Dennis Gartman Seeking To Raise $200 Million For Hedge Fund
Commodity bull Dennis Gartman has decided it is time to collect a little 2 and 20 luvin' presumably a more lucrative venture than reaping the benefits of newsletter subscriptions. Hopefully the fund, if it ever launches will be a little more diversified than just a couple of thousand BOEs. To observe the effects of a lack of diversification, one only needs to observe the performance of Ackman's Target fund.
The fund is currently long soybeans and short wheat and
long gold and short the euro, he said. “It’s something I’ve wanted to do for a long period of
time,” he said.
We wish Dennis the best of luck, especially with his long gold position. Then again we doubt he will need it, because as he says, " the
hedge-fund industry has probably bottomed since the slumping
economy last year eroded asset values and forced many funds to
close." Then again, wanton hedge fund creation has rarely if ever been seen indicative of a market top.