A Special Opportunity From Citadel Investments

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Hedge Fund Alertreports that Citadel has begun pitching a long/short equities vehicle to be launched next month. Here are the deets:
* 2.5% management fee
* 25% performance fee
* monthly liquidity
* no lock-up
* If the fund falls below the high watermark, "it will still charge a performance fee, albeit at a reduced rate of 12.5 percent," which will remain in effect until it has earned back 250 percent of the drawdown. (Kensington and Wellington do not charge performance fees if assets drop below the HWM, which sometimes happens.)
Earlier today we obtained a copy of the fund's marketing materials. We've determined them to be phony, but will pass them on at this time, as they seem to speak a bit of truth.


Dear Potential Members of Team Citadel,
Much as we'd like to avoid the subject of wo-thousand-eight-tay (or what's known around these parts as annus colonus rapus) we wanted to alert potential investors of some fixes we've made here at the bunny ranch. We think they'll ensure your decision to pick us.
Let's just suppose a big hedge fund has a rough year, which is in no way said fund's fault, but that of people who start to spread ridiculous horse shit rumors, etc, etc, etc. Some of the money goes away, and so on and so forth. Basically, let's just imagine, and we're not saying this is going to happen but let's say it did, that things got ugly. A risk would be posed that the whole enchilada could go down, and that would be bad. Which is why we've decided, in order to avoid the possibility of that happening, to put some safe guard measures in our new fund. Here's the pitch. Tell us if it grabs you.
In the event we start to lose the money, and we're not saying this is going to happen and we really don't think it will this time, 'cause everything is just plucky, but in case it does, there will be no reason to panic, or run for the exits. Because: we will maintain a 12.5 performance fee, in the interest of our investors. Done. Problem solved.
True or false: we've made you an offer you can't refuse? Truth. Count your stars lucky and get in line for this can't miss opportunity.

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