Dear Investor....
This will be the funniest thing you read today:
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ACME Systematic Leveraged Macro Momentum Fund LP
321 Overprice Street
Greenwich, CT 00573Dear Investor,
This letter is to inform you that the wheels have come off of the proverbial wagon at ACME Systematic Leveraged Macro Momentum Fund LP, and that the same awesome thematic portfolio that made you feel (in the first half-year) as if you'd become very rich in comparison to those sucking wind on their leveraged MBS portfolios or Japanese Small-Cap Value Funds, has, quite literally, spontaneously combusted in our faces...
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Tuesday, August 12, 2008 | 09:42 AM | Permalink
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Comments
Bahahah. Someone yelled at me, called me an ass, etc., a few weeks ago when I told them he was a sheep about to get slaughtered when he bought POT at 220. Now it's the butt of an internet joke!
Posted by: RJ | Aug 12, 2008 10:23:01 AM
That read sounds all too familiar. Was Cassandra hacking into my personal portfolio????
Posted by: Deano | Aug 12, 2008 10:39:51 AM
Barry
This is a hoot, but thank you so much for turning me on to Take a Report. That has to be the funniest, twisted dude in NY !
Posted by: String | Aug 12, 2008 10:45:22 AM
Classic. Thanks for sharing BR, I am amazed at your ability to find good content on the WWW.
Reminds me of one of my favorite "Wall St." quotes from Gordon Gekko:
"Wanna know why most of the fund managers out there cant beat the S&P...
Because they are sheep. And sheep get slaughtered."
Its just that now we find ourselves with all these extremely "bright", cream-to-the-top, over-educated, drowned-in-math-with-blinders-on, hedge fund prodigies with alphabet soup after their names who thought they were all hot shit until the quant models broke down...
Just a new breed of complex hybrid sheep, playing out the same story lines that the sheep always have.
Jesse Livermore would be laughing in his saddle shoes at the sheer repetitiveness of human nature and how it always seems to play out the same in the market.
Let me guess... now its long 'nancials, long dollar, short oil, short ags, short coal, short steel...
Posted by: AC | Aug 12, 2008 10:57:09 AM
The SEC needs to look at the legality of high water mark clauses. Management must be properly incentivized. In all cases, these restrictions on manager freedom and initiative must be removed retroactively and dynamically as the situation warrants.
Furthermore the Fed must work with Congress to cut high carried interest rates, or as it should be renamed, a "Work Tax" - since many managers could simply stop working if they choose to.
Don't even get me started on removing the cap on Social Security taxes, cuz I'll tell you who we need to cap...
Posted by: VennData | Aug 12, 2008 11:04:14 AM
BR - tnx for the crosslink. It is worth noting - despite my lampoon - that (as with the tech wreck) the majority of sober and experienced managers didn't overstay their welcomes, and were probably even early in flattening or fading it. All which begs the question as to "who" was responsible for that end-of-Q2 hurrah! in the anti-dollar complex...
Posted by: Cassandra | Aug 12, 2008 11:10:56 AM
Off topic comment: Did anybody notice that today we crossed a psychological threshold; total banks credit write-offs (Bloom: WDCI) just passed the $ 500 billion mark!
Just another $500, $1,000 eh $1,500 to go depending on who you ask
NLF
Posted by: NLF | Aug 12, 2008 12:03:39 PM
I think we should check out the people who were conspiring to bring down the stocks they owned.
Posted by: Floyd | Aug 12, 2008 1:08:54 PM
that..............was.............funny!
Posted by: Carmen | Aug 12, 2008 1:19:01 PM
Take a report, Chris Martinson's, Now This,
Influentials on the web are the ultimate top
level filter. Thanks again BR! I'm loving it!
Where will it all lead? The ultimate Meritocracy? Solutions to perpetual energy and aging? Who knows...
Posted by: Simon | Aug 12, 2008 7:20:30 PM
