letters

Market Tumult Sucking The Fun Out Of Hedge Fund Letter Writing These Days

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The uncertainty about the world that Mr Druckenmiller has conveyed in many private conversations over the past few weeks finds similar expression in the quarterly letters that other hedge fund managers have sent out to their investors. The letters from Greenlight’s David Einhorn are usually scoured by investors for prescient market themes. But in his latest quarterly letter, Mr Einhorn was more reticent than usual. John Paulson has also moved away from his bullish views. “Nobody is sending out definitive ‘this is my view’ letters these days,” says one senior hedge fund executive at a leading bank. “Nobody has any conviction. We go through rallies and we go through sell-offs and nothing is well sustained.” [FT]

Stanley Druckenmiller Really Beating Himself Up

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The aforementioned good-bye letter.

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Let’s Talk About: CFA (Level 3) Results

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Forty-six percent of you are likely feeling prettay prettay prettay good this morning, possibly on account of celebratory morning drinks. The rest of you are probably in not as great a place, on account of having just thrown away the last 4-6 months of your lives. Continue reading »

Scottwood Capital’s Advance Of Month End Ass-Grovelling Letter May Not Have Been Necessary

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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.

Good Luck To All

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It’s CFA time tomorrow and we know everyone taking it is going to do great! And if you don’t, it’s not like this shit matters– just ask any of your MBA friends. Alternatively, think about it this way– becoming a Chartered Financial Analyst will spell the end of your budding pornography career. Plus, we’ll be throwing a special pity party for the failures, so there’s that to look forward to. And because I know some of you are sensitive:

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Scottwood Capital Would Like To Take A Moment To Address The Unprecedented Ass-Bleeding

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They don’t typically do so but this has been an extraordinary month and one which begs a whole bunch of questions, including but not limited to, what happened, where are we now, were we drinking too much of our own Kool-Aid and, most importantly, what does rectal prolapse really feel like?

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Eddie Lampert Reads

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eddielampert.jpgESL founder and Sears Chairman Eddie Lampert released his annual letter to shareholders yesterday, in which he unloaded a year’s worth of angst. First, the rating agencies. While Eddie understands that they sometimes err on the side of caution, he just doesn’t agree “with all of the critical qualitative conclusions.” Next, business leaders, regulators, public officials and journalists- they’re all the same. They “have become an echo chamber of self-support and self-congratulation, whether on TV, in print or at numerous conferences. Their words and their actions are often self-serving and they are typically regarded and reported on as if they were obvious and selfless.”

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