Without a little alleged help, it’s proven harder for hedge fund managers to make money on The Most Important Vaccine In Human History than one might expect. It is, however, one thing to not make money, or not as much money as might have been possible and you might have liked, on failing to predict just how quickly the Pfizers and Modernas of the world would figure this thing out. It’s quite another thing to lose all of those frothy pandemic profits you thought you’d booked betting on the end of the world. Just ask Said Haidar.
His Haidar Jupiter macro hedge fund slumped 23.5% in November, its biggest monthly decline since starting more than two decades ago, as bets against stocks suffered in a global market rally…. “We were caught off guard by a series of vaccine announcements in rapid succession, with much higher efficacy rates and highly expedited approval, manufacturing, and distribution timetables than earlier guidance suggested,” New York-based Haidar wrote to clients…. The fund, which had gained as much as 68% through August this year, is now up 15.5%.