All hail the biggest clown on the street Gabe Plotkin
From Bbg:
"The past 17 months has been an incredibly trying time for the firm and you, our investors," founder Gabe Plotkin wrote. "I have given everything I could, but more recently that has not been enough to deliver the returns you should expect. I now recognize that I need to step away from managing external capital."
放弃投资者后，现在您可以管理家庭办公室，也就是您从他们那里骗取的费用。
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注释 （68)
简而言之，你得到的锁。想象一下，不要避开多个巨大的短职位，然后看着您最大的渴望蒸发。搞砸。
Another one bites the dust. So all the people who raved about Melvin onWSO2年前，讨厌绿灯...
hahahaha now greenlight is up double digits and they're down double digits. I guess having granular models with hundreds of lines doesn't dig you out of the hole of piss poor risk management.
在过去的几周中，我当然已经看到了这一点。每个人都击败老虎，梅尔文等鼓..现在....
Does anyone atWSOactually work at Melvin or knows anyone who works there? Just curious to know what you're/they're going to do next.
probably just move to other places
Yeah, whole thing is nuts. Would like to hear what the last day was like -- was it today? Did he gather everyone together to break the news before it went public? Must have been super strange.
Apparently liquidation happened before announcement?
Career Coaching
Wait, how can you tell from this? (Print's kind of small).
但是，嘿，至少他是多元化的（但作为最后的侮辱，他的浴室和身体作品下班后下降了6％）。
这就是它总是为避免人们领先和与您交易的方式。
我完全同意，也发现这也令人失望。
When Melvin was doing well, everyone talked about what a great person Gabe was and how generous he was. But when he hit a rough patch, he literally tried screwing over his investors and then abandoned them at the darkest moment leaving them in the lurch to nurse their losses.
In his last email to his investors, he wrote: "我试图教我的孩子每个人都会犯错误，但最终是关于您如何处理他们的。问责制是至关重要的。”
I don't know know how Gabe defines "accountability", but losing his investors a bunch of money, enriching himself at their expense, and then abandoning them is not exactly how I would define it. Gabe is clearly a talented investor -- he just got caught up in really bad stuff last year (and, while he's doing poorly this year, there are plenty of equally reputableHFs情况差得多） - 他的投资者显然仍然相信他。您可能会认为他想努力做出最可恶的人，以摆脱他的投资者的这种情况。但是他只是不想因为他只是不在乎。
That said, I am speculating a lot. But from the outside looking in, this just does not look great. I really do wish there was someone on here who has a friend at Melvin who could give us the scoop...
I am informed he basically was met with such surfeit redemption requests that he decided instead to just wind down to save face.
I mean what else can he do. He shorted overvalued company, but the whole world united against him and killed his fund, now nobody will trust him with money anymore. So all you can do is just retire and go do something else.
He was long and levered on overvalued tech stocks, this is all on him having shitty risk management. Isn't he meant to run a HEDGE fund?
Yeah not sure how you came to that conclusion.
谁在扔猴子狗屎？
在我的书中，才华横溢的投资者 *赚钱 *为他们的LP赚钱，他们不会在二十年来最明显的短暂挤压中炸毁他们的资金，而且他们不必为了保释而乞求爸爸战争的钱来继续运营（然后几个月后仍必须关闭！啊哈哈哈哈哈）
But to each their own I suppose!
你们中的任何一个人认为他稍后会创办新基金吗？
100%. He's clearly a very talented investor.
Why do you say he is a talented investor? Just curious
I wouldn't be surprised if he does. He's pretty young.
I'd go work for him lol. I'd love to learn how to invest from him.
who's gonna invest in it?
Wait for a bigger blow-up to take the attention of his, and come back after. Pretty typical stuff.
我想说的是，看着他在去年的职位，它是“市场欺负”与“人才”的脱颖而出的。这里的人们认为1年左右返回“天赋”，然后在事情出现问题时嘲笑他们死了。实际上，除非您非常确定您可以将市场提交您的视野，否则这些职位不会被置于牙齿效果。
How can you call him a talented investor if he couldn't make it through QT? Dude had one theme and no risk management.
