Louis Moore Bacon
July 25, 1956
|Residence||New York City, New York, US Oyster Bay Cove, New York, US|
|Alma mater||Middlebury College|
|Known for||Founding and leading Moore Capital Management|
|Net worth||US$1.4 billion (October 2017)|
Early life and educationEdit
Bacon was born in Raleigh, North Carolina on July 25, 1956. His father, Zachary Bacon Jr., founded real estate company Bacon & Co. and later led Prudential Financial’s and Merrill Lynch’s real estate efforts in North Carolina.
Bacon graduated from Episcopal High School in Alexandria, Virginia. He attended Middlebury College in Vermont where he received his BA in American literature, graduating in 1979. Bacon met Walter Frank while he was working on a fishing boat on Long Island. He was given a job clerking at the specialist firm Walter N. Frank & Co during the summers of his college years. He subsequently received his MBA degree in finance at Columbia Business School in 1981.
While at Columbia, Bacon traded commodities using a low interest loan he had received. During the first three semesters, he lost money and was forced to borrow money from his father to pay for necessities. He turned a profit during his fourth semester.
After receiving his MBA, Bacon joined the sales and trading program at Bankers Trust. Later he left the firm and returned to Walter N. Frank & Co. where he traded currencies. Bacon then got a job on the floor of the New York Cotton Exchange, working as a "runner". Bacon later worked as a broker and trader of financial futures at Shearson Lehman Brothers and eventually became the senior vice president for their futures trading division.
In 1987 Bacon founded Remington Trading Partners and his market insights allowed him to profit during the market crash and subsequent rebound. In 1989, Bacon used his middle name in founding Moore Capital Management LLC and in 1990 created Moore Global Investments using the $25,000 he inherited from his family.
In 2006, Forbes named Bacon as the 746th richest person in the world, and in 2011 he was listed as the 736th richest man. In 2010, the Denver Post reported that his $1.6 billion ranked him as the 238th richest American. In March 2010 Forbes Magazine estimated Bacon's net worth to be $1.5 billion and the 655th richest person in the world.
In early 2019, it was reported that Peter Nygård had filed a complaint with the U.S. Federal Court in Manhattan alleging that Bacon had violated sections of the Racketeer Influenced and Corrupt Organizations Act. Nygård and Bacon had been previously engaged in a protracted legal dispute over two adjacent properties they own in the Bahamas.
In 1986 Bacon married Cynthia Pigott, a former Newsweek magazine staff member whom he later divorced in 2002. They had four children together. In 2007, he married Gabrielle Sacconaghi in Manhattan. In November 2007, Bacon purchased the Trinchera Ranch in Costilla County, Colorado from the Forbes family. The 171,400-acre (694 km2) property sold for $175 million. In 2010, Bacon purchased the Orton Plantation in North Carolina which was built by his ancestor, Roger Moore, son of James Moore, in 1735.
In 2002 Bacon obtained Austrian citizenship due to a special treatment for celebrities who have provided notable achievements for Austria. However this decision is being criticized by certain people because there is no particular achievement known.
In May 2011, the High Court in London granted Bacon a court order to obtain information from the Wikimedia Foundation, The Denver Post, and WordPress as to the identities of internet users alleged to have defamed him. Legal experts suggested compliance with the orders was unlikely, given the US tradition of freedom of speech, and the fact that US courts typically required "actual evidence or sufficient allegations of libel" before granting similar orders.
Political and economic viewsEdit
Bacon contributed £250,000 to Britain's Conservative Party. Bacon also served as a fundraiser for Mitt Romney. In 2015, Bacon donated $1 million to a Super PAC supporting the presidential candidacy of Jeb Bush.
Wealth and philanthropyEdit
In 1992, Bacon created The Moore Charitable Foundation (MCF) to provide financial support to nonprofit organizations that work to preserve and protect wildlife habitat and improve water systems. Bacon has donated more than one million dollars to the environmental non-profit organization Riverkeeper.
In June 2012, United States Secretary of Interior Ken Salazar and United States Fish and Wildlife Service Director Daniel M. Ashe announced Bacon intends to donate a conservation easement totaling approximately 90,000 acres in the Sangre de Cristo Mountains bordering the San Luis Valley in Colorado. This easement will provide the foundation for the proposed new Sangre de Cristo Conservation Area.
Bacon owns the Trinchera Blanca Ranch located in the San Luis Valley. The Trinchera section of the ranch is currently protected by an easement administered by Colorado Open Lands. The new conservation easement Bacon intends to donate is to protect Blanca – thus protecting all 172,000 acres of land.
In addition to his work in Colorado, Bacon has helped preserve and protect environmentally sensitive land in New York, North Carolina, and the Bahamas. His key conservation projects include:
- Robins Island, Long Island, New York: After purchasing the "Jewel of the Peconic" in 1993, Bacon secured the permanent protection of the land through a conservation easement and set about restoring a natural habitat that had been deteriorating for 300 years.
- Cow Neck Farm, Long Island, New York: Bacon’s Cow Neck Preserve, LLC purchased the farm in 1998 and donated a 540-acre conservation easement to the Peconic Land Trust, thus preventing development and ensuring the protection of the area’s habitat.
