Ready to wring 2016's neck with his bare hands.
This year was supposed to be different. The ball was going to drop and we weren’t going to talk about all of the terriblethings that happened in the preceding365 and then the market would open on Jan. 4 and bring forth an avalanche of kittens and puppies and sugarplums and nice, steady returns. Right? Right?!?
If last year was a tough one for the swing-for-the-fences hedge fund managers who became synonymous with moneymaking in years past, the first few months of 2016 are looking just as bad.
These losses have become harder for impatient investors to stomach following big losses last year….
Now some brand-name managers who have recorded big losses for many months are facing pressure from investors to redeem their money — something that could lead them to sell their holdings in stocks in order to come up with the necessary cash.
Take Larry Robbins: After 2015 slammed him into the boards and then kicked him in the stomach a few thousand times with its extra-sharp skates, Robbins took the damn-nigh unprecedented step of saying “sorry for having been a shitty hedge fund manager.” And he promised to “right the ship as quickly as possible.” Unfortunately, “as quick as possible” isn’t proving very quick at all.
Over the first two months of this year, his $9.2 billion Glenview Capital Management’s flagship portfolio lost 15 percent. The new fund — called GCM Equity Partners — is down 5.2 percent. Even worse, the Glenview Capital Opportunity fund, a $1.7 billion portfolio that uses leverage or borrowed money to enhance its bets, has lost 22.4 percent through the end of February.