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Bloomberg Article today By Katherine Burton and Saijel Kishan - "Hedge Fund Research Inc. show. It's the worst start to a year since the Chicago-based firm began tracking returns in 1990"....
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That story is getting a lot of air time today, and it should - 18 year lows are statistically significant. Can you imagine what these numbers would look like if they back tested 25,000 PM's performance across real bear market cycles like that of 1973-75?

The numbers for June's quarter end are rolling in, and the tide is rolling out on the levered long community. To borrow Buffet's analogy, now we can see who was swimming naked, without a risk management process.

I've been making this call since November of 2007 when I left the buy side. So now, at the very least, I do not have to endure the countless "you have an axe to grind" emails I was getting 9, 6, and 3 months ago from strangers. They were levered long, and ultimately proven wrong.

KM