It’s not like the country has a history of them or anything.

Almost four years ago, the Argentine people heeded the cries of the global financial elite and elected a Wall Streeter president, putting an end to 14 years of left-wing populist governments with a penchant for not paying the country’s bills. For this, they were rewarded with a 100-year bond, but also without the promised upturn in their economy, a new round of International Monetary Fund-imposed austerity, a collapsing currency, price controls, an inability to sell 40% notes and the impatience of the global financial elite for more. It’s no wonder, then, that they’ve all but decided not to do it again. What is more of a wonder is that the global financial elite do not appear to have seen it coming.

Robert Gibbins’s Autonomy Capital lost about 16% in the first half of August, people familiar with the matter said…. His fund had been up 7% through July….

VR Capital also took a big hit. Its flagship fund lost 14.5% this month through Aug. 16, according to people with knowledge of the returns. The fund had been up 10.3% through July….

Glen Point, a London-based macro hedge fund that invests in assets including emerging markets, slid 4% in the first half of the month in part due to Argentine wagers, said people familiar. Meanwhile, Zach Schreiber’s PointState Capital lost about 3%, paring his gains for the year to about 5%....

“It was very painful to watch 8% of one’s valuation destroyed in an instant,” the hedge fund manager wrote in an investor update seen by Bloomberg. Odey questioned how much more money he could lose after the peso tumbled to a record low of 60 per dollar. His fund was already down 0.6% in the first seven months of the year, the update showed.

Well, given that Wall Street has decided that Argentina’s next left-wing populist president probably won’t be as bad as the last one, in spite of the fact that she picked him and will be his vice president and no one seems to actually know what he plans to do, that seems at best an idle question and at worst a foolish one, but then really who could have predicted this turn of events anyway?

Hedge Fund From Autonomy to Odey Tumble on Argentine Swoon [Bloomberg]

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UK Hedge Fund Manager's Chickens To Maintain The Lifestyle They've Grown Accustomed To In 2013

What motivates a hedge fund manager to continue busting his ass to churn out profits year after year, once he's already amassed a fortune most people can't even fathom, when he could easily pack it all in and live more than comfortably without ever working another day? For some, it's the thrill. For others, it's the trophy's wife's shoe habit. For Crispin Odey, it's the chickens. The Odey Asset Management founder (and sausage brand ambassador)'s got a mess of high-maintenance ones and earlier this year, had architects draft blueprints of a "Palladian-style" mansion he intended to build them (seen at left), replete with a grey zinc roof, "pediments, cornice, architrave, and frieze in English oak," and columns "hewn from the finest grey Forest of Dean standstone." After finishing 2011 down 20.3%, things were no doubt more than a little tense over in Herefordshire, where questions of whether or not construction would have to be halted, or if they'd have to make the switch to [whispers] generic-brand feed. Certainly a moment of panic swept over Odey each day when he returned home, wondering as he turned the knob if he'd be entering an empty house, the chickens gone and a note explaining they couldn't do this anymore on the fridge. Ran off with the general contractor because what was the point of shacking up with a money manger if the money wasn't there? Luckily for all parties involved, it won't have to come to that; according to Bloomberg Markets' annual ranking of the top performing hedge funds, performing under pressure is one of Odey's specialities.

UK Hedge Fund Manager Sets Unreachably High Bar With Resplendent Private Residence For Chicken Friends

Crispin Odey is the founder of Odey Asset Management, a sausage brand ambassador, and a guy who unwittingly made fellow hedge fund manager Philip Falcone's life* a living hell when he pulled this stunt: ...Odey has upped the ante for poultry accommodation – he’s building a temple for his chickens for which the stone alone costs £130,000. The Palladian-style chicken house, designed by Christopher Smallwood Architects, has won planning approval from the Forest of Dean District Council, and will sit on the hillside above Eastbach Court, Odey’s Grade II-listed home. The temple’s roof – adorned with an Anthemia statuette – will be fashioned in grey zinc; the pediments, cornice, architrave and frieze are in English oak; and the columns, pilasters and rusticated stone plinth are being hewn from finest grey Forest of Dean sandstone. Naturally, the doors will be painted in the Odey Asset Management founder’s favourite Hague Blue – “to match the doors around Eastbach Court”, according to the plans...“The temple will be a lovely place when it is finished at the end of the year,” Odey said from a grouse moor. “The chickens will be grand.” Nice for the chickens, but obviously this gesture makes Phil look like a deadbeat by comparison, as he merely allows his pet pig Wilbur to live in his apartment and has never even suggested getting her her own place. You can bet someone will be printing a copy of the article and placing it prominently on top of someone's morning paper, and god help that someone if he doesn't get on the horn about building her the god damn Taj Mahal, ASAP. Crispin Odey’s chickens come home to (a luxury) roost [Telegraph via FT Alphaville] *And the lives of all deep-pocketed animal owners.