On Friday we noted that Simmons and Company had upgraded BP to a buy, making the fact that its namesake, Matt Simmons, had been going around talking about nukes and BP not lasting through the summer slightly awkward. Also a tad uncomfortable was the fact that the company wrote its investors telling them to “disavow” any words that come out of Matt Simmons’ mouth. Well guess what, former pals? Simmons doesn’t need you– he doesn’t need any of you! Which is why he announced today he’s taking his insights and leaving, with a resignation effective June 30 (lotta stuff to clean out of the office, couldn’t be done in one day).
alrighty then
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Posted in:
Communiqués
Scottwood Capital’s Advance Of Month End Ass-Grovelling Letter May Not Have Been Necessary
By Bess Levin
On May 28, Scottwood Capital Management sent a letter to investors to let them know that despite never in the firm’s history had they discussed results in writing during the month, “aberrational circumstances” had forced them to do so. Obviously, one thought this could safely assume they meant things were ass-bleedingly bad, particularly because there were lot references to “lessons learned” and those that received a hard copy of the note reported tears streaked down the page. So more like rectal-prolapse bad. As it turns out, it was more like just a bit of chafing. According to investors the fund ended May down -18.5 percent, leaving them at -2.1 percent for the year.
If You Don’t Like Playing Poker, Consider Re-Thinking This Career On Wall Street Thing
By Bess Levin“If someone’s been successful at poker then there’s a good chance they could be successful in this business,” said Danon Robinson, a partner at Toro Trading, which has on at least one occasion, asked a prospective employee to play a few rounds during an interview. “If you have no interest, that’s almost a red flag…. It’s almost the equivalent of not reading the Wall Street Journal.”
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