We've got good news and bad news. Mostly bad news.
TPG Axon Investor Letter [PDF]
Tontine Investor Letter [PDF]
Cerberus Investor Letter [PDF]
Greenlight Capital Investor Letter [PDF]
And...
The following fell into our laps an hour or so ago. It is said to come from a credible source BUT WE HAVE NO IDEA. Obviously it has not been confirmed by the parties mentioned.
Tontine Partners
Sept 08
-59.30%
YTD
-66.70%
Copper River
Sept 08
-55.00%
Tontine Capital Partners
Sept 08
-38.50%
YTD
-31.50%
Maverick Levered
Sept 08
-35.50%
Tremblant Concentrated
Sept 08
-26.00%
Tracer
Sept 08
-21.40%
YTD
-9.20%
Maverick Regular
Sept 08
-19.50%
YTD
-21.30%
Tremblant
Sept 08
-19.30%
YTD
-28.00%
Yaupon
Sept 08
-19.20%
YTD
-19.30%
Cambrian Energy
Sept 08
-19.10%
YTD
-20.20%
Southpoint Millennium
Sept 08
-19.00%
YTD
-20.90%
TCS
Sept 08
-16.80%
YTD
-44.60%
Glenhill
Sept 08
-16.00%
Shumway Levered
Sept 08
-16.00%
Spindrift
Sept 08
-16.00%
YTD
-20.00%
North Run
Sept 08
-15.80%
YTD
-20.20%
Atticus Europe
Sept 08
-15.80%
TCI
Sept 08
-15.30%
YTD
-26.40%
Southport Energy
Sept 08
-15.10%
YTD
+8.60%
Lone Pine
Sept 08
-14.80%
YTD
-26.60%
Polygon
Sept 08
-14.50%
YTD
-19.00%
Springbok
Sept 08
-14.40%
YTD
-20.20%
Hayground Cove
Sept 08
-14.40%
YTD
-14.00%
Tiger Global
Sept 08
-14.30%
YTD
-13.70%
Kleinheinz
Sept 08
-14.00%
YTD
-31.00%
Southpoint
Sept 08
-13.60%
YTD
-20.30%
Galleon Buccaneers
Sept 08
-13.60%
YTD
-12.70%
Greenlight
Sept 08
-12.40%
YTD
-15.20%
Baypond
Sept 08
-11.80%
YTD
-22.50%
Eastside
Sept 08
-11.40%
YTD
-14.20%
Alson Signature
Sept 08
-11.10%
YTD
-19.50%
Bellman Walter
Sept 08
-11.10%
Third Pt
Sept 08
-11.00%
YTD
-17.90%
SAC Multi-Strat
Sept 08
-10.70%
Farallon
Sept 08
-10.50%
Conatus
Sept 08
-10.40%
YTD
-8.10%
Eminence
Sept 08
-10.30%
YTD
-15.30%
Tala
Sept 08
-10.30%
YTD
-27.80%
Weiss Multi-Strat
Sept 08
-10.00%
YTD
-2.60%
Corsair
Sept 08
-9.90%
YTD
-2.80%
Meditor
Sept 08
-9.40%
YTD
-3.90%
Whitebox High Yield
Sept 08
-9.30%
YTD
-8.90%
Jana Partners
Sept 08
-9.30%
YTD
-14.70%
Egerton
Sept 08
-9.30%
YTD
-20.60%
Coatue
Sept 08
-9.20%
YTD
-9.40%
Clovis
Sept 08
-9.10%
YTD
-15.40%
Gramercy Emerging Markets
Sept 08
-9.00%
YTD
-18.30%
Intrepid Multi Sector
Sept 08
-8.70%
YTD
-18.30%
Shumway Ocean
Sept 08
-8.60%
YTD
-9.00%
Coeus
Sept 08
-8.40%
YTD
-7.40%
Highbridge Long/Short Equity
Sept 08
-8.20%
YTD
-7.90%
Viking
Sept 08
-7.90%
YTD
+0.30%
Artis 2x
Sept 08
-7.80%
YTD
+13.50%
Royal
Sept 08
-7.80%
YTD
-7.00%
Intrepid
Sept 08
-7.70%
YTD
-13.00%
Valinor
Sept 08
-7.50%
YTD
-12.90%
Ivory Flagship
Sept 08
-7.50%
Taconic
Sept 08
-7.00%
YTD
-11.00%
Trilogy
Sept 08
-7.00%
YTD
-7.90%
Steel Japan
Sept 08
-6.80%
YTD
-19.50%
Seligman Technology
Sept 08
-6.80%
YTD
-3.30%
Abrams Bison
Sept 08
-6.50%
YTD
+1.40%
Kingdon
Sept 08
-6.10%
YTD
-12.40%
Camulos
Sept 08
-6.00%
YTD
