I know I’m meant to be on holiday, but this is just genius and I had to share
it: Paul Kedrosky has shoved 3,085 words of hedge fund manager
non-apology apologies into Microsoft Word’s Auto-Summarize feature and boiled
them down to two sentences.
To that end, we’ve already seen increased client demand for our aggressive
market-neutral equity fund. From speaking with our colleagues and large allocators
in the market-neutral space, we understand that many market-neutral funds
have suffered 5-to-15% losses so far in August.
It’s hedgies in a nutshell. There’s no such thing as a meltdown, just a buying
opportunity! And it’s not us, it’s everyone!
Has any hedge fund manager, ever, written a letter to investors simply saying
"I’m sorry, I got it wrong, and I lost your money"?