Citigroup estimates that in the past 18 months Fortress has lost an astonishing 85%, or $6 billion to $7 billion, in the value of publicly-traded companies in which it holds large positions.
It takes an extra-special level of skill to be able to lose 85% of your money in the public stock markets in the space of 18 months. Even Citigroup isn’t down that much!
Update: Never mind, Newmark is wrong. It’s 85% of unrealized gains, not 85% of total value.