Third time's the charm for Meriwether?
Wall Street is certainly no stranger to failure. For over a century, millions of souls have strolled down to lower Manhattan in the hopes of beating the market and making it to the big time, only to have their dreams, lives, and fortunes taken away by margin calls and bankruptcies.
Even more so in our time; since 2006 over a hundred funds and banks have blown up, names like Leeson, Hunter, and more recently Jerome Kerviel have made the news with their spectacular losses. But before Kerviel or Hunter, there was John Meriwether, and the mother of all epic fails: LTCM.
One of the most prestigious funds in its time, LTCM today has become synonymous with massive losses when the firm lost almost $5 billion in just 4 months and was the first and only hedge fund that had to be bailed out by the fed.
Failures of such magnitudes are usually deathblows to a career, but not for the crew of LTCM, and with Meriwether most of all. His last fund, JWM partners, lost 44% and kicked the bucket, so now the lord of loss is raising 2 new funds- this time straying from his relative value style and going macro.
Got to hand it to him though, he’s got balls for trying this after losing money twice over, but seriously how is he still getting money to invest?
Would you give Meriwether your money?
If not, how do you think this will end up?
I admire his perseverance
Meriwether is like banging a $5 whore.....you get a few good pumps in and then you pull out before you get syphilis.
If he manages to raise money it will be yet another piece of evidence showing that a sucker is indeed born every minute.
Wouldn't even give the kid 5 bucks.
Who's more foolish - the fool or the fool who follows?
x
What's Larry Hilibrand doing these days?
Totally agree with you here and from what it looks like, Meriwether's their pied piper.
He was with Meriwether at JWM so I wont be surprised to see them together this time around.
I love the fact that this guy gets creamed everytime voloatility spikes and his models stop working. He's basically the anti-Jim Simons.
Agreed with Gekko21. It's unbelievable how people can be so stupid and naive as to trust this guy again.
No better than Madoff. He knows the fund will blow up but the investors don't.
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