-23.70%
Swiftcurrent
Sept 08
-5.80%
YTD
-12.00%
Cobalt
Sept 08
-5.60%
YTD
-2.90%
Highline
Sept 08
-5.40%
YTD
-6.00%
Davidson Kempner
Sept 08
-5.30%
YTD
-6.80%
Shannon River
Sept 08
-5.20%
YTD
-2.60%
Artis Partners
Sept 08
-4.30%
YTD
7.80%
PFM
Sept 08
-4.00%
Brant Point
Sept 08
-3.50%
YTD
-2.60%
Marea
Sept 08
-3.50%
YTD
-28.40%
PFM Tech
Sept 08
-3.40%
YTD
-6.00%
Artha
Sept 08
-3.30%
YTD
-12.80%
Alydar
Sept 08
-2.90%
YTD
-0.40%
SAB
Sept 08
-2.70%
YTD
-3.70%
Effissimo
Sept 08
-2.40%
YTD
-3.30%
Owl Creek
Sept 08
-2.30%
YTD
-9.50%
Axial
Sept 08
-2.30%
Posted by guest , Oct 03, 2008 10:36PM
Right click save as these badboys, thx Bess
Posted by StupidEquityGuy , Oct 03, 2008 10:52PM
Thank you to who ever shared to Bess... to Bess to thinking of us at this dark late hour...
~SEG
Posted by guest , Oct 03, 2008 11:02PM
Greenlight uses League of Our Own quote...thats the best movie quote they could segue into???
Bess, get off the comp and go enjoy the weekend...is it open bar at the wedding?
Posted by guest , Oct 03, 2008 11:05PM
yep agree with #1
Love you Bess! Dunno how to managed to get your hands on these but these are just what I was looking for.
Posted by guest , Oct 03, 2008 11:08PM
Ouch.
Posted by guest , Oct 03, 2008 11:17PM
This is priceless. You have to be a rocket scientist to figure out how much they lost on some of these. As D'Israeli corrected noted: lies, d@mn lies and statistics... .
I skimmed through TPG 17 pages for a number. Am I supposed to subtract the 2 hazy bar charts for that? Is it -28% YTD? Note to editor there: try changing your scale to units of 500 just to really throw everyone off! I even tried a quicky search on the symbol "-" and just got a lot of hyphenated words!
Tontine-- how much did they lose? Do these letters also include basic numerical charts that we are missing? Are these just the mea maxima culpa letters that accompany that?
Cerberus stars out hopeful with some #s but they only span to 6/08.
Greenlight gets a green light... for it's clear reporting at least... .
Posted by guest , Oct 03, 2008 11:21PM
Bess Levin-
I imagine you as the barefoot girl who gives Guido his spa water.
Posted by guest , Oct 03, 2008 11:24PM
http://www.bloomberg.com/apps/news?pid=20601087&sid=anpijpx6lpec&refer=home
Fund Sept. (%) YTD (%)
Maverick -19.5 -21.2
TCI -15 -26
Greenlight Capital -12.8 -16.4
Lone Cypress -14.7 -26.5
Third Point -11 -18.4
Atticus European -15.8 -43.5
Atticus Global - 2.8 -27.2
Posted by guest , Oct 03, 2008 11:25PM
I am the CEO of one of the above mentioned hedge fund. I hereby notify you that you must Cease and Desist the use of our above confidential partner statements. Failure to do so will result in a $75 lawsuit.
Posted by guest , Oct 03, 2008 11:29PM
@9...big whoop. Who's the dick head now?
