Exis Capital’s Adam Sender Has A Message For Prem Watsa

Adam Sender, founder of Exis Capital Management, cut his teeth at Steve Cohen‘s SAC Capital after graduating from the University of Michigan with a degree in history. Now, according to Bloomberg, the well-rounded investor is showing off his ability to spot value – via art collecting.

Adam Sender on Art as an Investment

Adam Sender says that art as an investment has done very well since 2008. Right now, Sender has more than 1,000 works that collectively are worth roughly $100 million. A selection of the works will be displayed from Nov 29 – Dec 4 at Sender’s empty home in Miami. The exhibit is called “Home Alone” and coincides with the Art Basel Miami Beach, the largest contemporary art fair in the US. Of his collection, which is as well-rounded as he is, Sender says that he simply set out to buy the “very best work.” Several of his pieces have appreciated by 39% since 2008.

Adam Sender on the $8 Billion Fairfax Suit

Adam Sender founded Exis Capital Management in 1998. Sender says his fund has performed very well since 2006. There have been no down years. In 2008, Sender enjoyed a 15% gain. Even this year, as turbulent as the markets have been, Sender has been able to generate a return of 6.1% for September, bringing his YTD return to roughly 18%. Sender will not reveal how much he manages. He only says, “Most of the assets in the fund are friends and family and my own money,” he said. “We haven’t been able to raise any significant capital since Fairfax of Canada sued us in 2006.” Sender’s fund, along with several other hedge funds including those owned by Steve Cohen, James Chanos and Dan Loeb, were sued by Fairfax Holdings Ltd (FFH) for $8 Billion on the premise that they caused its share prices to fall by betting against the company. Of the suit, Sender calls it “completely frivolous, and a complete fantasy.” He continues but noting that “the damage this suit has caused is immense.”  Steve Cohen was dismissed from the suit last month. Prem Watsa is the CEO of Fairfax.