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Griffin started at Harvard College in the fall of 1986. That year, one of his first investments was to buy put options on Home Shopping Network, making a $5,000 profit. He also invested in convertible arbitrage opportunities in convertible bonds.
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#Chicago gay chat rooms installĭespite a ban on running businesses from campus, Griffin convinced school administrators to allow him to install a satellite dish on the roof of the Cabot House dormitory to receive stock quotes. O’Connor, the manager of convertible bonds at Merrill Lynch in Boston, to open a brokerage account for him with $100,000 that Griffin had gotten from his grandmother, his dentist, and others. His first fund launched in 1987 with $265,000, days after his 19th birthday.
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The fund launched in time to profit from short positions on Black Monday (1987). Griffin graduated in 1989 with a degree in economics. CareerĪfter graduating in 1989, Griffin moved to Chicago to work with Frank Meyer, founder of Glenwood Capital Investments. Meyer allotted $1 million of Glenwood capital for Griffin to trade and Griffin made 70% in a year. Ī year later, in 1990, Griffin founded Citadel LLC, with assets under management of $4.6 million, aided by contributions from Meyer. In the early 2000s, Griffin founded market maker Citadel Securities. In 2003, aged 34, Griffin was the youngest self-made individual on the Forbes 400 with an estimated net worth of $650 million. įrom the time of his marriage in 2003 until late 2009, Griffin was the lead investor in Aragon Global Management, a hedge fund run by his then-wife Anne Dias-Griffin. The fund was also seeded with money from Julian Robertson. Ken lost 20% of his investment in the fund. In 2006, Citadel acquired the positions of Amaranth Advisors at a steep discount. ĭuring the financial crisis of 2007-2008, for 10 months, Griffin barred his investors from withdrawing money, attracting criticism. At the peak of the crisis, the firm was losing "hundreds of millions of dollars each week". It was leveraged 7:1 and the biggest funds at Citadel finished 2008 down 55%. However, they rebounded with a 62% return in 2009.