Industry WIKI

A fire sale is the sale of goods at extremely discounted prices. The term originated in reference to the sale of goods at a heavy discount due to fire damage. It may or may not be defined as a closeout, the final sale of goods to zero inventory. They are said to occur in the financial markets when bidders who value assets highly are prevented from bidding on them, depressing the average

Michael H. Steinhardt (born December 7, 1940) is an American billionaire hedge fund manager and philanthropist. In 1967, he founded a hedge fund, Steinhardt Partners, which he ran until he closed it in 1995. After a hiatus from work, he returned to head WisdomTree Investments in 2004. In January 2014, he was on the cover of Forbes Magazine, referred to as "Wall Street's greatest trader".