# Michael Kao

> Michael Kao is a veteran macro investor, former hedge fund manager, and founder of Akanthos Capital Management, now running his family office. A UC Berkeley EE/CS and Wharton MBA graduate who traded commodities at Goldman Sachs and co-founded Canyon Capital Arbitrage Fund, he built his career on a proprietary framework called 'Alpha With Asymmetry.' Known online as @UrbanKaoboy, he publishes the Kaoboy Musings newsletter on Substack - covering finance, macroeconomics, geopolitics, and thrash metal - and co-hosts the KAOS THEORY podcast with Grant Williams.

- **Role:** Founder & Portfolio Manager at Kao Family Office (Kaoboy Holdings, LLC)
- **Organizations:** Kao Family Office / Kaoboy Holdings, LLC, Akanthos Capital Management (founded 2002, closed to external capital 2019), Canyon Capital Advisors (1997-2002), Goldman Sachs J. Aron Currencies & Commodities Division (1992-1995)
- **Nationality:** American
- **Education:** B.S. in Electrical Engineering and Computer Science, University of California, Berkeley, MBA in Finance, The Wharton School, University of Pennsylvania
- **Known for:** Founded and managed Akanthos Capital Management for 17 years (2002-2019), Co-founded Canyon Capital Arbitrage Fund managing ~$700 million, Developed proprietary 'Alpha With Asymmetry' investment framework

## Career timeline

- **1988-1992** — B.S. in Electrical Engineering and Computer Science at UC Berkeley
- **1992-1995** — Commodity Derivatives Trader at Goldman Sachs J. Aron Division - traded 25+ commodity markets
- **1995-1997** — MBA at The Wharton School, University of Pennsylvania; summer internship at Harvard Management Company
- **1997-2002** — Co-founded Canyon Capital Arbitrage Fund at Canyon Capital Advisors, directing ~$700 million in convertible and merger arbitrage
- **2002** — Founded Akanthos Capital Management, LLC in Los Angeles - began with convertible/capital structure arbitrage
- **2009** — Pivoted Akanthos strategy to capital structure-agnostic value investing focused on distressed securities
- **2019** — Closed Akanthos to external capital; transitioned to Kao Family Office managing personal capital
- **2023-02** — Original @UrbanKaoboy Twitter account permanently suspended (Jan 31); launched Kaoboy Musings on Substack (Feb 4)
- **2023** — Appeared on Top Traders Unplugged Global Macro Series
- **2025** — Coined 'Long Gamma Administration' framing for Trump 2.0; appeared on C.O.B. Tuesday podcast

## Achievements

- Founded and managed Akanthos Capital Management for 17 years (2002-2019)
- Co-founded Canyon Capital Arbitrage Fund managing ~$700 million
- Developed proprietary 'Alpha With Asymmetry' investment framework
- Built 63,500+ Twitter/X following before original account suspension
- Launched Kaoboy Musings Substack newsletter and KAOS THEORY podcast with Grant Williams
- Coined 'USD Wrecking Ball' thesis widely cited in macro finance circles
- Coined 'Long Gamma Administration' framing for Trump 2.0

## Latest updates

- **2025-04** — Appeared on C.O.B. Tuesday podcast discussing Trump 2.0 as 'A Long Gamma Administration'
- **2025** — Published 'Mental Models - Navigating The Asteroid Field With Trump 2.0' essay
- **2024** — Continued Kaoboy Musings newsletter with USD Wrecking Ball 2.0 thesis updates and crypto skepticism pieces
- **2023-06** — Appeared on Top Traders Unplugged Global Macro Series
- **2023-02** — Launched Kaoboy Musings on Substack after Twitter account suspension

## Links

- Website: https://www.urbankaoboy.com
- LinkedIn: https://www.linkedin.com/in/kaomichael/
- Twitter/X: https://x.com/urbankaoboy

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Profile page: https://yespress.io/michael-kao
Published by YesPress — https://yespress.io
Last updated: 2026-04-24