Citadel Posts 4.95% Return in January

We view this Bloomberg report with great suspicion. Regardless, as Citadel has to basically generate a 100% return at this point to overcome its 50% loss in 2008, and claw back its high water mark before it can collect incentive fees, we will not hold our breath to hear of Citadel poaching every basis trade portfolio manager from JPM any time soon.