Cornwall Capital
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| Private company | |
| Industry | Investment |
| Founded | 2003 |
| Founder | James Mai |
| Headquarters | New York, New York, United States |
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Area served
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Global |
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Key people
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Ben Hockett, Partner JC de Swaan, Partner Ian Haft, Partner |
| Website | cornwallcapital |
Cornwall Capital is a New York City based private financial investment corporation. It was founded in 2002 by James Mai, President and Chief Investment Officer, under the guidance of his father, Vincent Mai, who ran the private equity firm AEA Investors, one of the oldest leveraged buyout firms in the United States. It was profiled in the book The Big Short by Michael Lewis as one of a handful of investors in the world that correctly foresaw and profited from the subprime mortgage crisis of 2007. In addition, James Mai’s investment strategy was portrayed by Jack D. Schwager in the book Hedge Fund Market Wizards (2012), an inside analysis of the world's greatest hedge fund experts and the strategies that they implement. The characters Charlie Geller, Jamie Shipley and Ben Rickert in the film adaptation of The Big Short by John Magaro, Finn Wittrock and Brad Pitt has meant that they are more widely known for their investments running up to the financial crash in 2007-8.
The firm started as a family office to diversify the capital of James Mai’s father. Soon after Cornwall's inception, Charlie Ledley, a former private equity colleague, joined the firm. In 2005, Ben Hockett joined as head trader, bringing extensive knowledge of capital markets, derivatives, and fixed income trading. Charlie Ledley left Cornwall in 2009 to join a large Boston-based hedge fund. Ben Hockett has remained at the firm as the head trader and chief risk officer. Other senior members include partners JC de Swaan and Ian Haft.
Cornwall seeks highly asymmetric investments, in which the upside potential significantly exceeds the downside risk, across a broad spectrum of strategies ranging from trades that seek to benefit from market inefficiencies to thematic fundamental trades. The firm has produced an average annual compounded net return of 40 percent (52 percent gross).
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