Schreiber — a relative unknown even in hedge-fund circles — sounded the alarm in May when he warned a gathering of bigwig moneymen that the price of oil would plunge.
“If you are long, I’m sorry for you,” he told the audience, according to Bloomberg, then underscored his point by flashing a slide of a clown-stuffed car on the screen.
Since then, the 42-year-old Schreiber has watched his star soar while the price of crude oil has taken a dive.
Oil has fallen by more than 50 percent amid a global glut, making Schreiber’s PointState Capital one of the biggest hedge-fund winners. The fund generated a return of 27 percent for 2014 after fees, Bloomberg reported.
The US has ramped up oil production, fueling competition with crude-rich countries in the Middle East. To protect their market share, the OPEC nations have resisted slashing production despite the plunge in prices.
Schreiber worked at Stan Druckenmiller’s Duquesne Capital Management until 2010. He started PointState, along with several Duquesne alums, in January 2011. The firm started last year with $5.8 billion in assets.