We don’t blame you if after seeing these numbers you wonder if maybe we should reconsider the shuttering of Partners. Unfortunately, what’s done is done, but this is all the more reason to get in on our new offer. I think we’ve proved that much.
Tontine Partners, L.P.
MTD: -12.1%
YTD: -91.5%
Tontine 25 Fund, L.P.
MTD: -2.2%
YTD: -63.6%
Tontine Partners L.P. Down 91.5%? They need to mention in their investor letter “Hey you guys are 8.5% better off that if you invested with Madoff!”
I remember Karen Finerman on Fast Money speaking of Tontine as if they were the best of the best.
Global Alpha has been awfully quiet. Anyone know how they did in 2008?
Down 91.5% is the new killing it
#1…I’m not so sure about that…there is still some money left at Madoff so they still may get a better return
Who the FUCK has the temerity to post down 91.5% YTD!!!???
If I were an investor on the conference call, I’d threaten all the portfolio mgrs unborn children.
And their children as well.
“Death to Tyrants!!!”
Has Tontine suspended redemptions? Just curious. “Hi, I’d like my last 9.5 back please.” “No, sorry, you can’t have it. It’s not in the best interests of the remains LPs to let you out, lest their interests get trampled.”
Has Tontine suspended redemptions? Just curious. “Hi, I’d like my last 9.5 back please.” “No, sorry, you can’t have it. It’s not in the best interests of the remains LPs to let you out, lest their interests get trampled.”
@3: Global Alpha -30%. Global Beta +3%.
How the fuck do you go down 91%? Where is the “hedge” in hedge fund?
@10 ahh.. ye olde texas hedge
@10
If they only pulled a Costanza and did the exact opposite of what they were thinking they would be golden.
and here is the really bad news……………..it is a hedge fund………no SIPC protection!
Can someone explain what happens to a LP who (stupidly) invested in their old fund now (stupidly) invests in their “new” fund? Are they charged the same management and carry? Does the fund need to hit the old watermark before collecting their performance fees on their new fund? Do they wave everything or is it case by case for each LP?
I understand that funds close because there’s not a rat’s ass chance of making any serious dinero, but to call a do-over and wipe the slate clean seems awfully ballsy to your LPs.
At 80% down, didn’t someone think maybe they should just go to cash and call it a year? WTF.
Why are MTD and YTD different?
cause its 2008, not 2009
or to be more specific, MTD is Dec 08, YTD is calendar 2008 (12 mos)
@16- are you an idiot?
sounds to me like @16 is a Tontine partner
Some real genius posts here.
13, no investor has SIPC protection from poor performance.
16, it’s 2008 returns. You really think they lost 90% in 4 days?
14, (not a bad comment) the old investors in the new fund will, in some manner, have their high water marks ported.
@21- perhaps you shouldn’t be judging what is and isn’t genius, considering that you didn’t get that 13 was a joke, intard.
#21
If old investors will have their high water mark “ported” as you say, then why the need for Gendel to start a new fund?
Is it just so he can wipe the down 90% year from his official record? Maybe I give people too much credit, but won’t anyone with money to invest and half a brain see through that?
With that down 90% year, his since inception returns aren’t great (9% a year or so by my count). Good, but not great. And obviously the dollar weighted returns are abysmal.
Gendell GETTING IT DONE!
@7. Not to quibble, but my super-computer tells me that they would only be entitled to their last 8.5
21 here,
“and here is the really bad news……………..it is a hedge fund………no SIPC protection!”
Hilarious! The superfluous periods (or are those extended ellipses, can’t quite tell) make it even funnier.
23,
from BBG via DB link:
“Tontine said existing clients who choose to invest in the new fund will pay a management fee of 1 percent and won’t be charged an incentive fee until their losses are recouped.
New investors will be charged fees of 1 percent of assets and 20 percent of investment gains, compared”
@suits- everyone got that it was a joke except you. nice try, though.
22/27
Posting twice to defend your own lame comment doesn’t make it any funnier.