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]

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