• 06 Jul 2009 at 2:01 PM

Commentary From The Crypt

By

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As you’re probably aware, Pequot Capital is closing up shop. The firm has issued one last letter, though, courtesy of chief investment strategist Byron Wien, who strangely writes of Art Samberg as though the founder was dead.* Read it if you’ve got the strength.
July 2009 [PDF]
*He’s not, is he? Otherwise I’m an asshole.

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Comments (44)

Older Comments
  1. 1
    Posted by guest | July 6, 2009 at 2:06 PM

    I hate vampires more than I hate mexican coke sharks.

  2. 2
    Posted by guest | July 6, 2009 at 2:07 PM

    thanks for mentioning me. oh, right, you didn’t. dick.
    -jmack

  3. 3
    Posted by guest | July 6, 2009 at 2:08 PM

    I was on a panel with Wein about 4 years ago, during which time he used the platform to vent his spleen about the evils of the hedge fund industry, pretty much calling it a bastardization of everything holy about the investment profession.
    The next week (I readd with interest) he resigned his long-held position at Morgan Stanley to take up a post at Peaquot.

  4. 4
    Posted by guest | July 6, 2009 at 2:11 PM

    Samberg is great on SNL! See, there is life after HFs… let that be a lesson to you all.,..

  5. 5
    Posted by guest | July 6, 2009 at 2:15 PM

    Push it to the limit…

  6. 6
    Posted by Tax Chick | July 6, 2009 at 2:17 PM

    Maybe Wien killed him and this is a confession.

  7. 7
    Posted by Tax Chick | July 6, 2009 at 2:17 PM

    Maybe Wien killed him and this is a confession.

  8. 8
    Posted by guest | July 6, 2009 at 2:18 PM

    @6/7 haha

  9. 9
    Posted by guest | July 6, 2009 at 2:19 PM

    Tax Chick, are you a little sore from this weekend?
    Someone that would know

  10. 10
    Posted by guest | July 6, 2009 at 2:20 PM

    I am quit ehappy with myself.
    - Mike Corasiniti

  11. 11
    Posted by guest | July 6, 2009 at 2:23 PM

    What’s sad is that they’re not going to be milking that 2/20 thing anymore. Which to hedgies is not that different from dying.

  12. 12
    Posted by guest | July 6, 2009 at 2:27 PM

    @11 wtf are you talking about? they closing up the entire business, so yeah, it’d follow that they wouldn’t be charging performance fees since they won’t be performing.

  13. 13
    Posted by guest | July 6, 2009 at 2:30 PM

    Art Samberg? Isn’t he the guy who partnered with Sanda Manzke when she founded MAXAM Capital Management, a Madoff feeder fund?

  14. 14
    Posted by HAM05 | July 6, 2009 at 2:36 PM

    bess – samberg isn’t dead, he’s on a boat. duh.

  15. 15
    Posted by guest | July 6, 2009 at 2:37 PM

    Real shame when you can’t charge 2/20 for returns not beating the S&P.
    Where will all these talented financiers go?

  16. 16
    Posted by guest | July 6, 2009 at 2:37 PM

    Real shame when you can’t charge 2/20 for returns not beating the S&P.
    Where will all these talented financiers go?

  17. 17
    Posted by guest | July 6, 2009 at 2:42 PM

    slllooowwwwwwww day

  18. 18
    Posted by guest | July 6, 2009 at 2:44 PM

    @17 what a dumb comment

  19. 19
    Posted by guest | July 6, 2009 at 2:44 PM

    @17 why don’t you get out there and make something happen, chief?

  20. 20
    Posted by guest | July 6, 2009 at 2:45 PM

    @16 am I missing something? why are you making fun of pequot for not getting to charge 2/20 when, fucking duh they’re not charging 2/20 SINCE THEY’RE CLOSING UP THE BUSINESS?

  21. 21
    Posted by guest | July 6, 2009 at 2:46 PM

    @17 the day after a 3-day weekend is slow? for serious?
    –forehead slapper

  22. 22
    Posted by guest | July 6, 2009 at 2:47 PM

    Don’t call me chief, poncho.