- Lyford Cay, Bahamas: Bacon is involved with the environmental restoration of Lyford Cay.
Legacy and awardsEdit
In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame along with Alfred Jones, Bruce Kovner, David Swensen, George Soros, Jack Nash, James Simons, Julian Roberston, Kenneth Griffin, Leon Levy, Michael Steinhardt, Paul Tudor Jones, Seth Klarman and Steven A. Cohen.
In 2016, Bacon also received the Theodore Roosevelt Conservation Partnership's Lifetime Conservation Achievement Award for authorizing conservation easements on more than 210,600 acres throughout the United States.
- "The World's Billionaires". Forbes. Retrieved September 21, 2015.
- "Louis Bacon". Forbes. Retrieved February 24, 2017.
-  Louis Bacon: Macro maestro, Stephen Taub, July 1, 2011, Retrieved July 17, 2011.
- "Louis Moore Bacon". Forbes 400. Forbes magazine. March 2006. Retrieved August 10, 2006.
- "Cynthia Pigott married to Louis Bacon". The New York Times. February 16, 1986. Retrieved March 14, 2011.
- Dyan Machan (December 20, 2004). "Macro Moneymaker". Forbes.
- "Louis Bacon". atrader.com. June 6, 2010. Retrieved March 15, 2011.
- "The World's Billionaires - Forbes.com". forbes.com. 2011. Retrieved November 15, 2011.
- Blevins, Jason (November 28, 2010). "Billionaire Louis Bacon battles to protect his ranch from big utilities' solar-power plans". Denver Post. Retrieved December 28, 2011.
- Rohwedder, Cecilie (April 24, 2014). "Louis Bacon Tries to Turn Around Taos Ski Valley". WSJ. Retrieved November 25, 2015.
- Santin, Aldo (February 22, 2019). "Peter Nygard files RICO suit against billionaire Bahamas neighbour". Winnipeg Free Press.
- Konigsberg, Eric (December 6, 2015). "The Billionaire Battle in the Bahamas". Vanity Fair.
- "Meet cash king Louis Bacon: the richest hedge fund manager in London". London Evening Standard. April 23, 2010. Retrieved November 14, 2011.
- "Weddings and celebrations - Gabrielle Sacconaghi, Louis Bacon". New York Times. February 2, 2007. Retrieved November 14, 2011.
- Hooper, Troy (November 28, 2007). "Conservationist buys state's biggest ranch". The Denver Post. Retrieved March 14, 2011.
- "Orton Plantation Sold to Billionaire". WHQR. May 6, 2010. Retrieved March 14, 2011.
- "Grassers Staatsbürger". news.at. December 12, 2017. Retrieved December 27, 2017.
- Halliday, Josh (May 9, 2011). "US billionaire wins high court order over Wikipedia 'defamation'". London: The Guardian. Retrieved May 9, 2011.
- Luisa Kroll (May 10, 2011). "U.S. Law Protects Anonymous Speech, Not Billionaires". Forbes.
- Sears, Neil (August 30, 2010). "The AMERICAN hedge fund billionaire who gave £250,000 to the Conservatives". Daily Mail. London. Retrieved November 28, 2013.
- Somaiya, Ravi (July 6, 2011). "Romney Holds London Fund-Raiser". New York Times. Retrieved November 28, 2013.
- "Million-Dollar Donors in the 2016 Presidential Race". New York Times. August 25, 2015. Retrieved October 14, 2015.
- Peltz, Lois (2001). The New Investment Superstars. pages Intro, 5-6, 8, 9, 146: Wiley. ISBN 0-471-40313-X.
- "Board of Overseers: About: Louis Bacon '81". Columbia Business School. Retrieved July 9, 2012.
- "Helping Protect the Hudson River". Wall Street Journal. April 22, 2011. Retrieved November 15, 2011.
- "Non profit news and comments - "Donor of the Day: Helping Protect the Hudson River." by Melanie Grace West". Wall Street Journal via hausercentre.org. April 22, 2011. Retrieved July 15, 2011.
- "AMERICA'S GREAT OUTDOORS: Salazar, Ashe Announce Historic Conservation Easement in Sangre de Cristo Mountains". U.S. Department of the Interior. June 15, 2012. Retrieved July 9, 2012.
- Finley, Bruce (June 15, 2012). "90,000 Colorado acres offered for national protected area". The Denver Post. Retrieved July 9, 2012.
- Raver, Anne (March 21, 1996). "GARDEN NOTEBOOK;Paradise Returns (With Heliport)". New York Times. Retrieved August 30, 2012.
- "TERN ISLAND". Newsday. Retrieved August 30, 2012.
- "Landmark Land Gift From Funds Trader". Newsday. Retrieved August 30, 2012.
- "Cohen, Simons, 12 Others Enter Hedge Fund Hall". Institutional Investor. Institutional Investor LLC. September 23, 2008. Retrieved June 16, 2019.
- "Louis Bacon Receives Audubon Medal for Conservation, Environmental Work". Moore Charitable Foundation. January 18, 2013.