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World's Largest Commodity Hedge Fund And Andrew Hall Taken To Cleaners On Last Week's Energy Plunge

Tyler Durden's picture


And once again we get a reminder why the word "hedge" fund is such a misnomer. The FT reports the Clive Capital, the "world's largest commodity hedge fund" as defined by the FT (although we are more than confident various other and much largest "energy-heavy" funds would be much more appropriate for this moniker) lost $400 million out of its (paltry) $5 billion in total AUM during last week's coordinated energy take down, initiated by the forced margin intervention in precious metals. Clive "is the biggest of several big hedge funds believed to be reeling after the unexpected sell-off hit markets late last week." Clive is not alone: "Others, including Astenbeck Capital, the Phibro-owned fund run by Andrew Hall, are thought to have taken double-digit percentage point losses to their portfolios, according to investors." The FT's take: "The scale of the losses demonstrates that even the savviest investors in commodities were wrongfooted by the correction, one of the sharpest one-day falls on record." Our is slightly different: when a trade has enough momentum, and has been working long enough, even the quote unquote "savviest investors" become a momo chasing herd, with nobody hedging, and a massive drop in prices always likely to be the deathknell for some previously vaunted investor, whose only claim to fame was being lucky enough once to be at the right time and the right place, and to put a huge levered bet that worked out. And praying that he or she can recreate those conditions.

More from the FT:

In a letter sent to investors on Friday and seen by the Financial Times, Clive said it was down 8.9 per cent on the week after what it called “extraordinary” price movements on Thursday. Clive’s management said it was at a loss to explain what had caused crude oil markets to be “annihilated”.

“The move in Brent represented about a 5 standard deviation move, while WTI was a 4 standard deviation move,” Clive said in its letter. A five standard deviation daily move is a exceptionally rare event.

“Economic data was soft early in the week though micro news for oil continued to be bullish. Indeed there was news out earlier in the week of further supply disruptions in Yemen and a substantial technical supply outage in the UAE,” the fund said.

While several fund managers had been slowly positioning themselves for a correction, the speed and scale of the event caught most – including Clive – off-guard. At its low of $105.15 a barrel on Friday, benchmark Brent crude oil had dropped more than $16 in two days.

Thursday’s sell-off was started by retail and non-traditional investors taking profits – a move which triggered automatic selling from quantitative funds and precipitated a rout. The correction means Clive is now slightly down on the year, after strong performance over the first four months to April.

And now that the technical blow off has been eliminated, fundamentals - as in scarce supply and relentless demand - can once again return;

Most managers remain bullish, however, and expect commodity prices to continue to rise. “Physical markets are quite strong,” said Clive in its letter. “We remain positioned in a number of markets.”

Commodity hedge funds are used to volatile portfolio moves. In spite of similar historical setbacks, Clive has a record of returning, on average, 27 per cent on investors’ capital a year.

The fund manager was set up in 2007 by Chris Levett, a former trader at Moore Capital, the global-macro hedge fund run by Louis Bacon.

A 27% return with a negative Sharpe ratio. Sounds pretty damn swell. Luckily, for Clive, it was on the border of TBTF. Many other, smaller energy funds were not quite as lucky when the barrage of margin calls flooded their back offices on Wednesday through Friday. We are pretty sure we will learn just who they were over the next 3 days.


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Sun, 05/08/2011 - 21:52 | 1254342 bob_dabolina
bob_dabolina's picture

Well he didn't eat shit like the guys running Amaranth (Hall was on the other side of that bollocks of a trade)

I think this guy made a billion dollars for Enron though my history of that fiasco has fogged over time.

Sun, 05/08/2011 - 21:56 | 1254360 mynhair
mynhair's picture

You could use a cleaning, ya know?  PHEW!

Sun, 05/08/2011 - 23:40 | 1254570 Oracle of Kypseli
Oracle of Kypseli's picture

These are the guys that Ben wants to punish most. Most stock funds are cooperating with the FED and playing roulette with the money of the unsuspecting 401k owners

If not, that's an example of what they may do to you.

