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Hedge Funds Learn To Say ‘Sorry’

Forbes – It’s hard to fathom. But as lousy returns start pouring in, managers of some of the most successful hedge funds in recent years are apologizing for their dismal showing.

"The last quarter has been abysmal," wrote TPG-Axon Capital Manager Dinakar Singh, highlighting the sentence in bold and underlining the word abysmal. "And we are sorry to have let you down with the terrible performance of the portfolio." TPG-Axon is down about 20% through September, say market players. A spokesman declined to comment.

Greenlight Capital, well-known for its long-time bearish position on Lehman Brothers, acknowledged to investors that "we made some mistakes. … In hindsight, our suggestion from last quarter’s letter to go to cash and go to the beach would have been the better option."

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