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A letter from a man who gets it that we should all understand |
| Published: August 22, 2007, 1:14 am |
| Tags: wall street, federal reserve, global economy, mortgage meltdown, prime mortgage problems, subprime contagion, wall street |
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Kyle Bass is a hedge fund manager but not just a manage of any ol’ fund; he manages the Hayman Capital Subprime Credit Strategies Fund. What’s so special about this fund? Well in a market that is seeing hedge funds collapse and cave left and right Mr. Bass’s fund is up a tidy 300% this year alone. How has Mr. Bass’s fund defied the gravity currently slamming nearly every fund this side of Bear Stearns to the ground? Simple. The fund bet that the subprime market would collapse; and the bet was right on the money. With the proof clearly in the pudding, Mr. Bass issued an open letter to investors which has become known as “The Greatest Bait and Switch of ALL TIME” manifesto. You can read the full thing here; and I heartily suggest that you do if you value knowledge from people who have clearly found the upside to a market currently slaughtering the rest of the pack. In a rare move - I have decided to provide the entire text of the letter [ Full article ] |
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