Sun, 05/08/2011 - 21:49 | 1254343 kato
Mon, 05/09/2011 - 00:02 | 1254612 Manthong
Manthong's picture


Sun, 05/08/2011 - 21:52 | 1254345 topcallingtroll
topcallingtroll's picture

Very misnamed.

Unhedged funds is more like it.

Sun, 05/08/2011 - 22:32 | 1254427 knukles
knukles's picture

"Savy", "hedge" and "taken to the cleaners".


Mon, 05/09/2011 - 07:54 | 1254910 Thomas
Thomas's picture

BTW-What's with all the pathetic math? Five-standard deviation move? Time to get new models if anybody believes that would be observed.

Sun, 05/08/2011 - 21:50 | 1254348 Yen Cross
Yen Cross's picture

If I MAY oblige. What are the margin levels on this FUND!

Sun, 05/08/2011 - 21:51 | 1254349 Mentaliusanything
Mentaliusanything's picture

I hope is was their money? - but of course it is. I don't remember why we need these suits that make nothing, produce nothing and are nothing. Parisites are always deadly to the host.

Sun, 05/08/2011 - 22:33 | 1254431 knukles
knukles's picture

In today's financial kleptocracy, all money is their money.

Sun, 05/08/2011 - 21:53 | 1254354 Yen Cross
Yen Cross's picture

Sensational Bantar. Those wanabe Thespians!

Sun, 05/08/2011 - 21:53 | 1254355 Atomizer
Atomizer's picture

I'll bet he's now reading Harvey & Turd. Mumbling under his breath, FUBM.

Sun, 05/08/2011 - 21:57 | 1254357 Lord Welligton
Lord Welligton's picture

Oh deary me.

Did the young ones just get taken out.

What a shame.

Still life is long.

They will grow up.

Sun, 05/08/2011 - 21:59 | 1254361 eigenvalue
eigenvalue's picture

Has silver stablised? Or the correction is not over yet? I'm confused.

Sun, 05/08/2011 - 22:07 | 1254379 geminiRX
geminiRX's picture

Hopefully silver spikes then makes a low near mid June,

Mon, 05/09/2011 - 00:17 | 1254639 Creed
Creed's picture

what is Martin Armstrongs track record on calling the precious metals prices?


by geminiRX
on Sun, 05/08/2011 - 22:07


Hopefully silver spikes then makes a low near mid June,

Mon, 05/09/2011 - 06:10 | 1254815 Gavrikon
Gavrikon's picture

It does appear to be attempting it this morning.

Sun, 05/08/2011 - 21:58 | 1254363 mynhair
mynhair's picture

Harcourt Fenton Mudd III runs the best fund.

Mon, 05/09/2011 - 11:19 | 1255559 Ident 7777 economy
Ident 7777 economy's picture

+1 (Original Star Trek character ref for those not following)

Sun, 05/08/2011 - 22:02 | 1254376 Billy Shears
Billy Shears's picture

Does this call for a: Normalcy bias, bitchezzz?

Sun, 05/08/2011 - 22:32 | 1254383 Zero Govt
Zero Govt's picture

AUM for those who don't know means 'Assets Under Management'

or in this case is now 'AUW' ..Assets Under Water!

TD regards your comment, "..savviest investors become a momo chasing herd.." it's maybe a bit harsh considering the disgusting sudden (multi-shock!!!!) rule changing CME margin fiasco. I've heard alot of comments regards this correction casually say it's "removing weak hands" from some 'respectable' investors i tune into. That is an insidious statement to make

These were perfectly sound investors investing on an established margin basis who were literally machine gunned by their business floor being shot away from under them in 8 scandalous days. The CME are an utter disgrace of an exchange and i truly hope all who were shot to pieces join and sue the shambolic Crimex into the ground 

It is Hedgies job to chase the herd BTW, that's how you make money. Although one US Hedgy on CNBC this week when asked was he 'in' or pulling money off the table replied he was 85% invested as that was his "rules", to be 85% invested at all times

That's fuking scary to have such a stupid (inflexible) rule! I'd withdraw money from any fund that forces a ratio and ties your hand particuarly in bear market times

