Sign of times: Retail industry hedge fund staggers
Fortune reports this stunner: a Jefferies & Company hedge fund has plunged 15 percent in three days. Three days! That's not a typo folks. The smallish fund manages just $30 million, down from $50 million. How is this possible? The Jefferies RTS Cayman unfortunately specializes in retail stocks. Ouch. The industry really had its head handed to it during the holiday season. But aren't hedge funds supposed to be able to navigate around such turbulence, gaining in up or down markets. But bad bets are bad bets. I'm sure investors are gnashing their teeth.
For more:
- here's the Fortune article
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