SAC Capital (Sorta) Dodges Bullet (San Fran Office, Not So Much)

Posted by Bess Levin, Nov 07, 2008, 4:48pm

Throwing a hissy fit, calling his traders idiots, going (mostly but not all) to cash and kicking over the chocolate fountain on the floor to show he meant business didn't exactly payoff as spectacularly as Steve Cohen had hoped but things obviously could've been much worse. SAC's flagship fund returned a not catastrophically bad but not "Deep fried Oreos for everyone!" -12 percent for October, and -18 percent year to date.

In other news, apparently the recent (and ongoing) population restructuring we discussed yesterday is not relegated to southern Connecticut. The firm is said to have closed its San Francisco office.

Earlier: SAC Capital Taking A Breather

6Recommend this! 29Comments

Tags: Dodgeball Is Difficult For A Man Of His... Stature

Comments

1

Posted by guest, Nov 07, 2008 5:02PM

Once Proposition 8 passed, what was the point of SAC having a San Francisco office?

2

Posted by guest, Nov 07, 2008 5:06PM

they had a SF office?

3

Posted by guest, Nov 07, 2008 5:06PM

they had a SF office?

4

Posted by guest, Nov 07, 2008 5:12PM

@2/3- had.

http://en.wikipedia.org/wiki/SAC_Capital_Partners

5

Posted by guest, Nov 07, 2008 5:28PM

#1 wins comment of the day

6

Posted by guest, Nov 07, 2008 5:33PM

I second #5.

7

Posted by guest, Nov 07, 2008 5:34PM

seriously... "SAC is commonly regarded as perhaps the best trading house in the world"

8

Posted by guest, Nov 07, 2008 5:37PM

Perhaps, seems reasonabel..
35% AACR for 20 something years is pretty good.

9

Posted by guest, Nov 07, 2008 5:53PM

The best trading house in the world wouldn't throw a hissy fit and bail at the bottom.

10

Posted by BSD, Nov 07, 2008 6:07PM

@9, that's assuming they're dumb enough to think this is the bottom.

11

Posted by guest, Nov 07, 2008 6:13PM

@10, it's a lot closer than when they were 130% non-cash.

12

Posted by guest, Nov 07, 2008 6:40PM

I am a hedge fund manager. What is a "bottom"?

13

Posted by guest, Nov 07, 2008 6:43PM

Who are these idiots who give someone their money to lose it when you can follow a mere blogger for free and who DOUBLED my money, and did not have even a single losing trade since I started following him on October 10.

You guys who lose money or have your money managed by losers, something must be wrong with you, particularly when you have a free and profitable alternative!

Here is the recent nailing of tops and bottoms!

Most recent trades:

1. Sold at the top on Election Day (Nov. 4) , and went short:

http://financialtraders.blogspot.com/2008/11/stock-price-predction-qqqq-ndx-dow-spy.html

2. Thursday Nov. 6, I covered the short position and went long, at the BOTTOM.

http://financialtraders.blogspot.com/2008/11/stock-price-prediction-tomorrows-stock.html

3. Today (Nov. 7), I sold the long position at the top area, and called it a weekend!

http://financialtraders.blogspot.com/2008/11/stock-price-prediction-tomorrows-stock.html

PS: while at the blog, also check the nailing of October 10, October 16, and October 24 bottoms, and the nailing of the top that followed.

14

Posted by guest, Nov 07, 2008 8:19PM

Too bad you're only investing your bar mitzvah money

15

Posted by guest, Nov 07, 2008 8:42PM

If things keep going at this pace they may have to close the Charlotte office.

16

Posted by guest, Nov 07, 2008 10:51PM

#7, Your adulation is so poorly placed.

17

Posted by Anal_yst, Nov 08, 2008 1:08AM

@ 13

SAC, Baupost, etc, etc (ad nauseum) have been gunning 25%+ net for 20-30 years.

You've been "timing" indicies for 30 days.

Based on your unrivaled comparison skills, I'm guessing the liklihood of you eclipsing their track records are about zero.

18

Posted by guest, Nov 08, 2008 1:24AM

um...

Sir Anal, please don't feed the trolls...

19

Posted by Anal_yst, Nov 08, 2008 1:38AM

I tried. Someone tell the IT intern (hunchback?) to get on that ip blocking shit stat!

20

Posted by guest, Nov 08, 2008 1:49AM

Yes sir... we will block you ... for your own good... please don't complain on Monday this time...

21

Posted by guest, Nov 08, 2008 10:37AM

R.I.P. CR Intrinsic

22

Posted by guest, Nov 08, 2008 2:23PM

by the San Fran office of SAC, does that mean Canvas Capital has been shuttered?

23

Posted by guest, Nov 08, 2008 10:38PM

fuck SAC

24

Posted by guest, Nov 09, 2008 5:28PM

oh, bravo 23. bravo.

25

Posted by guest, Nov 09, 2008 8:53PM

Yes - CRI is closed

26

Posted by guest, Nov 09, 2008 8:55PM

Sorry - #22 I meant Canvas not CRI, although CRI is likely following suit

27

Posted by guest, Nov 10, 2008 1:37PM

Why do people take such joy in other people's misery. Lots of good people at SAC from the secretaries on up to the bosses. #23, go do whatever you have to do to the gimp and get out your agressions that way instead.

28

Posted by guest, Nov 13, 2008 7:17AM

@ 12 - I saw a bottom once, it was very nice

29

Posted by guest, Nov 18, 2008 5:32AM

yea, the fat jew stevie cohen is gonna have a fat heart attack, he's a pig

Post Your Comment