A hedge fund manager is butting in to improve Detroit.
The New York Times DealB%k blog reports this week about a hedge fund manager who set loose in Detroit’s Brightmoor neighborhood a herd of goats. Twenty of them. Yes, nestled within the blog’s financial news about bond rallies, wireless regulations and global business deals, was the post about Mark Spitznagel’s “experiment.”
Spitznagel, DealB%k reports, is the founder of the $6 billion hedge fund Universa Investments, and he’s brought the herd from his northern Michigan farm into one of Detroit’s most challenged but resilient neighborhoods that is also known for its urban agriculture, including a “Farmway,” and public artwork.
Spitznagel released his goats on Thursday, capturing the attention of the DealB%k blog:
To most of the world, the solution to debt-ridden Detroit is money. But for one hedge fund manager, it’s goats….Mr. Spitznagel says he is contributing directly to the community. “It’s an urban farming experiment,” he said of his plan to leave his goats to roam and munch on overgrown grass. “Goats are an effective way to do landscaping,” he added.
DealB%k reports that Spitznagel plans to hire unemployed adults and some kids, er, “local youth” as herders. He’ll build housing for the goats. At the end of the summer, he plans to ” sell the goats to Detroit butchers and give the proceeds back to the community.”