Veteran Trader Boaz Weinstein Sees 200-to-1 Payoff Potential in Hong Kong Dollar Short

Nov 24th, 2022 7:38 EST

(Bloomberg) -- Credit trading veteran Boaz Weinstein said he’s betting against the Hong Kong dollar, joining hedge fund industry peer Bill Ackman in publicizing his short position on the pegged currency.

“Bill’s trade is a smart lottery ticket and I also have it on,” Weinstein, the founder of Saba Capital Management, said in a tweet responding to another by Ackman predicting it is only a matter of time before peg breaks.

The two veteran traders are up against history in their bets that they can hit a jackpot on the potential demise of a dollar peg that has survived repeated speculative attacks since 1983 and wrong footed big-name investors including George Soros.

The duo didn’t disclose the size of their wagers.

©2022 Bloomberg L.P.

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