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Phibro's Andrew Hall Managed $2.6 Billion Astenbeck II Fund Down 12% In May, Flat For The Year
And so the damage from last week's commodity crash continues. Reuters reports that the flagship commodity fund run by top Phibro trader Andrew Hall suffered a 12 percent fall last week as oil prices tumbled, a fund investor said on Monday, demonstrating how the plunge walloped some of the market's most experienced traders. "The Astenbeck II fund, which was worth an estimated $2.6 billion in late April, took the hit as oil prices plummeted and commodities saw the biggest price drop in 2-1/2 years last week. Last week's losses would have come to just over $300 million, based on those figures, and likely wiped out the year's 10 percent gains through March. Hall, who made headlines for a giant $100 million bonus while at Citigroup, now serves as the head trader of Phibro, a unit of Occidental Petroleum since 2009. He is well-known as an oil bull who often takes large directional bets on the price. The fund, part of Hall's Astenbeck Capital Management, made returns of 12 percent last year, one investor said. "All the big funds have been hit fairly hard (last week)," said the investor, "Astenbeck is down 12 percent."
Two words: "Hedge" funds.
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I bet he is up 4% today! Why pay 2 and 20 to have someone go long WTI for you?
The Street giveth and the Street taketh away:
http://www.youtube.com/watch?v=AdZbCsL7nL4
I almost feel bad for them.....
When in doubt double or triple down bitchez - Martingale strategy - go leveraged beta -go!
John Galt wanted to punish those that make their money unproductively. We ain't seen nothing yet, I hope. Let the house of fiat fall finally.
If all these Big monied gaints lost money, WHO THE FUCK was SELLING???????/
Funny that hedge fund managers cash in bigtime when they make gains.
But do they have to return money, when their fund loses ?
No, of course not.
Wow, capitalism at work here.
it looks good on that flamer.
Always gives me a nice warm fuzzy feeling to hear that one of these parasites has lost money.