It is the 18th of September 2019

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Hedge Fund Behind Mystery "Bitcoin To $50,000" Bet Revealed

The crypto space was thrown into chaos today as the price of bitcoin and its peers plunged overnight, cementing the pioneering digital currency's worst week since December 2013, only to rebound dramatically into the close, wiping out virtually all losses. Also today, just as the rout was nearing its trough, we shared a story from the Wall Street Journal about a mystery trader who placed a $1 million bet that bitcoin will climb above $50,000 by December 28, 2018.

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Paul Tudor Jones: "This Market, Which Is Reminiscent Of The 1999 Bubble, Is On The Verge Of A Significant Change"

Just hours after Neil Chriss announced that his $2.2 billion Hutchin Hill hedge fund is shuttering due to underperformance and admitted that "we fought hard, but did not deliver the performance that you expected from us", another legendary hedge fund announced it was undergoing a significant restructuring as a result of relentless investor withdrawals: citing a November 30 letter, Bloomberg reported that Paul Tudor Jones' Tudor Investment Corp, which lost 1.6% YTD,  was closing its Discretionary Macro fund "and letting investors shift assets to the main BVI fund as of Jan. 1" with the letter clarifying that "Jones will also principally manage Tudor’s flagship BVI fund, which will be the firm’s only multi-trader fund next year."

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Paul Tudor Jones: "This Market, Which Is Reminiscent Of The 1999 Bubble, Is On The Verge Of A Significant Change"

Just hours after Neil Chriss announced that his $2.2 billion Hutchin Hill hedge fund is shuttering due to underperformance and admitted that "we fought hard, but did not deliver the performance that you expected from us", another legendary hedge fund announced it was undergoing a significant restructuring as a result of relentless investor withdrawals: citing a November 30 letter, Bloomberg reported that Paul Tudor Jones' Tudor Investment Corp, which lost 1.6% YTD,  was closing its Discretionary Macro fund "and letting investors shift assets to the main BVI fund as of Jan. 1" with the letter clarifying that "Jones will also principally manage Tudor’s flagship BVI fund, which will be the firm’s only multi-trader fund next year."

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Hunting Angels: What The World's Most Bearish Hedge Fund Will Short Next

It's not easy being "the world's most bearish hedge fund", a description we first conceived nearly three years ago, and one look at Horseman Capital's returns over the past three years confirms it: after generating market-beating returns for much of its existence, things went bad in 2015, and much worse in 2016...

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Is Bridgewater A Fraud? Here Are The Troubling Questions Posed By Jim Grant

Jim Grant, author of Grant's Interest Rate Observer, first hinted last week that not all is well when it comes to the world's biggest hedge fund, Ray Dalio's $160 billion Bridgewater (of which one half is the world's biggest risk-parity juggernaut). Speaking to Bloomberg last week, Grant said he was "bearish" on Bridgewater because founder Dalio has become "less focused on investing, while the firm lacks transparency and has produced lackluster returns."

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