Tags: abortive rebound efforts, Ebullio Capital Management, resiliency
That Ebullio Capital Management’s Commodity Master Fund would be liquidated is not a surprise: Most hedge funds that lose 96% in two months meet such a fate.
What is a surprise is that said fund is liquidating three-and-a-half years after those losses, and only because (a) it was still able to find counterparties with which to enter into contracts that it could breach or reach oral agreements to roll, depending on whose story you believe, and (b) because a Cayman Islands judge has ordered it be so.*
Unfortunately for the ECMF’s remaining (and, it must be said, very patient) investors, this means that their losses are about to be extended to 99.8% or so. Read more »
Tags: Crazy Heart, Ebullio Capital Management, Lars Steffensen, movie quotes, who feels better about all this now
Also considered going with: 'I think we'll be okay here, they have a thin candy shell.'
Ebullio Capital Management is the commodities fund that lost 86 percent in February, after declining 70 percent in January, and YTD, is down 96 percent. We’ve already discussed the fact that in his letter to investors, founder Lars Steffensen was able to a) offer hope, by noting his ample qualifications to come back from such sack-rippingly bad results (“We took a hit,” Lars wrote. “I’ve always bounced back”) and b) look on the bright side, and make the argument why, performance aside, you’re better off sticking your money with him than some other joker who’ll just lie to you (“Most Managers would probably try to hush this up and not send out this Newsletter, but we have always been about transparency and having broadcast our winning months, we are going to do the same with our (albeit quite a lot more spectacular) losers and take the heat that comes with the territory.”) Now, Zero Hedge has obtained the full letter and there’s even more to love! Namely a pearl of wisdom Lars picked up while watching Crazy Heart, which is that you don’t see the ass-bleeding on the horizon until you’re laying face down on the couch, too uncomfortable to sit normally at your desk due to the Rectal prolapse.
Despite our very upbeat view on the future and performance of the Ebullio Commodity Fund, we have obviously had a tough couple of months and have certainly come to realize with Bad Blake (played by Oscar winning Jeff Bridges) in “Crazy Heart”: You don’t see it coming ’til it’s gone.
Read more »
Tags: albeit quite a lot more spectacular, also don't forget they're very genergously waiving the 2 percent management fee so there's that, Ebullio Capital Management, Lars Steffensen, let's talk about all the stuff we did right-- like writing you this letter, looking on the bright side, parenthetical aside of the day
Once again, I’m not asking for myself, I’m asking for Ebullio Capital Management, and its founder, Lars Steffensen. For those of you who haven’t been keeping up on your ass-bleeding news, Lars’ commodities fund lost 86 percent in February, after declining 70 percent in January, and YTD, is down 96 percent. He mentioned this to investors the other day, while also noting that the losses? While seemingly sack-rippingly bad? They are but a blip. Lars has seen worse, way worse, and he’s always “bounced back.” He also made a case for why you should stick with him, despite the fact that “Sac ripping,” “Ass bleeding,” “Clown facing,” and “Donkey punching” would all be accurate descriptions for what’s happened to Team E during this extraordinary quarter. Read more »