$6b
Hit Parade NEW YORK POST
In a letter to shareholders - which include the pension funds
of New Jersey prison guards and toll booth workers - Amaranth's
founder Nick Maounis said that losses in the fund have ballooned
to more than $6 billion.
When
Genius Failed: The Rise and Fall of Long-Term Capital Management Roger Lowenstein
LCTM began operating in 1994, set up by John Meriwether formally
head of the bond-arbitrage group at Solomon Brothers. He put
together a star-studded cast that included three (1997) Nobel
prize winners in economics. Their basic strategy was something
called convergence arbitrage. In essence this strategy says
buy two bonds that you think will track one another. Go long
on the cheap one and short on the other; you make money if
the spread narrows.
In 7 Days, A Hedge Fund Lost
All Value WSJ
The Eifuku Master Fund "took huge bets with borrowed
money on a limited number of trades that went wrong."
After recording a gain of 76% in 2002, the $300 million hedge
fund lost everything in seven trading days. The collapse of
Eifuku "underscores just how thinly traded even the largest
shares in the Tokyo stock market can be, making large, leveraged
bets particularly treacherous."
MotherRock
Energy Hedge Fund Closing After Losses Bloomberg
MotherRock LP, the hedge fund firm run by former Nymex President
Robert ``Bo'' Collins, is preparing to shut down because of
``terrible performance'' as natural gas plunged. MotherRock
had more than $400 million in customer funds.
Ospraie
point fund falls to earth investmentnews
The $250 million Ospraie Point fund is set to close due to
losses sustained from copper trading.
Julian
Robertson plans to return money to shareholders after losses Cable News Network
In Tiger Management's Jaguar Fund had suffered sharp losses
for more than a year, tumbling 7.8 percent in February and
13.8 percent year-to-date as of Feb. 29. Meanwhile, the fund's
assets plunged from roughly $20 billion in 1998 to about $6.5
billion.
Report
of losses hits fund The Standard
One of Singapore's biggest hedge funds, Aman Capital Management,
a US$242 million (HK$1.88 billion) hedge fund, may have lost
more than US$43 million, or 18 percent of its assets, last
month by investing in derivatives based on the Korean Composite
Stock Price Index, the Financial Times reported.
How
SemperMacro Took a Bad Turn WSJ
The troubles of SemperMacro, a hedge fund set up by a former
star Goldman Sachs Group Inc. trader, Christian Siva-Jothy,
underscore the mixed fortunes and often volatile nature of
global macro funds.
Hedge
Loses Edge, Director Goes Surfing NEW YORK POST
New York-based firm Narragansett Asset Management, run by
41-year-old Joseph Dowling III, told investors in a letter
that it has liquidated about 80 percent of its holdings and
will return a "substantial" part of the $1 billion
fund to investors.
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