🤝 Meet Moez Kassam. He’s the chairman and co-founder of the Toronto-based hedge fund Anson Funds, an avid philanthropist, and a self-proclaimed food addict. We sat down with Moez to talk about his favourite places to eat in Toronto, why asking for coffee chats isn’t good networking, and how skipping class at Western to day-trade shorts set his career in motion.
How does the reality of running a short-focused hedge fund compare to the perception of someone who has just watched The Big Short?
When we started, we were short-focused. That’s how it began. But that strategy isn’t very scalable, and you don’t make a lot of friends doing it — which is fine. I used to look at companies committing fraud or scams and think, we’re going to shine a light on what’s wrong. But business is tough. It’s not easy. If I had to repeat what I did when I launched in 2007, it would be very different today.
So we’ve evolved beyond that original strategy. We’ve gotten involved in activist investing. We look to shake up companies that aren’t maximizing shareholder value due to governance or structural issues. Some shareholders like that because they want returns. Management doesn’t love it. But we’re not trying to get invited to cocktail parties. We’re here to do the intellectual work and make money for our LPs and ourselves.
Why are there so few Canadian short sellers and activist investors?
On the short side, we’ve been in a bull market, so most people who used to be short sellers don’t exist anymore — they closed shop or manage their own money privately.
On activism, most people want to fit in. They want to be part of the club. Most people are conformists. They don’t want to be mavericks or have alternate views. But if you’re an activist, you’re an outsider, and people will treat you that way. You need conviction and the willingness to stand alone. Sometimes it works great. Other times, it takes time and you deal with pushback and criticism.
You got your start while still at Western University after borrowing $6,700 from a classmate to buy shorts. What convinced you so early on that this was the path you wanted to take?
It’s a funny story. In my last year of high school, I had a manual labor job and made around $1,500–$2,000. I started taking basic economics classes and thought I understood markets. I got emails saying “buy this stock, it’ll go up 400%,” and I believed it. I invested my money and within weeks, it dropped 75%.
I didn’t understand why. Nothing had changed, so I looked into it and found people shorting the company and calling it a fraud. I realized I’d been duped. I didn’t even know what shorting was. So I started learning about short selling, following people online who were identifying frauds. I realized if I could get duped, so could others and there was opportunity there.
But I had no money, I’d lost it. So one night at a bar at Western, a friend of mine from Russia had $100,000 sitting in his account. I asked, why don’t you lend me $10K? I’ll pay you 7% instead of the 5% you’re earning, and he said yes. That’s how it started. I began trading, focusing on shorts, and quickly realized that every time I went to class, I missed trades.
So I moved all my classes to night. My mom, who was a professor, was not happy. I was barely showing up and wanted to drop out. But I stuck it out, sacrificed some of the social side, and made it through.
You donated $15 million to SickKids after your daughter received life-saving care there. As a philanthropist, how does your personal experience influence your decisions on giving?
I sort of view my life, my work, and my philanthropy all as one. It’s just me and the way things resonate in my life. We don’t just donate to every typical hospital. We look for new and innovative areas where we can actually make a difference.
For example, SickKids is a huge institution, but within it, there are groups that don’t get much attention or funding. The ICU is one of those places. Most people go to the ICU, get stabilized, and move on to another department. It’s rare for someone to stay there long-term like we did.
Our family was in the ICU for two months. During that time, I talked to everyone — the doctors, the staff — and I realized these people are doing unbelievable work but don’t get enough recognition or support. So when we got through everything and our daughter ended up being okay after a big battle, we felt those people deserved our support and spotlight. Now we try to help them however we can.
You focus a lot on finding overvalued companies. Without giving away trade secrets, is there a sector right now you see as overhyped?
We go where the hype is. Where there’s hype, there’s fraud. Where there’s fraud and hype, there are deals. Where there are deals, there’s activism. Everything we do revolves around what’s topical. Right now, the biggest thing is AI. Everyone is talking about AI every day.
If you’re raising money, it’s much easier to get attention if you say “AI” than if you’re pitching something obscure.
Before AI, it was crypto. Before that, marijuana. Before that, autonomous driving. There’s always a theme that’s hot, and people pile into it. And with that, you’ll get fraudulent companies popping up just to ride the wave.
What’s your favourite place to eat in Toronto?
Café Renée is amazing. It’s probably the most fun restaurant in Toronto. In that King West/Portland area, it’s just buzzing. They even have a secret room upstairs, it’s one of the coolest spots. There’s also an Italian restaurant called Charisma. It’s on Toronto Street. I’ve been going there for 20–25 years. Same family, incredible food. It’s phenomenal.
Your Instagram stories have become semi-famous, what’s the secret?
I love Instagram. It’s a great way to share what you’re passionate about. I post 3–5 stories a day, mostly around food and fun. The key is just showing things you genuinely enjoy — not showing off, just sharing experiences. I like highlighting hidden places, unique dishes, cool spots. It’s also a great way to meet people.
Has there been any professional moment more gut-wrenching than watching the Blue Jays lose an 18-inning World Series game live in LA?
That wasn’t as bad as Game 7. I was at every playoff game — New York, LA, Toronto. We fully committed to that run. The whole country came together. It didn’t have the perfect ending, but it was an amazing ride. Better to have loved and lost than not loved at all.
But more gut-wrenching professionally, I’d say 2018, which was our only down year.
When you’re used to success, a bad year hits hard. Every business has ups and downs, but the real question is: can you stay focused and composed when things aren’t going well?
It’s not like a simple business, it’s all about mindset. You need to stay objective and steady.
That year was tough, and I questioned whether it was worth continuing. But you realize if you have a real edge and stick to it, you can push through the difficult times.
What would be your advice to young Canadians trying to break into your industry?
I don’t think there’s enough emphasis on actual networking. People are always like, “Hey, can you help me get a job?” And I’m like, I can’t help you get a job. What I can help you with is networking. Everyone now is relying on ChatGPT. Any legit employer or person you’re emailing gets that kind of message all the time, and you can tell immediately.
If you want to email me and ask for something, I want to know you put in the time and effort yourself and found something creative to talk about. People feel entitled. They think writing a ChatGPT paragraph and asking for a coffee is enough. I get those requests all day. But if you take the time — like what I used to do — I’d learn everything about someone and find five interesting things about them. Then I’d say, this person either put in serious effort or they’re very sharp — either way, they’re worth meeting.
But someone who just says “Hey, can I grab a coffee?”, that doesn’t stand out at all.
So how many of those coffee chats do you think you’ve done with younger people trying to connect?
I’ll do a couple a week, but I might get 40 requests. If someone does something unique, I’ll say, okay, let’s talk. If they show they’ve done research —“I know you did this when you were my age”—then I’ll give them 20 minutes.
But just saying “we have mutual connections” means nothing unless you’re specific. You either name the person and they’ve reached out, or it’s irrelevant. Who cares if we have friends in common if there’s no real connection? People who understand this use their network carefully. If someone introduces someone to me, I’ll return the favor later when it’s relevant.