Sun, 05/08/2011 - 22:32 | 1254430 earnulf
earnulf's picture

I have to agree with ZG, this entire takedown (let's call it what it was) was predicated on a change in how the game is played.   Nothing fundamental changed, the refs just decided to make up a new rule and threw a flag.   Of course the shorts, probably knew beforehand and really cleaned house while the longs had to take it up the you know what and wait for the screaming to die down.   The shorts know they don't have the best team on the field and the longs are going to eventually kick their a-- up and down the field, so they get the refs to throw them a flag or two to make it look interesting and so they can breath.


Nothing like a silver team to take one's breath away, especially when they are so physical

Sun, 05/08/2011 - 22:52 | 1254456 Zero Govt
Zero Govt's picture

there are already a number of experts saying there was zero commercial justification for CME's orgy of vandalism..

...and here we are with powerful reasons (bankruptcies, people losing their jobs, money, some lifetime savings) to counter such foot-loose rule/game changing 

CME shot the floor from under the markets feet like some drunken hot-head Chicago gangster ...they should have been more responsible and professional in their rule changes not to increase price volatility and realised the vandalism and carnage they would create with 5 margins in 8 days

at best this was a shambles of business practice at worst it was as you say a 'take down' (deliberate)

watch CME's current advert on CNBC about "helping farmers managing risk" about these Hedgies that have lost jobs, their investors that have lost money and the private investors who've lost savings???

Sun, 05/08/2011 - 23:15 | 1254509 ejhickey
ejhickey's picture

Ever see the ad for Lind Waldock that says investing in commodities is better than investing in the stock market because it just involves supply and demand with no counter party risk?   Guess they forgot about the CME, CFTC and the Fed.

Sun, 05/08/2011 - 23:37 | 1254561 seek
seek's picture

Given that a competing exchange is starting to ramp up, I wonder how much of this was "getting while the getting is good." I.E. the window of opportunity to hose people for the bank's benefit may be coming to a close. Akin the Hunt fiasco, one has to wonder where the stakes were in this game.

The next step will probably be something that makes it harder to use an alternate exchange, which amounts to veiled capital controls.

Mon, 05/09/2011 - 00:53 | 1254678 ThreeTrees
ThreeTrees's picture

Good points...

Sun, 05/08/2011 - 22:13 | 1254394 Billy Shears
Billy Shears's picture

I mean really, can't it be argued that the world is on the cusp of the greatest deflationary event/spiral in all economic history? And that, as we all know, is precisely the reason for the Fed and all the other central banks world-wide printing avoid aforementioned collapse? And, in the absence of said printing, couldn't all commodity prices, especially oil, go meaningfully lower in price...if the fed ever stops printing or just fail in it's efforts to re-inflate the greatest bubble of all time.

Sun, 05/08/2011 - 22:17 | 1254405 Tyler Durden
Tyler Durden's picture


Sun, 05/08/2011 - 23:02 | 1254484 Yen Cross
Yen Cross's picture

Well done from a Yank! FIVE paragraphs above solidify our approach! KEEP up the FINE WORK  Tyler.

Sun, 05/08/2011 - 23:09 | 1254499 rocker
rocker's picture

+10  "If" only has value after we have Zimbabwe dollars and if our economy looks like Japan. Whoops....did I say "if".

  My Bad.  We are Japan now.

Mon, 05/09/2011 - 00:33 | 1254657 Goldenhands57
Goldenhands57's picture

Exactly! And the crux of this is printing MUST end at some point. It becomes pointless to continue. Not to have any soft spot for the guy..but Bernankster has to be totally aware this has a very bad ending no matter which way he goes. So IF is not IF but WHEN!!!! WHEN TSHTF...because it is not even a debate now, hopefully there are enough aware "non fools" deep enough in physical holdings to reconstruct after the carnage. Those with actual physical wealth backing our offers with PM for value investments will be the one's who MAY be able to reconstruct this Republic to something less than but closer to where we are heading now. We must do our part when that time comes. By encouraging all I know to purchase and hold on to at least some Gold and Silver coin to protect themselves...not simply trust this will "all work out"; I hope to help the future younger folks not fall into destitution. Those of you that are aware, it would be well to speak openly now to the younger generations that it is prudent to hold this defense. Even junk 90%  silver at whatever few they may afford is a good start. 2 less Latte's a more 64 Kennedy..ect    

Sun, 05/08/2011 - 22:23 | 1254414 Spitzer
Spitzer's picture

Did the Thai Baht rise in 1997 ?

