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Mutual Funds
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A hedge fund based on slots?
Cuban's new investment tool will literally gamble investors' money.
December 1, 2004: 9:15 AM EST

NEW YORK (CNN) - Billionaire Mark Cuban, who owns the Dallas Mavericks basketball team, has announced that he is starting a hedge fund that will literally gamble investors' money.

In a letter dated Nov 27 on his Web blog, Blog Maverick, Cuban says he will hire the best and the brightest minds to bet investors' money, but not on stocks and bonds.

Cuban says gambling on slot machines, black-jack or poker can earn better returns than betting on stocks. Cuban has yet to formally name the fund or file paperwork to establish it with regulators.

Cuban made his fortune by co-founding Broadcast.com, one of the first well-known Web sites to put live broadcast feeds on the Internet.

Cuban sold the company to Yahoo! for $5.7 billion in 1999. He bought the Dallas Mavericks for $280 million in 2000.  Top of page


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