Posted on 01/21/2015 12:56:06 PM PST by Kartographer
A hedge fund manager told clients he is "truly sorry" for losing virtually all their money.
Owen Li, the founder of Canarsie Capital in New York, said Tuesday he had lost all but $200,000 of the firm's capital—down from the roughly $100 million it ran as of late March.
(Excerpt) Read more at cnbc.com ...
PING!
I guess it really wasn’t a Hedge Fund......
It’s gambling
I’m currently reading “Money” by Tony Robbins. Scary stuff.
Took out options for rising oil futures - oh well ...
1600
” I guess it really wasn’t a Hedge Fund......”
Sludge Fund
none because any one that is a Walmart greeter doesn’t have a clue as to what this guy did/does and unless they/he’s in a radically managed 401K(law doesn’t permit) or whatever & never will
You hire an expert dice roller to gamble for you, and then this happens....
Where did a hundred million dollars go? Or could it be it was all on paper?
Or could it be it was all on paper?
You just described ALL INVESTMENT portfolio’s, most of the Real Money is eaten up in expenses, but you get a cute piece of paper in return.
It didn’t happen overnight. Wasn’t anyone checking the books?
If you are going to gamble, go to Vegas. You can get drunk while you lose your money and then take in a show.
Doesn’t sound legit ... I mean the story is okay, but 100M capitalized hedge fund? Sounds kind of small. Perhaps he was just starting out.
“...to generate higher returns for the fund and its investors”
Suspicious again, that’s not what hedge funds are for. Maybe hedge funding has grown up to merely be ... “Hey, give me your money and watch me play roulette — I have a foolproof system”.
I’ve actually had gamblers say that too me while grinding 60 hours a week at the poker tables.
Was he an Obama bundler? If so, he needs to call Jon Corzine right away about how fiduciary money vaporizers can stay out of jail.
'In the first half of the year[2014], 461 funds closed, Chicago-based Hedge Fund Research Inc. said. If that pace continues, it will be the worst year for closures since 2009, when there were 1,023 liquidations. '
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