Astenbeck Capital Management
The castle-dweller, who Citi got rid of last year after the public got its panties in a bunch over his $100 million bonus and Vikram found himself between a rock and a hard place (that place being the US government’s steel-toed boot, just grazing his rectum), informed clients that the fund did everything right, just not right enough.
“Unfortunately, we did not dodge the onslaught,” Mr. Hall, 59 years old, wrote in a June 1 letter to his investors. “We did reduce risk but not fast enough. We did hedge but not well enough. And we did re-enter some markets that we had exited, prematurely, as it turned out.” His commodities fund posted a decline of more than 10% last month, its weakest month in the last two years, to put it down nearly 10% this year through May, which is behind similar hedge funds. Mr. Hall was bullish as shares of commodity producers and other energy investments declined.