Miami-based fund unraveled by Swiss franc (Everest wiped out)

South Florida Business Journal ^ | 1-20-2015 | Nina Lincoff

[tcrlaf]

Miami-based Everest Capital Fund was knocked down last week after the Swiss National Bank unexpectedly allowed the Swiss franc to trade freely against to the euro, according to a report from Bloomberg .

The $830 million fund has reportedly been wiped out, according to media reports.

[tcrlaf]

"The Firm did not return a request for comment."

I wonder why??? Let the lawsuits begin.

Marko Dimitrijevic is the founder of the "Miami Underwater Festival" Kinda Karmic...

[E. Pluribus Unum]

If somebody had a day’s notice they could have become a billionaire overnight.

[AZLiberty]

The hedger should have hedged his hedges.

[JPG]

two crap---line away

[CGASMIA68]

Diversify, EOM

[Mastador1]

If somebody had a day’s notice they could have become a billionaire overnight.

Makes you wonder about Soros.

[GreyFriar]

H’mmmm, Everest melted away due to global warming?

[RayChuang88]

The best investment funds always hold a diversified portfolio of equities. Even good hedge funds work that way. Hedge funds and investment portfolios focused on too narrow a sector are extremely risky, to say the least.

[silverleaf]

Obama donors?

[silverleaf]

oh no, he donated to Bob Dole in 2002!

Maybe now they both be making viagra commercials

[WellyP]

“...strong connection to Soros....”http://www.hedgefundintelligence.com/Article/1219922/Dimitrijevic-adds-Asia-fund-to-emerging-market-range.html

[CGASMIA68]

just ask any of this groups clients........

[RayChuang88]

Highly risky hedge funds like this are only for people who have money to burn, I used to say. Those with less money who invest in hedge funds should invest in funds based on a diversified portfolio with likely lower returns, but way lower financial risk.