]
In 2008, Bass successfully predicted and effectively bet against the U.S. subprime mortgage crisis by purchasing credit default swaps on subprime securities, which, in turn, increased in value when the real estate bubble burst.[2]
As a manager of the Coalition for Affordable Drugs (CFAD), Bass challenged the validity of 28 pharmaceutical corporations' patents via inter partes review, claiming that he wanted to invalidate weak patents imposing costs on consumers, thus making drugs covered by those patents more affordable.[3][4] The drug companies targeted by Bass allege that the sole purpose of the validity challenges was to allow Bass to short the market, thereby profiting from the change in companies' stock prices.[5] However, at least one event study indicates that if Bass had in fact pursued such a strategy, he could not have profited, because his "petitions for inter partes review ... did not consistently produce statistically significant negative returns in the patent holders' share prices."[6] The drug patent challenge campaign fizzled after several legal setbacks.[7]
Bass was the recipient of the 2019 Foreign Policy Association Medal for his responsible internationalism.[8] Bass is a lifetime member of the Council on Foreign Relations and a founding member of the Committee on the Present Danger (China).[9][10]
He is on the advisory board of the China Center at the Hudson Institute, executive advisory board of the George W. Bush Presidential Center, and the investment advisory board member to NewEdge Wealth.[11][12][13]
Bass is also a boardmember of the Texas Department of Public Safety Foundation, the Texas Wildlife Association Foundation (TWAF), and The Quad Fund.[14][15][16]
On June 14, 2020, the Wall Street Journal reported that Bass is facing regulatory scrutiny from SEC investigators for potential market manipulation—an issue that appears to stem from a controversial trade, executed in late-2015, in which Bass' fund built a short position against the stock price of a publicly traded REIT, United Development Funding (UDF), then accused the REIT of being a Ponzi scheme.[17] The REIT executives were convicted and sentenced to a combined 20 years in federal prison.[18]
- ^ "Biography". Milken Institute. 1 May 2016. Archived from the original on 16 May 2019. Retrieved 1 June 2016.
- ^ Carney, John (29 March 2016). "Kyle Bass, The Man Who Shorted The World". The Wall Street Journal.
- ^ Pitts, Peter (10 June 2015). "'Patent Death Squads' vs. Innovation". The Wall Street Journal. Retrieved 24 April 2018.
- ^ Andrew Ward, Kyle Bass Plans Legal Action on Pharma Patents, FIN. TIMES (Jan. 7, 2015, 7:44 PM), http://www.ft.com/intl/cms/s/0/a2a706a0-969c-11e4-922f-00144feabdc0.html#axzz3hUceI91O.
- ^ "Drugmakers Strike Back: Bass Blasted Over Patent Challenges - Bloomberg". 29 July 2015. Retrieved 11 July 2023.
- ^ "Attack of the Shorting Bass: Does the Inter Partes Review Process Enable Petitioners to Earn Abnormal Returns?". Criterion Economics, Inc. Retrieved 11 July 2023.
- ^ "Bass Battled U.S. Drug Patents and Prices But Lost to 'Cabal'". Bloomberg. 10 April 2017.
- ^ "Foreign Policy Association". www.fpa.org. Retrieved 9 May 2022.
- ^ "Council on Foreign Relations". Council on Foreign Relations. Retrieved 9 May 2022.
- ^ "Members". Committee on the Present Danger: China. 8 May 2020. Retrieved 9 May 2022.
- ^ "China Prepares for War: A Timeline | Hudson". www.hudson.org. 15 August 2023. Retrieved 1 September 2023.
- ^ "ALTSTX: Kyle Bass". Markets Group. Retrieved 1 September 2023.
- ^ "Kyle Bass". NewEdge Wealth. Retrieved 1 September 2023.
- ^ "About". Texas Department of Public Safety Foundation. Retrieved 9 May 2022.
- ^ "Board Of Trustees". Texas Wildlife Association Foundation. Retrieved 9 May 2022.
- ^ "Washington insiders launch Quad fund to take on China". Australian Financial Review. 11 October 2022. Retrieved 1 September 2023.
- ^ "Investor's Attack on Texas Real-Estate Lender Boomerangs". Wall Street Journal. 14 June 2020.
- ^ "UDF Executives Sentenced to Combined 20 Years in Prison". 20 May 2022.