When Stanley Druckenmiller announced earlier this week that he’d be shuttering his fund, Duquense Capital, and retiring from the business after 30 years, many wondered which luminary would be next to pack it in. Steve Cohen? Paul Tudor Jones? Larry Robbins? So far, just one: Paolo Pellegrini.

Kind of.  Absolute Return reports the former Paulson and Co employee who helped John make a metric fuck-ton on subprime and later left (or was asked to leave, due to what some at P&Co suggested was li’l bit of an attitude problem) and started his own firm, PSQR (a play on his own name), informed investors today that he will be returning all outside investors’ capital in the fund, which was down 8% in July and 11% YTD), after returning 40% in 2008 and 61.6% in 2009. “While my views on global economies haven’t changed, I’ve concluded that substantial additional work is required to position the Fund to profit consistently from those views,” said Pellegrini in his letter. P-squared will continue to manage his own capital and, one would hope, pick up where he left off behind the DJ booth and/or on his efforts to legalize pot. [AR]

Comments (30)

  1. Posted by Pete Crinklescrote | August 20, 2010 at 12:44 PM

    Tap water’s fine, thanks

  2. Posted by mj | August 20, 2010 at 1:01 PM
  3. Posted by Bess Levin | August 20, 2010 at 1:04 PM

    @2 because I only have two hands and you pride yourself on being an impatient little bitch?

  4. Posted by Anonymous | August 20, 2010 at 1:21 PM

    That would be why.

  5. Posted by Anonymous | August 20, 2010 at 1:23 PM

    @2 = Matt Taibbi

    Matt Taibbi

  6. Posted by Anonymous | August 20, 2010 at 1:26 PM

    Bess, I had a dream last night that you gave me a long and lazy hand job with your mouth. So good.

  7. Posted by PermaGuest | August 20, 2010 at 1:29 PM

    @6 Dude your creep-factor just shot off the meter

  8. Posted by Anonymous | August 20, 2010 at 1:31 PM

    whats up with the new layout

    -guy that doesnt browse db til noon

  9. Posted by Anonymous | August 20, 2010 at 1:34 PM

    Are bonobos like testicles?

  10. Posted by NakedShort | August 20, 2010 at 1:35 PM

    @7/PG probably not the best context to use the words “shot off”

  11. Posted by Anonymous | August 20, 2010 at 1:37 PM

    Bonobos are the only thing that can sharpen my pencil manually.

  12. Posted by Anonymous | August 20, 2010 at 1:45 PM

    Please let Amanda and Melissa take turns with the shake weight. That would make my day.

  13. Posted by Confucius | August 20, 2010 at 1:46 PM

    Man with hands in his Bonobo pockets feels cocky.

  14. Posted by Anonymous | August 20, 2010 at 1:52 PM

    anyone know where a guy could get some better fitting pants while saving 20% all at once?

    - Guy who is poor and pantless

  15. Posted by Anonymous | August 20, 2010 at 1:55 PM

    Bonobreaker!

  16. Posted by PermaGuest | August 20, 2010 at 2:07 PM

    @10/NS True, that.

  17. Posted by Anonymous | August 20, 2010 at 2:25 PM

    @14 FTW.

  18. Posted by Kosta Kovachev | August 20, 2010 at 2:42 PM

    this guy made his 100M and got whipsawed by the Treasuries trade… bit of a lucky roguish Italian but a lucky one… PSQR would have reqiured real work which this guy was not prepared to do…

  19. Posted by ChicagoChick | August 20, 2010 at 2:59 PM

    i pick legalize it!

  20. Posted by Anonymous | August 20, 2010 at 4:40 PM

    @18 Italians invented financial markets. WASPs just fucked them up.

  21. Posted by plang1 | August 20, 2010 at 5:48 PM

    i did the same thing this past spring i now run a fund with my own money and have a lot less headaches and do just fine….langco

  22. Posted by short | August 20, 2010 at 7:23 PM

    I’m getting hammered in the treasury trade as well.

    The issue for pellegrini is that investors in hedge funds want consistent gains or they will flee to the manager with the “hot hand”.

  23. Posted by Gb | August 21, 2010 at 9:37 AM

    I know the man personally.He’s a great example of how an incredibly tiny bit of knowledge can be a dangerous thing.

  24. Posted by MIAMI | August 23, 2010 at 10:11 AM

    So little love for #1, I’m still loling

  25. Posted by Billybob | August 26, 2010 at 6:49 PM

    Paolo is a friggin joke

  26. Posted by Fixit | September 16, 2010 at 2:26 PM

    Paolo is not a joke, he did what we all wishes we could have.

  27. Posted by Fixit | September 16, 2010 at 2:26 PM

    Paolo is not a joke, he did what we all wishes we could have.

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  30. Posted by Lillia Tisdel | October 3, 2012 at 6:43 AM

    The u.s. has only been at war in afghanistan for about 12 several years now and you didnt realize it received cold there? Wow.