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just before Bill Amman turned 28 he was able to participate the Takeover of Rockefeller properties worth $1 billion at the time how did he do it with a strong belief that you can learn investing on your own bill Amman decided to start his own hedge fund right out of the graduate school but little did he know no one would want to invest with him after being rejected dozens of times he reached out to his professor in college Marty parrots parrot owned a publishing company and was reluctant to invest at first being a great salesman Amman finally convinced him to put up $250,000 to his new hedge fund Gotham Partners parro's investment gave Amman an improval of confidence he then used that to convince several more investors to invest with him he and his Partners eventually raised a total of $3 million even with a 3 million Amman would never thought that just in 5 years his hedge fund will grow to be $500 million it all started with one big opportunity in the mid1 1980s the Rockefeller family wanted to take out $1 billion plus mortgage loan on the property but there wasn't a bank big enough to lend it to them instead they set up a public company structure as a real estate investment trust called Rockefeller Center properties David Rockefeller was a chairman of the board and investors bought the stocks largely because it paid big dividend and they liked the idea of partnering with the Rockefellers but as the real estate market was falling apart in the early 1990s 1994 the real estate market fell leaving Trump unable to make payments on the land and in 1990 the whole country it just went very very bad the company was forced to cut the dividend the stock price collapsed and the Reit was under a lot of financial stress due to its high debt Bill Amman saw opportunity he figured out that since the riat is trading at a very low price it is possible to acquire controlling positions of Rockefeller Center Properties by purchasing the stocks and the market he believed that there's a huge long-term value of the real estate that everyone overlooked at that time Rockefeller centers had 6 million s ft of office space some of the most valuable yet undermanaged retail space in the world and 2 million square ft of air rites his plan sounds exciting and potentially can tfold his investment but there's one problem he didn't have enough Capital to take over the company Amman ran around town trying to find someone who would Duke this deal with him but no one seemed interested or even understood his idea not until he called Jill Steinberg Jill Steinberg was the president of lokia National Corporation a public trade investment company he met with Amman and immediately decided to partake in this deal they together bought a good chunk of Rockefeller sooner then they started to Rally The Rockefellers and other owners to recapitalize the company their proposal included selling acman and Steinberg additional sheares of equities with special rights attached worth around $ 15 million this will allow both of them to own the Rockefeller Center but the board turned turned down amman's proposal and chose a different deal with Goldman Sachs even though Amman failed to acquire Rockefeller centers he made a significant return for the trade but more important than monitory returns Bill Amman had made a great name for himself after the Rockefeller Center deal had closed Atman walked away with some powerful players on his side by 1998 thought years after starting Gotham Partners had grown from $3 million under management to over $500 million moral of the story moral of the story don't just panic in the selling just try to find out great opportunities good companies good businesses where there is potential thank you
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