Get your head out of your deflationist ass.

(The baht went from 25 to 58 when the printing STOPPED.)

Sun, 05/08/2011 - 22:45 | 1254462 Hephasteus
Hephasteus's picture

That's because the people store value in dollars and gold.

All it take is a few more people in US diving into gold and silver to explode our currency.

People don't want to do it because they prefer the psycho be out killing people in far off lands. But what they don't understand is people in far off lands are going to mess up the gold and silver markets here anyway. And after the psycho is done hurting everybody it will detach into IMF and hurt everyone anyway.

Sun, 05/08/2011 - 23:50 | 1254596 Spitzer
Spitzer's picture

That's because the people store value in dollars and gold.


The USD in 1997 is not the same USD now.

All it take is a few more people in US diving into gold and silver to explode our currency.

and  the Euro or the Franc. People will slowly find out that the myth that even Austrians and keynesians agree on, is bullshit. That myth is that the US dollar is the least worst fiat in the world.


Mon, 05/09/2011 - 00:08 | 1254626 AUD
AUD's picture

The USD in 1997 is not the same USD now

Too true, the USD gold price slowly fell all throughout the Asian Financial Crisis. The UST market was 'rock solid' then, even if built on shakey foundations. The same cannot be said now & since 2008 it has become exponentially worse.

That doesn't stop the odd speculation in government credit however, especially when the sharks sense central bank weakness. Has anyone seen a photo of Masaki 'Easy' Shirakawa? That guy has chump written all over him.

Mon, 05/09/2011 - 00:47 | 1254671 Hephasteus
Hephasteus's picture

Which is why thailand is the most expensive spot on the planet for gold. Because they USED to hold dollars and gold. Then when holding dollars got them hungry they dumped them.

Mon, 05/09/2011 - 04:17 | 1254784 ZeroPower
ZeroPower's picture

Did seriously just bring up the Asian currency crisis by brining up the "rise" of the Baht?

Mon, 05/09/2011 - 09:25 | 1255167 Spitzer
Spitzer's picture

I was just showing that using deflatinist logic, the Thai baht should have risen in 1997 but it fell.


Mon, 05/09/2011 - 01:25 | 1254707 bid the soldier...
bid the soldiers shoot's picture

I love your recipe for the economy. I know a variation of it that'll knock your socks off.

Just add a couple of spoonfuls of 'peak oil.' Yum yum.

Mon, 05/09/2011 - 07:06 | 1254846 DrunkenMonkey
DrunkenMonkey's picture

A deflationary spiral coupled with fewer (and harder to extract) natural resources ?

I can see that.

Sun, 05/08/2011 - 22:13 | 1254401 Hephasteus
Hephasteus's picture

If the bastard wasn't liquidated he'll be up 5 frikkin percent in a couple weeks.

Sun, 05/08/2011 - 22:23 | 1254419 buzzsaw99
buzzsaw99's picture

They got their 2 and 20, it was great while it lasted.

Sun, 05/08/2011 - 22:52 | 1254468 firstdivision
firstdivision's picture

That's the beauty.  If they make the fund money they get extra paid, if not...well they still get paid quite well. 

Sun, 05/08/2011 - 23:07 | 1254495 buzzsaw99
buzzsaw99's picture

The beauty is that they get 20% of the paper profits in a good year but share none of the losses in the bad. The 2, as you say, is theirs no matter what.

Sun, 05/08/2011 - 22:26 | 1254421 Keith Piccirillo
Keith Piccirillo's picture

Maybe their loss is GlenCore's gain?