Posted by StupidEquityGuy , Oct 03, 2008 11:42PM
@ 9, do you accept pennies?
~SEG
Posted by guest , Oct 03, 2008 11:46PM
@3 - why would you go to a wedding that wasn't open bar?
Posted by guest , Oct 03, 2008 11:46PM
Do managers at these hedge funds really care?
Haven't they already made enough money in mgmt fees and previous carry that they just don't care?
2002-2008 was a huge feeding trough with hedgies getting plenty...
Posted by guest , Oct 03, 2008 11:48PM
@13 flaw in that point is that most hedge fund managers with street creed have a great deal of their own personal wealth tied up in their funds.
Posted by guest , Oct 03, 2008 11:51PM
@14 enough of their own money that they cannot retire and live like a normal person? Are they bankrupt if the funds don't work out?
Seriously, how much track record do these guys have before they raise funds?
Street cred isn't worth much if there is no street anymore
Posted by guest , Oct 03, 2008 11:54PM
Managers care because quarters like these cause investors to pull out, which requires raising more capital through selling, which locks in losses, which causes more investors to pull out...
A lot more funds will fold before the year end. We are headed toward a deflationary spiral and all the funds that still have large commodity positions are going to continue to get crushed.
Posted by guest , Oct 03, 2008 11:54PM
Well when they don't make their calls, and they won't, bad things will happen.
Posted by guest , Oct 03, 2008 11:57PM
unbelievable score bess. Amazing.
Posted by guest , Oct 03, 2008 11:59PM
Wonder how the fast money slut Karen Finerman did this quarter. She looks so shaken lately.
Posted by guest , Oct 04, 2008 12:02AM
oh baby
Posted by guest , Oct 04, 2008 12:18AM
Any concrete data on Paulson's fund for September by any chance?
Posted by guest , Oct 04, 2008 12:31AM
Dammmmmmnnnnnnnnnnn. These funds got bent over a chair and shamed worse than Bess after a Friday night with bottle service at TenJune.
Posted by guest , Oct 04, 2008 12:42AM
@22- show some gratitude you fucking ingrate.
Posted by guest , Oct 04, 2008 12:45AM
Can anyone tell me how Copper River managed to lose 55% in one month given the fact that they are a short biased fund?
Posted by guest , Oct 04, 2008 12:47AM
@24... bottle service
Posted by guest , Oct 04, 2008 12:47AM
Yesterday Thursday a senior market practitioner in a major financial institution wrote to me the following:
Situation Report: So far as I can tell by working the telephones this morning:
* LIBOR bid only, no offer.
* Commercial paper market shut down, little trading and no issuance.
* Corporations have no access to long or short term credit markets -- hence they face massive rollover problems.
* Brokers are increasingly not dealing with each other.
* Even the inter-bank market is ceasing up.
This cannot continue for more than a few days. This is the economic equivalent to cardiac arrest. Then we debated what is necessary to restart the system.
I believe that the government will do another Hail Mary pass, with massive guarantees to the short-term commercial credit system and wide open short-term lending by the Fed (2 or 3 times expansion of the Fed balance sheet). If done on a sufficient scale this action will probably work for a while. But none of these financial measures affects the accelerating recession -- which will in turn place more pressure on the financial sector.
Posted by guest , Oct 04, 2008 12:54AM
@25 - sounds like you're a 1st year analyst that got bitchslapped by Alex at TenJune on your first big nite out in the big city. Try getting a new custom-made button down, pair of premium denim and plunk down the $2G's for a table.
Posted by guest , Oct 04, 2008 1:03AM
We need numbers on ETON PARK please.
Posted by guest , Oct 04, 2008 1:05AM
Bess, this is absolutely wonderful.
I <3 Dealbreaker.
Keep up the good job guys.
Thank you so much for the info. You should do this every quarter. In fact you should establish a database of investor letters some of them can be really interesting.
-Scrooge McCrooge
Posted by guest , Oct 04, 2008 1:09AM
very nice bess
Posted by guest , Oct 04, 2008 1:11AM
@28 heard they were about flat for month
Posted by StupidEquityGuy , Oct 04, 2008 1:12AM
Last week, with the end of the month in the middle of it, is not being reported in its full context... Here is the numbers for the week... in all their glory from briefing.com...
