Jul 13, 2020
Adam Fisher is the CIO of Commonwealth Asset Management, which
he founded as Commonwealth Opportunity Capital in 2008 and
re-launched in 2019 after a two-year interlude Soros Fund
Management. Commonwealth manages both a global macro hedge fund and
private real estate assets with a thematic bent. In getting there,
Adam traded his bar mitzvah money, attended law school, and started
real estate investment companies in the U.S. and Asia.
Our conversation covers Adam’s self-taught trading, early stumbles
in private equity, and a one-off encounter with Richard Rainwater
that led to his creating his first business. From there, we touch
on thematic real estate investing, hedging his investments leading
into the financial crisis, and pivoting back to trading alongside
real estate investing thereafter. We discuss the challenges of
traditional global macro businesses, the benefits of investing in
one-off big ideas, the synergies across real estate and macro
investing, interest rates, and Adam’s outlook on the markets and
industry.
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