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On Citadel's 20th Birthday, Ken Griffin Has Some Words Of Inspiration For LPs Courtesy Of Grandma

Tyler Durden's picture




 

No, it is not that redemption gates are coming up again, or that the firm has lost half (or all) of any given team to some other firm that actually doesn't think it is an investment bank-HFT-options-distressed debt conglomerate (ironically Citadel is one of the last investment banks that is not a bank holding company.... when everyone else is a bank holding company...that's ok - Kenny has the balance sheet... until he doesn't), or that it may actually be above its high water mark for the first time in over 2 years... Instead, Ken Griffin recounts the wise words of his first investor and Citadel founding inspiration - grandma Gratz: "While Citadel is remarkably different from what it was 20 years ago, my core vision remains the same, defined by the attributes that my grandmother exemplified - strong character, courageous action, and honor in all her business dealings. These enduring values have underpinned our success and will carry us into the decades to come." Well, when you can't boast with P&L, which is what you actually are paid for, you can at least regale them with stories of your great grandfather's mustache.

Ken Griffin's latest:

Citadel Letter Dec 22

h/t Douchebagger

 

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Mon, 12/27/2010 - 12:13 | 831621 Cognitive Dissonance
Cognitive Dissonance's picture

Well, when you can't boast with P&L, which is what you actually are paid for, you can at least regale them with stories of your great grandfather's mustache.

Tyler, don't you mean grandmother's mustache?

 "While Citadel is remarkably different from what it was 20 years ago, my core vision remains the same, defined by the attributes that my grandmother exemplified - strong character, courageous action, and honor in all her business dealings.

Sounds like grandma had some moral balls, something severely lacking in either sex these days.

Mon, 12/27/2010 - 12:16 | 831624 RobotTrader
RobotTrader's picture

Griffin should fire his entire staff and replace them with video game champs who are most adept at chasing motion on a screen.

If he doesn't, his fund will be mired in mediocrity again in 2011.

Mon, 12/27/2010 - 12:20 | 831631 Bearster
Bearster's picture

He should fire the quants and hire the lobbyists, former regulators, former Fed staffers, former Goldman Sachs executives, and others with advanced knowledge of what the government will do the markets next.  If he doesn't, his fund will be mired in mediocrity (at best).

Central Planning, bitchez.

Mon, 12/27/2010 - 17:53 | 832259 pamriallc
pamriallc's picture

Ken has done an outstanding job in the past several years.  He was also smart to diversify sources of revenue and funding, using his firm's core liquidity position as an additional asset.  Very, very smart man.  Forward thinking.  I would *love* to have been in the forefront of the myriad of "firsts" which Citadel is responsible for creating.  No one is perfect.  I suspect that's why everyone tries to sling so much mud at the guy.  Reality is that with $10BLN in assets, he's made a tremendous contribution to his partners, and without the fanfare of so many before him who were taken out feet first or worse, became an embarassment to the craft of running a successful hedge fund franchise.  Shawn A Mesaros

Mon, 12/27/2010 - 12:22 | 831633 tickhound
tickhound's picture

Ah yes, the prelude to the proverbial "dog ate my homework" excuse.

Mon, 12/27/2010 - 12:24 | 831636 RobotTrader
RobotTrader's picture

Many of the IBD Top 100 mo-mo players have been taking profits the last 4 weeks as these stocks have had monstrous runs.

We'll have to wait and see if there are a bunch of hungry speculators who missed the move in these high flyers and take a risk by front-running these stocks this week before the the 2011 high-beta funds come in January.

Certainly, a lot of 401(k) plans are going to see some re-allocation out of bonds and back into equities after 33 weeks of outflows.

That is a ton of money that will have to be "put to work".

LOL....

Real time charts of the Top 100 here:

http://clearstation.etrade.com/cgi-bin/bbs?post_id=9592582

Mon, 12/27/2010 - 12:33 | 831650 TradingJoe
TradingJoe's picture

Very optimistic indeed, Robo!

Mon, 12/27/2010 - 13:01 | 831689 Agent P
Agent P's picture

Granny always said, "Carry yourself with strong character, courageous action, and honor in all your business dealings...then charge 'em 2 & 20."

 

 

Mon, 12/27/2010 - 13:01 | 831693 doolittlegeorge
doolittlegeorge's picture

u callin me a mo-mo monkey, beach?  just a "truck driver hangin' in Vegas."  hmmm..."redemptions" eh?  oh pirates yes they rob i/sold i to the merchant ship/minutes after they took i/from the bottomless pit/but my hand was made strong/by the promise of the Almighty/we forward in this generation/triumphantly

Mon, 12/27/2010 - 13:07 | 831699 Oh regional Indian
Oh regional Indian's picture

The most interesting thing I saw in this missive was that the loading circular thingummy for Scribd has Saving Trees written below it. Clever, whoever thought of that.

ORI

http://aadivaahan.wordpress.com

Mon, 12/27/2010 - 14:34 | 831828 The Alarmist
The Alarmist's picture

OK, I thought I was heartless when I churned Mom's account every quarter to make the grid, but putting your granny in a hedge fund is just evil.

 

Mon, 12/27/2010 - 14:38 | 831838 TexDenim
TexDenim's picture

We lost your money, but my grandma still likes me. So there.

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