Weekly Percentage Performance for the Major Indices
Based on last weeks official settlement:
INDU: -7.3%
SPX: -9.4%
NDX: -12.0%
COMPQ: -10.8%
RUT: -12.1%
Posted by StupidEquityGuy , Oct 04, 2008 1:47AM
Einhorns letter on the last page included an invitation to a partners party at the museum of natural history in January. It will be interesting to see if he keeps the party date or if they go ahead with it.
“In many cases it is probably some of both.” And she said that several days ago a hedge fund, which she declined to identify, postponed a January party at the Museum of Natural History.
http://www.nytimes.com/2008/10/04/business/04luxury.html?partner=rssyahoo&emc=rss
Posted by guest , Oct 04, 2008 1:54AM
Where are the big guys, D.E. Shaw and Renaissance (the Medallion fund, not the boring institutional fund, of course that's down)?
Posted by guest , Oct 04, 2008 2:07AM
Carney must be pissed.
Posted by guest , Oct 04, 2008 2:19AM
too short did not report
Too long did not belong
I print
Posted by guest , Oct 04, 2008 2:39AM
aren't hedge funds actually suppose to hedge against something???
Posted by guest , Oct 04, 2008 3:35AM
@ 10: You're the biggest idiot ever. It was a joke.
Posted by Seaman Bodine , Oct 04, 2008 7:10AM
Got to love to incessant argument from marketers - let the manager work for free for you, since you're already in there.
Posted by guest , Oct 04, 2008 7:53AM
@37 How the f do you adjust your hedges fast enough in these markets. Most of these guys are value guys and will hold their names.
Posted by guest , Oct 04, 2008 8:57AM
SPX is down -30% YTD so anything less than that is not so bad.
Posted by StillNoCouch , Oct 04, 2008 9:00AM
In my very best Vicram Pandit keyboard accent:
"FIRST!"
Posted by guest , Oct 04, 2008 9:02AM
@41,
A joke right?
Posted by guest , Oct 04, 2008 9:06AM
@43
He's a mutualist. He goes for relativity instead of absolutivity.
Posted by guest , Oct 04, 2008 9:21AM
"value" hedge funds are a fucking oxymoron and a joke. investors deserve all the pain they get when they look for noncorrelated returns and they get involved in an expensive mutual fund.
Posted by StupidEquityGuy , Oct 04, 2008 12:14PM
@40, Very Flocken Fast... or said another way... this is a Long Volatility players fantasy market. Hold piles of cash and switch up between strangles and straddles... Or ride the 2X beta ETF's. Why embrace single stock risk at this stage in the Bear Market?
Take profit anytime you see a spike, it won't last... you can unwind legs in both directions in the same day. Nimbleness over illiquidity.
Take Friday for example using the Dow for context... we opened up... spiked up 300 points then as soon as the vote passed, the market flipped into reverse and 450 points later it closed at the lows... In generic terms that was 750 Dow points of Vol in one day. If you cant trade that, get a new job.
This market is not for holding positions and being Warren, unless you have his internal cash flow piling up. This is a short term trader market currently. If you cant trade, your in a world of hurt.
A real world example... at Stupid Equity LLC, I give each Analyst a % of the firm AUM to manage at their own discretion as long as I approve the trade... So they get a feel for being a PM, as a part of helping to manage OPM.
Well, my trading team is up 100% in the last 6-8 months in the two accounts they manage, while I am slightly green or so (single digits green) and I tend to hold positions.
They are pure unadulterated trading sluts. Their hold time is measured in minutes to hours to days. So when they doubled their accounts this last week, I doubled their AUM under management here...
I am moving more AUM to them to manage on the day by day basis, while I focus on client communications. In this world, its about building teams you trust, and rewarding success.
In this market, there is no reason to ride your "position" down 50% because its a "Value" (its a trap or crap). Chuck it, and wait to reenter it.
Currently, currencies have picked up the pace significantly and you can ride them (un)leveraged in the market if you wanted to.
~SEG
Posted by guest , Oct 04, 2008 12:19PM
Yes, I want to see the numbers from GLG, Eton Park, ESL (Ed Lampert).