Mon, 05/09/2011 - 13:43 | 1256111 tiger7905
tiger7905's picture

Some interesting comments by Don Coxe on how the Glencore underwriting affected commodities.

Sun, 05/08/2011 - 22:34 | 1254432 Billy Shears
Billy Shears's picture

Liquidy trap? Nothing grows to the sky. Hedge funds go with the momentum but really is only just a shadow your chasing, I wouldn't pay it any mind...hey Mr. Tamborine man play a song for me...when the music stops and all these commodity prices are kited sky high who is really going to pay for all this? No, the conventional wisdom is inflation, sure. And maybe the historical records confirm this but the world economy is already dead, it's just presently on life support. Prices will come crashing down again and further.

Sun, 05/08/2011 - 22:35 | 1254435 TooBearish
TooBearish's picture

21st century Hedge Fund = massively leveraged beta

Sun, 05/08/2011 - 22:35 | 1254442 Billy Shears
Billy Shears's picture

The thai baht going to 58 would be good for the importers in Thailand but the exporters would suffer.

Sun, 05/08/2011 - 23:42 | 1254574 Hunch Trader
Hunch Trader's picture

Quite the other way round, really.


Sun, 05/08/2011 - 22:38 | 1254443 RobotTrader
RobotTrader's picture

Now that several big funds are reeling...

Uncle Gorilla smells blood and will be raising margins ASAP.

Sun, 05/08/2011 - 22:46 | 1254453 mynhair
mynhair's picture

CME sez bra margins are raised from BB to DDD.  Now what?

This, too, is bullish for silver.

Ya can't dick-tate physical.

Sun, 05/08/2011 - 22:49 | 1254464 sellstop
sellstop's picture

Too much leverage is bad for any market or economy. CDO's, MBS's, etc...

Sun, 05/08/2011 - 22:53 | 1254470 mynhair
mynhair's picture

Ya can't leverage BB to DDD without surgery.

Sun, 05/08/2011 - 23:17 | 1254513 sellstop
sellstop's picture

With a high enough ethanol concentration the BB can be made to appear DD.

Sun, 05/08/2011 - 23:40 | 1254560 rocker
rocker's picture

When will they raise margins on OIL.  Oh no, this is still how the TBTF rapes Americans.   Say, Stupid Sheeple.

Mon, 05/09/2011 - 05:30 | 1254800 Husk-Erzulie
Husk-Erzulie's picture

Beer goggles, FTW :-)

Sun, 05/08/2011 - 22:53 | 1254475 mynhair
mynhair's picture

Lookit that EUR bounce!  Yeehah!

Time to exit for this one.

Sun, 05/08/2011 - 23:17 | 1254514 Yen Cross
Yen Cross's picture

Not yet my Friend. Patience. ( London calling)

Sun, 05/08/2011 - 23:39 | 1254567 mynhair
mynhair's picture

Gotta sleep.  Have the other 150%, on me.

Sun, 05/08/2011 - 22:55 | 1254477 catch edge ghost
catch edge ghost's picture

5 standard deviations is nothing these days.

Leptokurtotic random acts of coordinated bullishness are the new Normal.

Sun, 05/08/2011 - 23:19 | 1254528 Yen Cross
Yen Cross's picture

Don't parlay dastardly inquistions on  the (trade)

