AARP Getting Started in Hedge Funds. From Launching a Hedge by Daniel A. Strachman

By Daniel A. Strachman

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Extra resources for AARP Getting Started in Hedge Funds. From Launching a Hedge Fund to New Regulation, the Use of Leverage, and Top...

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Meriwether has since gone on to launch a new hedge fund that employs similar investment strategies as LTCM called JWM Partners LLC. The near collapse of LTCM set the stage for the future explosion of hedge fund managers and demand of investors for these sorts of investments. Many market followers, historians, and practitioners like to say that the marker moves in cycles. Some say seven-year cycles, others say 10-year cycles. I am not sure—I am not a student of the markets—and therefore have no comment or view.

Everything LTCM tried to do failed. Basically, everything that could have gone wrong did. Although the firm specialized in finding unique situations regardless of the condition of the market and employed many “if, then” scenarios, the one thing the partners never were able to figure out was what to do if everything they planned for happened at the same time. The strength of Long-Term Capital's operation rested on the managers' ability to determine what would happen to the prices of many securities when various events hit the market, but their black boxes never told them what would occur if everything they thought possible happened at the same time.

Hedge fund managers en masse seemed to be stepping up to the plate and admitting publicly that they had made mistakes and had sustained significant losses. The day after the Soros organization spoke up, a number of other hedge fund managers issued similar statements. Druckenmiller's interview turned out to be the first of several such admissions of losses by famed fund managers. And the losses were staggering. One fund lost over 85 percent of its assets, going from over $300 million under management to around $25 million.

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