John Meriwether has become something of a serial hedge fund start-up artist. He's best known for Long-Term Capital Management, which racked up huge gains in 1994-1998, until Russia defaulted on its bonds, in which LTCM was heavily invested. The Federal Reserve ended up bailing the fund out.

Meriwether then launched JWM Partners in 1999. It fared recently well until September 2007, when its relative value arbitrage fund began a losing streak that over the next 14 months racked up losses of 44 percent, according to Financial News. The firm shut down in July 2009.

Will the third time be a charm? We'll find out. Meriwether has just launched two global macro hedge funds. One is for offshore investors, the other for domestic investors. This is a break from the fixed-income arbitrage approach of his previous two funds. But there's no guarantee that macro hedge funds will fare well.  

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