  23. 23
    Posted by guest | July 6, 2009 at 2:50 PM

    Yeah, a great place to work, all you needed to do was find some insider information, trade on it, make a bundle, kick some cash to some crooked Senators to make the SEC look the other way and Voila! Nice consistently profitable business. Here’s hoping the Feds put the squeeze on Artie and make him cough up Mack!

  24. 24
    Posted by 1212Madoff | July 6, 2009 at 2:50 PM

    http://www.youtube.com/watch?v=9Ls1hkvhIko
    time to chill, Monday afternoon quarter/bare backs.
    BernieM

  25. 25
    Posted by guest | July 6, 2009 at 2:52 PM

    20 Calm down. We know they’re closing and that they’re not going to be bringing in the fees. That’s the joke: they wrote the memo (which sounds like an obit) because to a hedgie not bringing in revenue is the same as dying. (Irony doesn’t always work on the web).

  26. 26
    Posted by guest | July 6, 2009 at 2:54 PM

    @25 are you an idiot? the joke makes no sense. It would be funny if, say they were below their HWM and couldn’t charge performance fees but the reason they’re “dying” is because they’re voluntarily closing up shop.

  27. 27
    Posted by guest | July 6, 2009 at 3:12 PM

    @26 is showing “full frontal nerdity”.

  28. 28
    Posted by guest | July 6, 2009 at 3:16 PM

    @27 actually I’m just showing the fact that saying “whooooaaa a hedgie can’t charge 2/20 that must mean death!” is a retarded joke. I’m pretty sure he’d rather still be running his fund w/o being able to charge a perf fee (for the time being) than closing completely.

  29. 29
    Posted by guest | July 6, 2009 at 3:16 PM

    26 I’m guessing that for you English is a second language.

  30. 30
    Posted by guest | July 6, 2009 at 3:16 PM

    @26, are you autistic? It seems like you might be and I don’t want to make fun of autistic people.

  31. 31
    Posted by Tax Chick | July 6, 2009 at 3:36 PM

    @30 – very charitable of you. Thanks for the laugh.
    @9 – hungover. Too much entertaining poolside. Sore? No, but could use a massage.

  32. 32
    Posted by guest | July 6, 2009 at 3:37 PM

    @30 no, I’m not, your joke just sucked.

  33. 33
    Posted by guest | July 6, 2009 at 3:41 PM

    32 You remind me of my mother – one of those people that manages with a few sentences to take all the joy out of life.

  34. 34
    Posted by guest | July 6, 2009 at 4:36 PM

    why can’t dealbook stop stealing from Dbreaker? http://dealbook.blogs.nytimes.com/2009/07/06/pequots-wien-speaks-out-on-his-firms-closure/#more-84215

  35. 35
    Posted by guest | July 6, 2009 at 4:38 PM

    @34 because Kouwe is a shitty reporter who’s stolen from DB on multiple occasions and has no plans to stop now. next question.

  36. 36
    Posted by guest | July 6, 2009 at 4:41 PM

    @34 give us a break, Sulzberger has been riding my ass like Seabiscuit.
    -ARS

  37. 37
    Posted by guest | July 6, 2009 at 4:54 PM

    maybe Byron knows what’s to come?

  38. 38
    Posted by guest | July 6, 2009 at 5:05 PM

    @32, 33 mentioned his mother. Don’t you know what to do?

  39. 39
    Posted by guest | July 6, 2009 at 5:07 PM

    what a buzz kill

  40. 40
    Posted by guest | July 6, 2009 at 5:30 PM

    What number was Pequot folding on his annual predictions list?

  41. 41
    Posted by guest | July 6, 2009 at 9:53 PM

    @35 Yeah, Dealbreaker has called Kouwe a shitty reporter before. http://dealbreaker.com/2007/11/merrill-lynch-taps-thainnew-yo.php

  42. 42
    Posted by guest | July 6, 2009 at 9:54 PM

    @35 Yeah, Dealbreaker has called Kouwe a shitty reporter before. http://dealbreaker.com/2007/11/merrill-lynch-taps-thainnew-yo.php

  43. 43
    Posted by guest | July 6, 2009 at 10:09 PM

    @41/42 – kouwe

  44. 44
    Posted by guest | July 6, 2009 at 10:53 PM

    @43 – obvs, no one else gives a shit

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