We don’t know if Paul Singer believes in karma or what-goes-around-comes-around or South American witchcraft. What we do know is that immediately after forcing Argentina into default, his hedge fund’s worst month in five years dawned.
Oh yea, by the way? Paul Singer’s worst month in five years was a 0.8% drawdown. So he’s probably not too worried.
Mr. Singer's Elliott Associates L.P. dropped 0.8% in August, trimming its year-to-date returns to 4.7%, the update showed. Hedge funds on average are up 4% this year, according to research firm HFR Inc. Elliott has made money in 22 of the past 24 months.
And what about Argentina? Well, Elliott may have the savior of its economy on its side, but Argentina’s got a motherfuckin’ Nobel Prize winner on its. So there.
Argentina is right to fight the U.S. court ruling that pushed it into default in July, Nobel prize-winning economist Joseph Stiglitz said….
"The current situation is unsustainable and all Argentina is saying is we need an international convention for sovereign debt restructuring to resolve these issues," he said.