Jason Karp’s Tourbillon Capital hedge fund had a tough month

Discussion in 'Wall St. News' started by dealmaker, Mar 2, 2018.

  1. dealmaker


    n Mar 2, 2018

    Jason Karp.
    Milken Institute

    Jason Karp’s Tourbillon Capital had a tough month in February.

    The firm’s hedge fund dropped -6.7% in February, bringing its year-to-date losses to about -6%, people familiar with the numbers said. In comparison, the Dow Jones industrial average lost 4.28%, its worst month since 2016.

    As of mid-year last year, the firm’s hedge fund assets totaled $2.7 billion, per the Absolute Return Billion Dollar Club ranking.

    Tourbillon has lost money for more than two years, losing 13.8% last year and 9.2% in 2016. When reached for comment, Karp did not dispute the numbers.

    Karp has been warning of “frothy speculation” in the markets and has been preaching patience in client letters.

    In an October 2017 letter to investors during the rising bull market, Karp preached patience, saying the fund saw “a number of warning signs that point to the middle innings of frothy speculation.” Those comments echo earlier letters, which discussed the challenges of managing money in the bull market.

    Before launching Tourbillon, Karp was a portfolio manager at Steve Cohen’s SAC Capital and a co-chief investment officer at Carlson Capital.

    Other hedge funds have also struggled. Billionaire investor David Einhorn’s Greenlight fund is down 11.4% for the year, Business Insider earlier reported.
  2. A Tourbillon (pronounced Tour-bee-on) is a very expensive, fancy watch,
    If you buy a Tourbillon from a prestigious watch manufacturer like Patek Philippe it will cost you easily over $300,000.
    A semi-prestigious manufacture around $100,000.
    $50,000 or less is considered budget level.

    I personally prefer Patek Philippe's line of Celestial series watches;
    Patek Philippe 5102.
    Patek Philippe 6102.

    I don't care much for the fancy, highly-desired Tourbillon and Minute Repeater functions.
    Last edited: Mar 2, 2018
  3. dealmaker


  4. newwurldmn


    It’s pretty douchey to name your fund after a pointless luxury product.

    I guess he wants to remind people that he’s overpaid.
    d08, Rationalize, i960 and 2 others like this.
  5. I completely agree.
    That's like naming a trading school: Formula 1 Ferrari Trading Academy o_O, :confused:
    or Babes Galore Trading Academy. or Millionaires Trading Academy.
    or Champagne Trading Academy.
  6. vanzandt


    dealmaker likes this.
  7. dealmaker


    Last edited: Mar 2, 2018
    vanzandt likes this.
  8. So he got slaughtered in a raging bull losing 13.8% and 9.2% (2017 and 2016) then when the market finally tanked he lost 50% more than the DJIA.
    And he’s preaching “patience to his investors” LMAO!

    “Rising Star at SAC” = Great inside information and front running buyouts/FDA/Etc.

    Another overhyped clown who can’t do shit without CHEATING.
    d08 and Edmond like this.
  9. Edmond


    Tourbillion is French for 'whirlwind'
    d08 likes this.
  10. newwurldmn


    I’m pretty sure no one is thinking that when they hear the name of his fund.
    #10     Mar 3, 2018