As you know, the Fund holds substantially all of its investment positions through Passport Global Master Fund SPC, Ltd. (the “Master Fund”). The Master Fund has been challenged this year by the realities of the financial crisis and has suffered from the corresponding flight to liquidity.
Through December 31, 2008, the Master Fund is down approximately 50.1%* net of fees. Losses have come primarily from markdowns in our public portfolio, and as a result, private, illiquid investments now total approximately 13% of the Master Fund’s assets. As we expressed at our investor conference in November, we believe that (1) the markdown of our portfolio is inconsistent with the fundamentals, and (2) the Master Fund has the potential to provide high, compounded returns over the long term.
Related (at one point in time)? Passport To Profits
Holy shit! Is that A$ne$$ – sure looks like him.
He [they] spout the same crap. Must be a Heggie disease.
he looks like harvey weinstein
love the “passport”-size photo.
(BL – I posted below in the Icon post – Gawker.com pilfered all your Schrenker material, sans attribution).
Whwnever you see, “As you know” or “As you are aware” in a memo, the correct translation is “you are f*cked and it’s not our fault”
Traders don’t lose money; inconsistent markdowns do.
A return with three decimals is approximate? Uh Oh
@5: I used to write the commentary for a big (>$20 bil) money manager. Always used “as you know” to give the reader a sense that “this is not a surprise, it’s been gone over before”, and that – being they were oh-so-smart themselves – they could never be shocked that this had happened.
Even if we had NEVER gone over it. What I’d do is slip in a “the market may be volatile in coming months, with a greater chance of upside than downside”. If the market tanked, then we could write “as we noted in December, the market had a chance of declining in the first quarter”. Voila! Your ass is covered!
I don’t lose money, it’s just that my printer is broken.
I am the CEO of a hedge fund. What is a “Master Fund”?
Can someone give the back story on posts like number 10?
A master fund is the main fund where the investments are made, different onshore and offshore feeder funds make investments in the master fund which then makes the actual investments of the fund as one combined pool.
Trader Magazine did an article on this guy (John Burbank III) on their top 100 traders issue, that was the beginning of the end for him.
@13
The Trader Monthly Curse, just like the Madden Curse
me some burbanky, me hold on theme for long time
@8 I wrote the commentary for firms in the 12-16b range.
I used to insert at the end, “We expect volatility to continue in the coming months. We expect performance between various asset classes and emerging market equity indexes to diverge. We urge investors to remain patient and well diversified amongst highest quality managers…
Something to that effect. Same deal, throw in a disclaimer, leave it nebulous. See we told you it would be volatile!
Thanks 12, I know what a master fund is :) I was asking a different question.
Several recurring jokes permeate the comments section here. TLDR, “What are the numbers?”, crab claws and many more. I just don’t know the origin of the “I’m the CEO of a hedge fund. What is ?” meme.
Too Live Crew, didn’t love long time
17 Slow day, so let me help you here:
1)”I’m the CEO of a hedge fund. What’s a quarterly loss”. I.e. how dare you imply that hedge funds can loose money. Sarcastic humor.
2) Crab claws: Steven Schwartzman. Derived from his much publicized 60th Bday party, where stone crab claws were served by the truckload.
3) Wideclops: the nickname of a woman in HR at MS (?) whose eyes are set wide apart.
4) What are the numbers? Running joke: what’s the bonus going to be for first year analysts, or whatever.
now back to work
@ 18 LOL!