Jake Freeman, an applied mathematics and economics major at the University of Southern California, acquired nearly five million shares in Bed Bath & Beyond Inc. in July, according to regulatory filings, after dismal earnings and the ousting of its chief executive sent its stock price plummeting.
“I certainly did not expect such a vicious rally upwards,” Freeman said in an interview on Wednesday. “I thought this was going to be a six-months-plus play…I was really shocked that it went up so fast.”Article content Freeman also said he had interned for years at a New Jersey hedge fund, Volaris Capital. Just before his 17th birthday, Freeman and its founder, Vivek Kapoor, a former Credit Suisse Group AG executive, published a paper titled “Irreducible Risks of Hedging a Bond with a Default Swap.”Article content
Upon disclosing his position in July, Freeman sent an uncompromising message to the retailer’s board. The company, he said, was “facing an existential crisis for its survival.” It needed “to cut its cash-burn rate, drastically improve its capital structure, and raise cash,” he added.
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