What is Rosenfeld up to?

Eric Rosenfeld was one of the original partners at LTCM. Since LTCM was clearly a 10 sigma event, it is obvious that he should be doing incredibly well somewhere right now using the same basic strategies. Oddly enough that doesn’t seem to be the case. It looks like last year he tried to open a new fund. Classic line from a Mathieu Klein in the article:

Investors are mature enough not to be casting judgments on something that happened nine years ago in a very different environment.

Fortunately for everyone this thing didn’t seem to actually get off the ground (at least looking at SEC filings). 

Edit: The original post included a sentence about how he was investing for another firm but that was a different Eric Rosenfeld. My apologies to that other Eric Rosenfeld and to Crescendo Partners.


Vikram Pandit’s fund performance

I hadn’t seen this info:

It is the latest hedge-fund headache for Citigroup. Earlier this year, Citigroup had to inject capital into another hedge fund, hobbled by its purchase of a big book of corporate loans. The company’s flagship Old Lane fund, co-founded by Mr. Pandit, has been struggling with weak returns and investor redemptions, prompting Citigroup this month to write down the fund’s value by $202 million.

Inside Citi, a Hedge-Fund Push Blows Up (WSJ)

The beauty of this is that this is the guy who’s fund was purchased so he could come in to save Citigroup. You’d think he’d be able to bury this info somehow.

Meriwether, again

JWM Partners, down 31% in the first quarter for one of its funds, lets a slew of employees go.

Funny how without Solomon as a backstop, the martingale doesn’t work forever.

Rubin profile

Somehow it is always a perfect storm:

“People know I was concerned about the markets,” he says. “Clearly, there were things wrong. But I don’t know of anyone who foresaw a perfect storm, and that’s what we’ve had here.”

NYTimes: Where Was the Wise Man?