MAX HOSHINO
FOUNDER & MANAGING MEMBER
In the 1980s, when Max was in his mid-20s and living in Tokyo, he found great inspiration in Milton Friedman's Free to Choose and Capitalism and Freedom. This prompted a bold decision: he left his job as an auditor, sold his stocks, and with a modest amount of money, moved to America in the late '80s. His goal was clear – to start his own business in America, pursuing the entrepreneurial spirit that Friedman’s works had ignited.
​
Prior to founding his own buy-side investment firm in 2004, he served 11 years as Vice President at Glenwood Capital, a fund of hedge funds (FoHF) business with $5 billion assets under management (AUM). At Nikko Securities' Managed Fund Group, he was Co-Head for $2 billion AUM, being responsible for planning, designing, marketing, and implementing FoHF strategies.
​
Prior to 1993, Max worked for Coopers & Lybrand, now part of PricewaterhouseCoopers. He spent a decade there, initially as an Auditor in Japan and later as a Senior Manager in Chicago, in charge of Finance & Real Estate. Among his significant contributions included developing a model for identifying potential accounting irregularities.
​
Max's solid disciplines gained through 40+ years of experience in the broad financial sector have come with a vast wealth of knowledge in understanding multi-dimensional issues within both liquid and illiquid investments, investment management & operations, due diligence for cross-border investment deals, international tax planning, and forensic accounting.
​
Today, while Saratoga tries not to grow too much too soon, rather focusing on investment performance and operations, Saratoga, as a private investor and a fiduciary, manages approximately $400 million in assets, primarily focusing on commercial real estate and hard-money lending businesses. Saratoga provides hands-on and transparent investment management and reporting throughout the entire investment cycle.
Max built Saratoga on the premise through a solid fiduciary duty and forward-looking, value-driven investment philosophy. The belief that there are meaningful sizable pricing inefficiencies to exploit in thinly traded, illiquid, and informationally inefficient market spaces.
​
Max is also the founder of Hoshino Foundation, a 501(c)3 charitable foundation. He supports and donates personal funds to Illinois Holocaust Museum and Education Center particularly the Chiune Sugihara Exhibition, as well as The Aspen Institute's Energy and Environment Program.
​
Embracing the lifestyle of a "digital nomad", Max currently divides his time between Chicago, Aspen, and Tokyo. Outside of businesses, Max is an avid snow skier. He also enjoys live music, reading, cooking, wine & sake-tasting, and traveling.
​
Education
Harvard University, Cambridge MA; MPA, Finance/Public Policy, 1990
Keio University, Tokyo Japan; BA, Business/Economics, 1979
​
Licenses & Certifications
CFA (Credential ID: 236996); Member of The CFA Institute, Chicago CFA Society
CPA (Credential ID: 9429); Member JICPA
Illinois Real Estate Broker (Credential ID: IL475.156093)
​