Experienced fishermen know that sometimes the fishing is good -- and sometimes, it ain't.
Bloomberg reports on Mark Fishman, a famed bond trader previously with SAC Capital. His main fund, Sailfish Capital Partners LLC, has lost about half its assets since July because of soured investments and clients pulling money, according to two investors, cited in the article.
Fishman, 47, Sailfish's investment chief, left SAC in March 2005. After losing more than 12% in August, clients pulled about $400 million from Fishman's Multi-Strat fund this month alone, cutting assets to $980 million. Bloomberg cites increased mortgage defaults and credit markets seizing up as two reasons hampering performance at Sailfish.
I wrote recently about former Fed Chairman, Alan Greenspan, joining up with a leading hedge fund. Maybe Alan's looking to catch a few bond-trading fish to join him.
Zack Miller is the Managing Editor of IsraelNewsletter.com and a former equity analyst for a leading multinational hedge fund.
Fishing for returns... and coming up empty
Posted Jan 17th 2008 6:59PM by Zack Miller
Filed under: Bad News, Industry
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Reader Comments (Page 1 of 1)
1-18-2008 @ 3:20AM
nikolatroev said...
I love this article and Zach's writing. I read him, Bill Car.com, Rob Wallas in www.WallastonInvevstments.com and Bespoke Guys at their website.
1-18-2008 @ 3:25AM
Zack Miller said...
thanks for the nice comments, nikolatroev