Sent: Wednesday, December 03, 2008 2:35 PM
To: Investors in Highbridge Capital Corporation
Subject: Highbridge Capital Corporation Month-End Performance
Dear Investor:For the month ended November 30, 2008 Highbridge Capital Corporation's
New Issue Restricted share classes posted an estimated net return of
-2.98%, bringing their year-to-date net return to -28.02%.Yours truly,
HIGHBRIDGE CAPITAL CORPORATION
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
Related: Highbridge investors ask to withdraw 36% of the assets from the firm's flagship multistrategy fund
Additionally:
Sent: Wednesday, December 03, 2008 12:56 PMTo: Investors in Highbridge Convertible Arbitrage Fund
Subject: Highbridge Convertible Arbitrage Fund, Ltd. Month-End
PerformanceDear Investor:
Highbridge Convertible Arbitrage Fund, Ltd.'s November month-end net
asset value per share is estimated at US$588.29.This represents a month-to-date net decrease of -9.44% from the final
October 31, 2008 net asset value per share of US$649.64 and a
year-to-date net return of -43.66%.Yours truly,
Highbridge Convertible Arbitrage Fund, Ltd.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
Posted by Lowly Assistant , Dec 03, 2008 4:52PM
Short. Concise. Putting the "got" in "What we."
Posted by guest , Dec 03, 2008 4:52PM
This should be the subject line of the letter.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
Posted by guest , Dec 03, 2008 4:54PM
or bigger is not necessarily better..
Posted by guest , Dec 03, 2008 4:59PM
So, in summary, investing with Highbridge is about as prudent as taking your cash, putting it into a trash can, covering it with lighter fluid and tossing in a match.
So, how did these guys get to be the world's largest hedge fund? Highbridge was a bull-market phenomenon. In a bear market, they're being exposed as a second-tier levered mutual fund family.
Posted by guest , Dec 03, 2008 5:02PM
@4 prob. because they had JP Morgan's involvement in the firm
Posted by guest , Dec 03, 2008 5:10PM
@3 Keep telling yourself that
Posted by guest , Dec 03, 2008 5:10PM
"and a
year-to-date net return of -43.66%.
Yours truly,
Highbridge Convertible Arbitrage Fund, Ltd."
They're using the word arbitrage, but I don't think they know what it means.
Posted by guest , Dec 03, 2008 5:14PM
PAST results ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE performance.
PAST results ARE NOT NECESSARILY INDICATIVE OF FUTURE performance.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
HA HA!
Posted by guest , Dec 03, 2008 5:15PM
@7 Could not have said it better myself.
Posted by guest , Dec 03, 2008 5:54PM
@7
I think they do. They'll lose money in any environment......
Posted by guest , Dec 03, 2008 6:02PM
Can't see things getting better for Highbridge. What talented PM would want to work for JPM Asset Management?
Posted by guest , Dec 03, 2008 6:07PM
really getting yer 2 and 20 worth ... what? they charge 2 and 25?!?
not for long
Posted by guest , Dec 04, 2008 1:08AM
30% returns to the market gods,
30% redemptions
and the assets under management are cut in half. welcome to the new hedgelandia!
Posted by guest , Dec 04, 2008 1:31AM
Anyone yelling Holy Fucking Shit and doing a lot of drugs as we wait for the end of days yet? Me too.
Posted by guest , Dec 04, 2008 7:38AM
#7 - Arbitrage in this case means, Dear Mr. Dipshit Investor, you give us your cash -- we buy our Porsche. We are using your stupidity to fund our insane lifestyle. Now go piss-off.
Posted by guest , Dec 04, 2008 7:38AM
#7 - Arbitrage in this case means, Dear Mr. Dipshit Investor, you give us your cash -- we buy our Porsche. We are using your stupidity to fund our insane lifestyle. Now go piss-off.
Posted by guest , Dec 04, 2008 6:34PM
Wow, I worked at teh bridge. A more dysfunctional workplace I have never encountered, and I've spent time on both buy and sell sides.
Anyway, as near as I can tell, my savings account did better than their fund during my entire tenure there, and the comparison has only become more favorable since then. People who put money into hedge funds were (are) idiots. I'm just glad this blew up before too much pension and endowment money got flushed down this drain.
Yup, I guess it's true. Still no free lunch. Well, for the investors I mean.
Posted by guest , Dec 05, 2008 11:22AM
@4, you're an idiot. HB has been in business since '94, and this is the first year even remotely like this. in that time we have been through a bear market already. get your facts right moron.
Posted by guest , Dec 06, 2008 12:34PM
I love that there is no explanation.
"We've just lost you a ton of money. Have a nice day."
Posted by guest , Dec 09, 2008 7:40AM
@19, I think everyone knows why. Would you prefer a list of excuses that don't mean anything? Just list the numbers and move forward.
Posted by guest , Dec 10, 2008 9:58PM
Highbridge is run by little girls.
- Steve Cohen
Posted by guest , Dec 12, 2008 3:25PM
Down 43.66%? What's their benchmark? Doesn't seem to be much worse than the market in general and just another case of beta masquerading as alpha yet again...
Posted by guest , Dec 16, 2008 8:16AM
In about 3 weeks, they'll be asking for TARP funds.
Posted by guest , Dec 16, 2008 10:47AM
Anyone know what's happening with 1st year associate bonuses this year? Thanks!
(1st year MBA associate in levFin at a top-tier BB)
Posted by guest , Dec 18, 2008 9:54PM
1st year associate bonuses? Easy. They're being to Wachovia employees in charlotte panhandling on the street; should be enough coin to fill their tin cup.
Posted by guest , Dec 29, 2008 3:05PM
Hearing that Highbridge is going out of business. Only their statarb unit is going to stay afloat. Long/short, macro, converts, and asian arm are all going to be closed. Trust me.