If there’s a rustle in your hedge fund

You have every right to be alarmed:

A hedge fund manager told clients he is “truly sorry” for losing virtually all their money.

Owen Li, the founder of Canarsie Capital in New York, said Tuesday he had lost all but $200,000 of the firm’s capital — down from the roughly $100 million it ran as of late March.

“I take responsibility for this terrible outcome,” Li wrote in a letter to investors, which was obtained by CNBC.com.

“My only hope is that you understand that I acted in an attempt — however misguided — to generate higher returns for the fund and its investors. But even so, I acted overzealously, causing you devastating losses for which there is no excuse,” he added.

I’m guessing this was not from 90-day oil futures at $200.

(From Zero Hedge [!] via @SwiftOnSecurity.)





2 comments

  1. McGehee »

    22 January 2015 · 10:55 pm

    He went long on Pelosi futures.

  2. Roger Green »

    23 January 2015 · 5:32 am

    One of your better titles!

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