Hedge Fund Makes Single $2.5bn Winning Trade
More in BUSINESS NEWS
back-up- Top Firms Finally Hit By H1N1 Threat
- Top Firm Caught Out By Rogue Traders
- 'It's Not As If They Paid Great Bonuses In The First Place!'
- Top Firm Chain Letter
- Sisters Are Doing It For Themselves
- Dear All - 'I Am Not Interested' In Bank of America Job
- Bank of America, BNP Paribas, Goldman, JPMorgan, Galleon Group
- Old Traders Never Die - The Seance
- Click Here To Register For Free News E-Mail Alerts
- Speculation Mounts About Goldman's Bonus Plans
- Top Boss Tells Church Crowd 'Profit Is Not Satanic'
- Your Views On Bonuses (Poll Results)
- Bank of America 'Is Not A Monarchy'
- Bankers Will Have The Last Laugh On Pay
- 'There Aren't Many People Who Think Charlotte Is A Major Financial Center'
- Top Firm Delivers 'Another Big Disappointment'
- Bank Of America CEO Poll - Incredible Result
- Scruffy Civil Servant Warns Tax Dodgers
- BofA Said To Have Got Another Turn-Down
- Interview With Bernie Madoff
- Top Firm Dismisses Talk Of Further $10bn Writedown
- The Average British Soldier
- Top Firm Puts More Aside For Staff Compensation
- Firms On Alert As Insect 'Infestation' Crashes PC Networks
- Register Now For Free 'Old Traders Never Die' Updates
- Secretary Geithner's Written Testimony On Reform Of Financial System
- ISITC Europe Successfully Introduces New Operating Structure
- Dumb & Dumber - Incredible Details About Lehman Weekend Revealed
- The Cityboy Column
- The Man Bank of America Should Hire As CEO (But Won't)
- Goldman Needs To Give Away $1bn
- Top Firms Said To Have Lost $400m On Hedge Fund
- H1N1 Flu - Have You Got It ? (Quick Test)
- H1N1 Bank Call Center Transcript (You Couldn't Make It Up)
- 'It's Just No Fun Anymore!'
- Top Firm CEO Says He Won't Poach Staff From Rivals
- 'I Hate Recruitment Consultants' - Reader Comments
- Bohemian Bankruptcy
- 'I Hate Recruitment Consultants'
- Mack Attack - The Moment Big John Hit Back
- Compliance Training ? 'The Biscuits Were Good'
- Banker, Hire Thyself
- IT Recruitment - The Smart Way
- And Wall Street's Top Athlete Is...........
- John Mack On Saving Morgan Stanley
- Bankers Taught How To Be Killing Machines
- Banks Given Five More Days To Justify Bonuses
- Billionaire Madoff Investor Found Dead In Swimming Pool
- Top Bailed-Out Execs Averaged $18m Each In 2008
- The Vic Daniels Column - 26/10/09
Related Content
- Name Of New Hedge Fund Gives Pause For Thought (20/08/2009)
- Hedge Fund Exec In Tragic Death Fall (29/09/2009)
- Top Firms Said To Have Lost $400m On Hedge Fund (29/10/2009)
- What Happens When Novices Trade Stocks (17/09/2009)
- How I Cheated Death At The World Trade Centre - Twice (10/09/2009)
The New York-based hedge fund is said to have shorted 117 million Wachovia shares at $30 back in May. Harbinger closed out its position recently, when Wachovia was trading at $9-a-share. One unnamed investor told the newspaper: 'That was the largest short position I have ever seen on the street'.
Harbinger, however, has bucked the trend. The Wall Street Journal reports that September generally looks likely to have been the worst month for hedge funds in a decade, with the average fund falling between 5 - 10%. Bloomberg reports that Lee Ainslie's Maverick Capital lost 19.5% during the month, with Chris Hohn's Children's Investment Fund falling 15% and David Einhorn Greenlight Capital dropping 12%. The news agency quotes Brad Balter, managing partner of Balter Capital Management, who said: 'Funds have suffered from volatility that has quadrupled, and a lot of that is related to the short ban'. The newspaper also reports that Sellers Capital is to close down, after betting as much a half of its holdings on Contango Oil & Gas. Contango's shares have fallen 50% since late June.
Finally, The Sunday Telegraph reports that asset management firms, too, suffered in September. The newspaper says that the average British fund fell 14.3% in just 30 days, with all 33 sectors classified by the Investment Management Association falling (9.2% on average). The worst-performing sector was Global Emerging markets, which fell 18.5% during the month.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
