Ebullio Capital Management had a 95% drawdown in a month. Don't feel too bad when you're going through a hard time, even the pros really really screw up!!
"our total return for the year is â95.83 pct and -89.63 pct since inception" "Ebullio Capital Management LLP is also strong and has, as a token of confidence in the future, waived its 2 pct management fee for 2010." ---------------------- Thank goodness they waived the 2% fee !!!!
Hard to believe such incompetence gets rewarded with that much cash. They had 50 million AUM before the 96% "drawdown". Proves the fund industry is more about marketing/perception, than anything else. Cudos.
1) ?.........Say goodbye to the inheritance! 2) The article says they have 40-million dollars of cash on hand. They lost more than 700-million! :eek: 3) Ebullio, translated from Italian to English, means "We are morons".
The pamphlet does have some brilliant gems, though. These include the understated "whilst our NAV is impacted to the low side," the oxy-moronic "our opportunistic, aggressive yet conservative Capital Manager," and the mention of option purchases which was "money well spent and essential to manage downside risk" (evidently -69% in Jan and -85% in Feb is risk management). I'm not very familiar with the markets they mentioned. Did they have large positions on some illiquid contracts or something?