Sun, 05/08/2011 - 23:19 | 1254529 knukles
knukles's picture

In the real world, there are no/few/whathefuckeverhowmany truly Gaussian or Poisson distributions, for most/many/a lot/enough for the sake of this shit, are leptokurtotic. 
So, as one meanders merrily out towards the tails, there are new and big bulges that all of a sudden pop up, like when I've been staring at Deta von Teese for too long.  But anyhow, these bulges should/could/just stay with me here for a moment, I'm trying to help, be viewed as their very own little special additional non-Gaussian/Poisson but yes, again, leptokurtotic distributions.
And once one gets cast therein, assuming the sticky state of reality, almost as if it were a condition similar to stasis, then experiences tend to remain bounded therein, within their own extremes.  
It's as if (And probably is near to the truth, but so far I appear to be the only person working on it at this moment... or at least posting it right here if that makes anybody feel any better.  Which it should not.) the fractilius nature of events (naturally occurring in mother nature, no different that pi and a few other constants, limits and associated and randomly but not really assorted givens) takes hold.
So we get stuck therein, so to speak.
Think of it as a Ground Hog Day condition. 
Which may not be easy from which to escape.  So, now that we are here (not about to enter, but experiencing in actuality, real time, now) in an apparently major/the cluster-fuck of reality, one can assume that within extreme conditions and given the very illogical, ego driven, emotional nature of the human condition (generally piss poor) that we'll be seeing much more of the same.
So, whatever's worked for you recently, will likely persist as we continue to experience a period of significant turmoil.  Sorta "the Fourth Turning meets the Book of Revelations and Murphy's Law. (Hereby termed Bozo's Law)

But even more so, think of it as instead of individual events occurring within the leptokurtotic bulge out toward the tails, but as a prolonged period of a series of similarly massively individually and cumulatively negative (or in other periods could be positive) events.  In other words, a truly black swan period of time, manifestly feeding upon itself, regaling in the stickiness of the human condition.  Indeed, a true black swan experience that takes place over a prolonged period of time comprised of an amalgam of individual events, in the current time/space, disasters. 

Now that's leptokurtotsis.
And we just might be there, yet.


Sun, 05/08/2011 - 23:47 | 1254588 catch edge ghost
catch edge ghost's picture

Yeah, that.

Now imagine all of that black goose down fluffing up risk models for as long as you care to.


It's 2021. How much return can I expect from the 5,280% annualized volatility in the money market fund available through my 401k?

Mon, 05/09/2011 - 00:02 | 1254614 Yen Cross
Yen Cross's picture

The Old School is a bit Jubbly. Keep up the writing, as I'm impresssed.

Mon, 05/09/2011 - 00:36 | 1254663 Flakmeister
Flakmeister's picture

I believe that you might be looking for a Breit-Wigner or Cauchy-Lorentzian distribution...

The relativistic BW is probably best but since it involves complex numbers that rules out about 99.999% of the population...

Mon, 05/09/2011 - 05:36 | 1254801 Husk-Erzulie
Husk-Erzulie's picture

Ha ha, Bozo's law, it might/couldmay/should be classic.  Hell, I'm gonna use it.  But wait, ain't you Zippy? Oh well Bozo's law is funnier/moreamusing/more chuckleraisin.

Cheers knukles.  Nice rant :-)

Sun, 05/08/2011 - 23:43 | 1254571 mynhair
mynhair's picture

Junked for a repeat on another thread.

They do it to me, too.

Sun, 05/08/2011 - 23:02 | 1254482 Downtoolong
Downtoolong's picture

Does this mean Andy Hall's bonus will only be $50 million this year, instead of the $100 million he took from bankrupt Citicorp?  


Sun, 05/08/2011 - 23:19 | 1254519 buzzsaw99
buzzsaw99's picture

Pandit the bandit stole more than that. Old Lane bitchez.

Mon, 05/09/2011 - 00:47 | 1254674 Creed
Creed's picture

Does this mean Andy Hall's bonus will only be $50 million this year, instead of the $100 million he took from bankrupt Citicorp?  



yep fuck him


and screw all the specs that have run oil across $100 USD per barrel in the face of demand destruction &  inventory glut

Sun, 05/08/2011 - 23:18 | 1254517 fellatio is not...
fellatio is not fattening's picture

An 8% loss in a commodity based hedge fund last week is a damn good week.  However they should make that back by month end, Qadaffy (i know its spelled wrong) will burn more oil fields and gold will rally, Silver will bounce a bit (back to $40?) and all will be right with the world.

Sun, 05/08/2011 - 23:20 | 1254524 buzzsaw99
buzzsaw99's picture

Qadaffy (i know its spelled wrong)


Even he doesn't know how to spell it.

