I was relatively late with the thesis, true, but I had been trading on it before I blogged it, so it worked out OK. Not a mega slam dunk, and horribly stressful, but I can’t complain.

It was the 7th inning for the those trades, we were close to the bottom of price, not necessarily time, in things like CLF which was the posterboy for knuckleheads.

Ultimately I heard Falcone never even lobbed a call into management before amassing that stake, something I find hard to believe but relayed but a reliable old time source.

You had to turn the knife on Tontine etc first week of October to really ring the register but only the most plugged in and experienced people knew what was going on.

add thest to you list MT CME SHLD etc

you were too late with thesis, no?

Citadel GLG Highbridge Brevan Howard all are generally alive and breathing, and in some cases ready to capitalize on some of the misfortunes of others.

Harbinger will probably emerge as distressed fund, heard they are ready to make some changes.

Gotta believe Atticus is all but done.

But avoiding, or shorting AAPL and RIMM GOOG on November 13th?

In hindsight, that trade was over.

Hopefully one upshot of all this is that the smaller emerging managers are able to get taken more seriously, I knew of several that had pitched the likes of Fairfield Greenwich over the past years, only to be laughed at by the khaki wearing guys in those pristine offices.

And many of the fund of funds and Euro’s were just as condescending.

Regards,

SJ

Indeed it would be ironic if the “real” hedgies Herr Gogerty mentions formed a crowded trade betting on the crowded trades of the “fake alpha” hedgies.

What would we all do then?

Me, I remember it took a good couple of years for the go go mutual funds to become small enough and widely ignored. Maybe it will be quicker this time for the fake hedgies.

Great piece, would have been absolutely genius 3-6 months ago.

Shooting against them has been one of best trades ever. But what inning is it? New ballgame starts in January.

But Ackman just filed on SHLD, he got out in 3Q,

All they piggybackers on that trade have been carried out, broke ranks and scattered.

But the days of these smart ass 30 year olds going uptown to Columbia to hear Bishop from Impala pontificate on airlines and fertilizer, and piggyback the next day are over.

And Fund of funds are lemmings. Basel 2 was a joke, prop desks copied their customers.

big is not better.

RIP Hedgistan

Certainly could go down more, but

The easiest trade for small managers is to play redemptions at the moment – the overhang on some of these stocks is outrageous