It’s Gone, It’s All Gone: Hedge Fund Manager Loses 99.8% In 9 Months, Tells Investors He Is “Sorry” For “Overzealousness”
from ZeroHedge:
Day after day, mainstream media proclaimed December the month to be in stocks: seasonals, Santa Claus rally, and performance-chasing funds would ‘guarantee’ upside. For Owen Li, former Raj Rajaratnam’s Galleon Group trader, and the clients of his Canarsie Capital hedge fund, December 2014 will never be forgotten. According to CNBC, from around $100 million in AUM in March 2014, Li told investors in a letter, the fund had lost all but $200,000 and he was “truly sorry,” for “acting overzealously” in the last 3 weeks.
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Whistler Blowers, Insiders
Yep… all those Millionaires and Billionaires trusted the right guy with their money. It’s OK, just a small tax write off. No problem. They still have much much more to lose.
Tip of the iceberg.