# Cornwall Capital

Cornwall Capital is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2003
- **Assets under management:** Undisclosed

## Regulatory record

- **CRD number:** 161451
- **SEC file number:** 801-73902
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/161451

## About

CORNWALL CAPITAL MANAGEMENT LP is an SEC-registered investment adviser in NEW YORK, NY, registered since 2012. The firm manages approximately $102 million in assets. It has 6 employees and 4 investment advisers.

## People

- Mark Rosenthal — Co-Founder
- Jamie Mai — Co-Founder
- Charlie Ledley — Co-Founder
- Ben Hockett — Co-Founder

## Questions

### Who are the founders of Cornwall Capital and what is their background?

Cornwall Capital was founded by Jamie Mai, Charlie Ledley, and Ben Hockett, who met at Brown University. None had traditional investment banking or hedge fund experience before launching the firm. Their approach was shaped by a contrarian, do-it-yourself ethos — they famously started with a single Schwab brokerage account and initially operated out of a friend's basement in Berkeley, California.

### What was Cornwall Capital's role in the 2008 financial crisis?

Cornwall Capital is best known for its trade during the 2007–2008 subprime mortgage crisis, profiled in Michael Lewis's book "The Big Short." The firm purchased deeply out-of-the-money credit default swaps on collateralized debt obligations tied to subprime mortgages at extremely low prices. When the housing market collapsed, these positions returned approximately 80x the firm's initial capital, transforming Cornwall from a small independent partnership into a well-known name in macro investing.

### Does Ben Hockett still manage capital at Cornwall Capital?

No. Ben Hockett, one of Cornwall's original four partners according to Michael Lewis's account in "The Big Short," left the firm in the years following the financial crisis. He has not been involved in the day-to-day management of the firm's investment portfolio or investment decisions since his departure.

## Related profiles

- [Cortigent](https://altss.com/profile/cortigent-inc)

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Last updated: 2026-06-03T20:00:00.000Z

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