I also wouldn't mind the numbers from Jon Wood's SRM Capital. The fund is down some 80% and I would like to read what spin he puts onto what has happened.
Posted by guest , Oct 04, 2008 1:27PM
Thanks Bess. Sharing is caring.
Posted by guest , Oct 04, 2008 1:39PM
thanks for sharing
Posted by guest , Oct 04, 2008 1:42PM
Bess and Carney can keep trying to delete it but we all know the place to go for this type of info:
http://upzero.com
Posted by guest , Oct 04, 2008 3:12PM
#50, go back to myspace, asswipe.
Posted by guest , Oct 04, 2008 4:21PM
Some good infoz at axon, too bad it was written ex post lolz
Posted by guest , Oct 04, 2008 4:39PM
What about Tudor, Clarium, and a bunch of others.
Are these just the worst performers?
Is there another section of this list that they didn't bother to report because they weren't down much or were possibly up?
Who are the winners? Wouldn't they be more eager to report quickly?
Posted by guest , Oct 04, 2008 5:07PM
Clarium -6.8%; Millennium Partners -2.90%
Posted by guest , Oct 04, 2008 5:25PM
@54,
3Q or YTD?
Posted by guest , Oct 04, 2008 5:35PM
Those numbers are for September only. Clarium YTD +18.90%. Millennium YTD +0.10%
Posted by guest , Oct 04, 2008 7:47PM
White Box -19% in September
Posted by I am a Dude , Oct 04, 2008 8:46PM
amazing job Bess. keep up the good work. must have been all that free beer 1-2 and Anal sent.
Posted by guest , Oct 04, 2008 9:15PM
last night after several rounds of martinis I was told by the head of prime brokerag at a european bank that redemptions this last quarter were 350 billion. So talk about overhang in what already is a market in complete panic. expect at least 250 hedge funds to shut this quarter
Posted by guest , Oct 04, 2008 9:41PM
Wish I could break it out more, but did hear AQR was down between 5% and 30% on their various funds. So much for shorting. $10 says the investor letter blames the performance on not being able to short.
Posted by guest , Oct 04, 2008 10:05PM
bess, the weiss multi-strategy, is that andy weiss from boston or george weiss from NY?
Posted by trojan , Oct 05, 2008 1:32AM
trojan capital partners strategy:
long gansvoort
short tenjune
Posted by guest , Oct 05, 2008 11:55AM
Passport Global Strategy -1.2% Net for September
Posted by guest , Oct 05, 2008 9:55PM
C'mon now. You all didn't know this hedge fund scam was a fraud while it was in full bloom?
Makes John Gotti look like Little Lord Fauntleroy
Really, we should have public hangings when this is all sorted out, but the 21st century feminized man is not capable of that kind of justice.
Posted by guest , Oct 06, 2008 7:02PM
you sods, just get on with your life and try to make
some money >
Posted by guest , Oct 07, 2008 9:02AM
@47 - SRM - down over 85% - I can only see Woody taking the last year of locked up money to take bets on anything and everything... This from the man who could do no wrong at UBS, having bought into Bear, Northern Rock, Countrywide and countless other dogs, he then buys Lehman on the Friday before they got taken out... Hubris.
Posted by guest , Oct 12, 2008 11:35AM
Notice the Remoras sucking onto KBR's volume a day after Tontine's letter release.
Posted by guest , Oct 14, 2008 2:01PM
Man, i kicked the crap out of the smart money this year.
Anyone want to invest with someone who's actually up this year?
Call me.
Posted by guest , Oct 21, 2008 2:20PM
Does anyone have Copper River's termination letter?? Please post!
Posted by guest , Oct 22, 2008 12:15AM
lol...these funds suck. How can you short this year (or last quarter) and STILL lose money?
http://www.weeklyta.blogspot.com
Posted by guest , Nov 07, 2008 5:46PM
What a joke. Most of these funds were no different than Bad Bad Leroy Brown shootin' dice on the South Side. Sippin' Dom, not ripple, but still.
Posted by guest , Jan 01, 2009 1:35AM
Those polygon numbers are very wishful thinking - in reality its 25%+ and they have a lot of toxic lev loan paper that is probably going to trade lower than where its marked.