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发帖数: 901 | 1 Last August, billionaire money manager Stanley Druckenmiller, a George Soros
protégé, closed his hedge fund… And we told you to expect more high-
profile fund managers – guys who have made billions of dollars – to close
shop. At the time, we wrote…
Stanley Druckenmiller is hanging it up. Facing the first down year in a 30-
year career as a hedge-fund manager (his main fund is down about 5% this
year), Druckenmiller has decided to return his clients' capital and retire.
We think you'll see more of this – that is, more hedge funds going out of
business – as the global credit bubble deflates.
Druckenmiller's career happens to correlate perfectly with the largest
inflation in history. As credit multiplied between 1980 and 2010, folks like
Druckenmiller were paid unbelievable sums for managing the resulting
capital flows. But… the credit spigot has been tightening up, at least for
private capital. Now, the only bubble left is the one being blown up by
Washington in the form of Treasury obligations. – Porter Stansberry, August
18, 2010 S&A Digest
Today, two hedge-fund titans, including Druckenmiller's former employer,
announced they're closing their funds to new money. George Soros announced
his flagship Quantum Fund would not accept new "non-family" money,
converting the fund to a family office… This is the first time he closed
the fund in 38 years. Investors who invested $100,000 with Soros at the fund
's 1973 inception are sitting on more than $100 million today… Soros
averaged around 20% a year, a cumulative return of more than 100,000%. Only
Warren Buffett performed better over the same time period, returning around
135,000%.
According to Soros' sons, they are closing the fund because of new rules
that regulate hedge funds. As a family office, the Soros clan can run money
without regulatory bothers. We think the true reason for the closure is a
combination of what we wrote above and ego… Soros was down 6% this year
through June. And last year, the fund returned 2.63%.
Starting August 1, Steve Cohen of SAC Capital Advisors, another billionaire
fund manager, will no longer accept additional money from new or existing
investors. If we were Steve Cohen, we'd shut down completely… The SEC is
after him. |
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