Ron Beller, Peloton Partners, Former Goldman Sachs Partner known best outside the firm for being swindled by his secretary, is going down after a good year last year...+27% short credit.
He and Geoff Grant had 2? bio dollars AUM and have just blown up from what the market is saying. Any news from this informed crowd?
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Peloton
Posted by LeverHedge, Feb 27, 2008, 1:35pm
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Entry: Peloton
posted by LeverHedge
Feb 27, 2008 6:09PM
multi strat and credit.
kaput.
Listen to me now, believe me later.
Entry: Peloton
posted by LeverHedge
Feb 28, 2008 10:36AM
Its all over the news now.
But basically its the ABS fund that will zero out. They had 500 mio ? of the multistrat fund invested in the ABS fund....and probably a few trades that looked like that in the main fund. So it might escape "only" down 50%. But the ABS fund will zero out.
Entry: Peloton
posted by LeverHedge
Feb 28, 2008 11:10AM
Thats the best part of the story. He PR'd the hell out of himself, Beller, in late January because after a good year, he couldn't raise new capital. He was in divorce proceedings with his partner and decided to swing for the fence.
He was not well liked in London Macro Community. People will be dancing on his grave.
Entry: Peloton
posted by LeverHedge
Feb 28, 2008 11:45AM
http://ftalphaville.ft.com/blog/2008/02/28/11256/pelotons-bad-news-for-investors/
Entry: Peloton
posted by LeverHedge
Feb 28, 2008 11:50AM
"which has delivered excellent performance since inception"
What kind of guy puts that line in his "I lost all your money" letter?
One who is completely delusional.
Entry: Goldman Sachs: Layoffs, Rumors, Retirements and A Controversial Promotion
posted by LeverHedge
Mar 04, 2008 1:23PM
Spilker is a muppet.
Lloyd's coffee boy.
Unbelievable that a guy of this caliber makes it onto the management committee.
Sell Goldman. Its not the franchise it once was and anybody worth their salt has left to start their own fund. Most successfully, a few of Spilker's old colleagues, not. Like Beller and Grant.
Entry: Centaurus Loss?
posted by LeverHedge
Mar 04, 2008 1:33PM
Really false rumor mongering.
These guys have been so good for so long that they really don't deserve your derision. They were down 3% in Jan and up 20% in Feb. They've been that volatile since inception and must be up over 1000% in the last 4 years. Insanely good at what they do. And they've run at least 3 of their competitors into the ground in the last 2 years.
Entry: New York Is The New New York, London Not So Much
posted by LeverHedge
Mar 05, 2008 11:03AM
Fortress is in fine shape.
Cramer ranted against them this week knowing almost nothing about their business. The only viable critique is that people who bought their equity on the opening day, at the post ipo highs, have been fcked hard. Their listed equities, Newcastle, Gagfah etc have suffered as leveraged real estate trusts that dabble in credit. But these vehicles makeup less than 10% of their earnings and the other businesses are all doing fine. Largest earner right now is their hedge fund business which is growing and up on the year by 3-5%.
They fired a few PMs in the equities business, but that was house cleaning. Not desperation.
Earnings released later today. Conf call should be worth listening to....
Entry: New York Is The New New York, London Not So Much
posted by LeverHedge
Mar 05, 2008 4:11PM
I was wrong. Earnings not out today. Later this month.
Entry: Write-Offs: 03.11.08
posted by LeverHedge
Mar 12, 2008 7:19AM
For the Goldmanites properly valuing their time:
http://www.stadiumpal.com/
Entry: Fortress: How Dare You Denigrate Our Losses By Calling Them Losses
posted by LeverHedge
May 14, 2008 10:41AM
The IPO was at 18.50. It traded much higher.... but should they be judged by the insane mania for listed private equity-hedge funds, or by their results?
Start to look into what drives the firm's earnings, and writedowns of partner compensation and the castle investments, and your focus on Wes is really foolish. That is not where the cheddar is made, nor why its bouncing.
Entry: Fortress: How Dare You Denigrate Our Losses By Calling Them Losses
posted by LeverHedge
May 19, 2008 1:21PM
Guest 11:49 A.M....
FIG continues to take in new assets in their hedge funds and hybrid hedge funds and have an almost unlimited call on private equity from satisfied investors.
The fact that they IPO'd some investments and those have gone down, does not make them bad money managers. Rather the opposite that they've found a way to monetize some of their early stage investments or their leveraged roll ups.
I don't know what the 90% number is. But what I do know is that their listed equity is a buy and is trading "only" down 15% from its IPO price. Their business is in good shape and even thriving in these markets.
Entry: Credit Suisse Looking To Jump Loan Gun Again?
posted by LeverHedge
Feb 27, 2008 5:40PM
Speaking with Citi recently about emerging market debt....and they said they would take care of my needs there, but asked if I would be interested in an appetizer of Leveraged Loans by any chance? Seriously.