Sun, 05/08/2011 - 23:24 | 1254534 Yen Cross
Yen Cross's picture


Sun, 05/08/2011 - 23:52 | 1254600 Oracle of Kypseli
Oracle of Kypseli's picture

Qua-duffy the duck 

Mon, 05/09/2011 - 00:07 | 1254620 Yen Cross
Yen Cross's picture

Stay on your STUDDIES Oracle. Sit tight  my other friend. Wednesday is your trade.

Sun, 05/08/2011 - 23:42 | 1254577 mynhair
mynhair's picture

Q-Daffy works.  Even when describing this moron in the US.

Sun, 05/08/2011 - 23:44 | 1254573 icm63
icm63's picture

What BS.. an investor is not savvy if he can comvince a bank to lend him 50 leverage. TO be savvy you need to know the cycles and the Wyckoffian logic of a chart.




Sun, 05/08/2011 - 23:47 | 1254581 mynhair
mynhair's picture's patriotic!

(Long ODammer beheading futures on Intrade)

Mon, 05/09/2011 - 00:09 | 1254628 bigmezo
bigmezo's picture

I used to serve andrew hall what a doosh!

Mon, 05/09/2011 - 00:44 | 1254662 mynhair
mynhair's picture

Bonus hit cuz you are all done.

Best Nancy Wilson out there.

Mon, 05/09/2011 - 00:43 | 1254669 Barry McBear
Barry McBear's picture

Sprott's flagship fund was down 15.7% on the week. 

In April when Silver went up something like 28% the fund posted a 5% return, now when silver pulls back to roughly where it started April the fund loses 15%.  Not a great risk/reward profile. (granted it's not a silver fund, it's been a strange year for his fund for anyone following it, I follow it every week).

Mon, 05/09/2011 - 00:49 | 1254673 mynhair
mynhair's picture

Christ, I hacked Scandia in 1989, but can't copy a Utoob vid.

Snooze you really lose.

Mon, 05/09/2011 - 00:49 | 1254676 mynhair
mynhair's picture

Ann was so cute before she porked:

Mon, 05/09/2011 - 00:53 | 1254679 longorshort
longorshort's picture

Goldman Snacks/ The JPMorg 500 everybody else 0.

Mon, 05/09/2011 - 01:14 | 1254687 mynhair
mynhair's picture

Even back in 86, the Internet was a myth.

and I'm a relic.  Byte me, you piss-ant Newbees!

You can't even copy a UBoob vid.

Mon, 05/09/2011 - 01:55 | 1254730 chump666
chump666's picture

Hard markets to hedge becuase of the over-bid trades on eveything.  So hedge funds will start hedging (short) stocks may 2011 seasonal weakness/correction.  should be a brutal sell off coming

Mon, 05/09/2011 - 04:26 | 1254779 michigan independant
michigan independant's picture

 inflation’s running at more than 20%; unemployment at more than 20%; and young, well educated people are fleeing abroad, a major brain drain for that embattled land. And don’t think that’s the end of its litany of problems. It would like to be a full member of the Shanghai Cooperation Organization (SCO)

They got the other side of the nile. You need to wake up that no one has your back, piss and moan all you want about it Citizen. On the other side you just disappear. As for his fund, his head is still attached.

Meanwhile, Albanian Macedonian Bulgarian Oil Corporation, an entity registered in the U.S., is building a $1.1 billion pipeline, aka "the Trans-Balkan," slated to be finished by 2011. It will bring Caspian oil to the West without taking it through either Russia or Iran. You kids need to thank your lucky stars. Stratagem is there will be a time to acount. It will not be to the American people. That light of liberty has been blown out for some time as you were told already. They have countless labor to blow out like matches and they could really care less. The bull shit from fed speak on productivity is real and on the side define ethics, morals, Liberty?

Mon, 05/09/2011 - 09:02 | 1255080 franka
franka's picture

Mon, 05/09/2011 - 16:46 | 1256839 AldoHux_IV
AldoHux_IV's picture

Never had any respect for Andrew Hall and his quasi-insider bets on oil-- I'm sure the losses would have been greater if he didn't have all those 'contacts'.

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