Monday, October 06, 2008

Frank Words from a Battered Hedge Fund Manager

TPG-Axon, a hedge fund run by a former Goldman Sachs trader, spared no words when writing its investors about September.

In a 13-page letter, Dinakar Singh wrote that the last quarter for his fund was “abysmal,” with the emphasis in the original text. “We are sorry to have let you down with the terrible performance of this porfolio,” Mr. Singh wrote.

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