Good evening world from old town Bay St Louis

I don’t have Mr Chaney’s (aka Mikey the Cook) proverbial million dollar beach view but the land lord assured  me they are being gang raped on the wind insurance nonetheless folks.

I finally have a bit of broadband here on the coast which would also explain my relative absence.

Mr CLS was smoking hot today on Yahoo! ALL plus I heard a very familiar old name today in hedge fund manager Daniel Loeb.  Seems his fund has lost its ass and he can’t bring himself to man up and take the blame for it.  Some of us can make money on EDC Danny Boy.  :mrgreen:

I’m feeling particularly ornery tonight….

sop

4 thoughts on “Good evening world from old town Bay St Louis”

  1. You sure about that? I saw only one fund listed on the 09 year end letter, probably the only one that was worth talking about.

    http://www.scribd.com/doc/27903456/Third-Point-Q4-Letter

    Here is a fuller list on the Q1 09 letter.

    http://www.scribd.com/doc/16565612/Third-Point-May-2009

    The problem with going to the unregulated hedge funds themselves for their return info is the spin. They are incapable of coming clean unless they absolutely have to.

    According to Loeb’s most recent letter assets under management totalled $3.3BN which is less money than the $3.5BN he told Bloomberg he had in October 2005. His wiki entry has a now broken link to one of his press releases where he touted Third Point as having $5.5Bn under management. Because of new money coming in and cash out distributions it is hard to calc a return from his fund’s asset base though that number does bear a direct relation to how much in fees his fund generates for himself and his money managers.

    That said his hedge fund also can’t be generating 30% plus returns when his asset base has significantly shrunk. In fact if he were doing that well people would be falling over themselves trying to get in his front door in a greed driven frenzy.

    Hedge funds go bust too Jr. I was there when Amaranth imploded. Loeb has talents both picking equities and with blarney.

    sop

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