Thursday, Aug 16, 2007
His loss of $1.6 billion of investors' money is the biggest hedge fund collapse this year.
boston.com: http://www.boston.com/business/globe/articles/2007/08/16/money_man_bet_wrong____and_lost_16b/
Larson's sudden fall has left investors, colleagues, and friends wondering how a prudent Midwesterner from River Falls, Wis. (population, 14,000), -- who came East and starred as a highly paid investment manager for Harvard University until he launched Sowood three years ago -- could have miscalculated so badly.
Posted by chris :-)) @ 12:47 PM (680 views) Add Comment
5 Comments
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1. Nmarks said...
Computer says "Internet Explorer cannot display the webpage"
What's the link?
2. This comment has been removed as it was found to be in breach of our Blog Policies.
3. layers said...
The link is actually: http://www.boston.com/business/globe/articles/2007/08/16/money_man_bet_wrong____and_lost_16b/
And where does Mr Larson stash his family trust cash?: According to public disclosure forms, the Larson Family Foundation had about $14 million in assets before the gift. Larson invested most of the foundation's money conservatively, in mutual funds pegged to broad-based market indexes.
You'd have thought this would be the first question that investors would ask, I mean Harvard lost $350mil from it's initial $500mil investment - pure greed for higher returns driving this form of investment. But he is very sorry, so that's OK!
4. Symo said...
Yes he seems really clever now doesn't he? Still probably got away with a Billion to himself. I wonder if in the long run people are going to realise that betting on peoples ability to pay back larger and larger amounts of debt is not really an investment more of a high stakes wager.
5. Alan said...
The Bloomberg website today advised: "Some $4.2 trillion of stock market value has been wiped out globally since July 19, according to data compiled by Bloomberg"
This was triggered by the sub prime issue. IRs down VERY soon, I suspect.