Melvin Investors Irate Over Fair-Weather Hedge Fund’s Shutdown

(Bloomberg) Melvin Capital Management’s traders pocketed hefty performance fees over a half-decade while achieving roughly 30% in annualized gains. Now, after a streak of steep losses, they’re abruptly returning client cash and moving on. Some of Melvin’s investors caught flat-footed this week by Gabe Plotkin’s decision to shut his hedge fund are grousing privately about fair-weather money management.

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