"No You Can't Have Your Money"
We Always Wondered Why Greenwich Billionaire Paul Tudor Jones Would Turn A Blind Eye To Glenville School Children Who Are Bused All Over Greenwich, Because They Have No School To Go To.
Children Cue Up For Buses Just Half A Mile From
Paul's Estate At 1275 King Street.
Daily Mail, UK
Tudor, founded by commodities trader Paul Tudor Jones in 1980 and headquartered in Greenwich, Connecticut, had at last count almost $18bn (£12bn) of funds ...
.....Tudor Jones made his fortune shorting positions ahead of Black Monday in October 1987.
With a fortune estimated at $3.3bn, Forbes magazine ranks him as the world's 369th richest man. That will be of cold comfort to his clients, who had to continue watching their wealth shrink yesterday after another massive sell-off in London and New York......
More News About This Hedge Fund Disater
Ran By Paul Tudor Jones
Wall Street Journal
By JOSEPH CHECKLER NEW YORK
Paul Tudor Jones's Tudor Investment Corp. has suspended redemptions in its $10 billion flagship hedge fund, ...
International Herald Tribune
Times Online
New York Times Blogs
From Louise Story:
Paul Tudor Jones is one of the best-known, and richest, hedge fund managers in the world. But there is one thing he says he’s not: a quitter.
Even as Mr. Jones blocked investors from redeeming money from his main hedge fund for a quarter, he said he will “never quit on an investor who is willing to stay with Tudor unless we are at or above high watermark.”
As sensible as that statement may sound, it is a position that is increasingly controversial within the industry. Scores of hedge funds are down double-digits this year, and for many managers, quitting is an obvious and easier strategy. Hedge funds typically have “high watermarks,” meaning when they are down, they do not earn their fat performance fees and that the next year, they have to recover that loss before earning the fees again.
A trader who is down this year may choose to close his fund simply to get rid of the hole he has dug himself into. That forces his investors to lock in the losses from this year. In Mr. Jones’ case, his so-called BVI fund is down 5 percent so far this year. The fund had been up 7 percent at the end of June.
But Mr. Jones wrote in his letter that he is concerned about his legacy, even after 32 successful years in the industry. He described three principles that he hopes will define his record: double-digit returns on an annualized basis, no long periods of negative returns, and no quitting when times get tough.
Mr. Jones ended his letter with a quote from Admiral Richard Evelyn Byrd, an early polar explorer: “The mantle of leadership rests easily when the compass needle does not move.”
Now that so many hedge fund compasses are pointing south, it will be interesting to see how many traders follow Mr. Jones’ lead.
You Had Better Get Your Money Out Now While You Still Can
Did I Just Hear Hedge Fund Investors Say
"Liquidate My Position And Me Some Tressury Notes"!!!!
Reuters
Financial Times
Here is what Greenwich Blogger Chris Fountain has to say about the Paul Tudor Jones affair:
It may be legal but it can’t be good for future business
Highbridge Asia hedge fund is restricting investors’ withdrawals.
The fund’s investments are in the toilet so, just like John Paul Tudor Jones, they’re “restructuring”.
Here’s the bit I like:
“The Asia Opportunities Fund is run by Carl Huttenlocher, previously the head trader at Long-Term Capital Management LP, the hedge fund that imploded 10 years ago after a debt default by Russia.”
Was there anyone down on Wall Street who knew what he was doing?
More From Greenwich Blogger Chris Fountain:
The New And Improved "For What It's Worth" (Bookmark This Wordpress Edition)
As you fight your way past airport security guards, read this - NPR has a good summary of how we’ve wasted billions of dollars on”Homeland Security” and, maybe, how to start again.No news here to anyone who’s watched ...
Even More From Chris:
Will commercial real estate be next to fail?
Commodities traders next on the block
Where is the ACLU?
Maybe that preacher fellow is right
29 Calhoun Drive
This guy says the stock market’s hit its bottom
More pricing decisions
A plane! A plane!
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