伟大的投资者可以在几乎任何环境中赚钱并改变自己的风格，而不会爆炸。仅仅因为他们冒着更多的风险才是道德上的危害，而这是投资者允许的错误。
我真的感觉不好加布。只知道为他工作的人，当事情进展顺利时，每个人都对他说了很棒的事情。我认为他没有比这些老虎幼崽更好或更糟。他真的只是用GME操了一次，成为零售商人讨厌的面孔。老实说 - 谁会看到GME即将来临？每个人都知道那是一个。这就是为什么P72和Griffin救了他的原因。但是，幸运的是，他也陷入了今年的销售。我无法想象当全世界讨厌他时，这个家伙必须感到疲倦。我同意，尽管他的风险管理在GME方面很糟糕。 But that was one isolated black swan event. If GME never happened and he was down like all these other tech funds this yr, I doubt he'd be closing his fund. But everyone's lost faith in him because why put your money with him when you can put it somewhere else. Guy is tainted. I hope he takes a break and comes back a rockstar investor withreal alpha。But we'll see. After all, he doesn't need to give a fck. He'll be fine. But if he does - I might genuinely have some respect for him
Inaccurate - he could have survived the GME thing and that is why Cohen/Griffin backed him after that.
The issue is everything he did afterwards
I totally agree he could've survived GME if he started making money again. But it's an awful environment for people in his strategy - I mean look at every tiger cub. They're not shutting down right? My point was that GME is the primary reason he's tarnished and is shutting down. All these other funds are doing shit this year and they'll still survive. Redemptions sure, but not shutting down.
You are missing the point. You can lose money as a net long in a de-risking environment and still not get redeemed. But you cannot lose 50% and then try to charge performance fees before HWM and expect to continue managing money. He is greedy and does not protect capital before his own paychecks. That is why he is gone.
Bingo
What did you want him to do? Change hisHFfee structure to 2 and nothing?
我敢肯定他是一个很棒的人，真的很聪明，可能是一名出色的分析师。但是看看磁带 - 我惊讶于人们说，降低50％以上的资金仍然是不幸或其他任何东西的好投资者。他们是狗屎投资者，这只是上下途中的风险/beta。如果您损失50％，那就不好hedge fund manager。你有1个工作。不这样做。如果您这样做，那您的工作不好。
人认真地说，没有让人们说这个家伙是如此有才华。很明显，他的策略和位置是市场恶霸，他知道他可以推动叙述。看到没有人看到GME来了，请看康宝莱。这个家伙从字面上冒着疯狂的风险，因为他知道他可以驱使他们破产。然后，当事情出现问题时，他保持了很高的beta，并且总体上分配了更长时间。这些是一个人的举动，他们只是认为自己会向后锻炼事物，而不是说还可以的5年可以让它回来。
问题是：
WithHFs转换成FOafter blow上升，他们正在部署相同的策略吗？
因为他们FOwill likely blow up as well?
Do you guys think Gabe is going to sell his stake in the Hornets?
Completely agree with other posters above who say how can this guy be considered a good investor, in light of his performance the last 2 years? So when markets are really buoyant he's "a genius" but when there's a prolonged selloff it's the market's fault?
Admittedly I'm anIB/PE盖伊，所以从来没有在HFindustry, but guys like Plotkin andChase科尔曼/老虎只是让我对许多行业持怀疑态度。公认的市场抛售已经长时间了 -but if Melvin/Tiger's performance is just equivalent to a leveraged QQQ fund (eg TQQQ) ie outperforming in the good times but then underperforming significantly in the bad times - why would investors be paying these guys management fees?
显然有很棒的HFsout there. But I don't see how people can say Melvin or Tiger are among them - I'm sure they have tons of smart guys working there, but all their combined stockpicking efforts have given investors a similar return to TQQQ lol.
我同意,我也幽默如何找到它short term of a memory people have (on this site, some of the press, etc). That and the selective sh*ting of firms based on current conditions. All the praise for the high flying funds and crapping on funds that "can't beat the market" without mentioning the 10yr bull run then realizing that some of those firms were actually just managing their risk (because no one gets it perfect, yes would be nice to be all in on good times and get out at bad times…). It is not possible to generate 40%+ returns without taking on some serious volatility, and if you do that without a great risk management process this is going to happen. The great firms manage risk just as thoroughly as they manage their alpha.
Time for him to start selling some of his Miami mansions
Can't be a great investor without surviving several bear markets.
I agree with some of what is written.
1) Great investors make money in all types of markets. That is one of the best tests of capability / staying power.
2) what happened at Melvin was not a bear market. It was idiosyncratic. Was it possible to identify it ex ante or respond better when it was ongoing? Quite likely. But it wasn't a bear market and it could have happened to a stock I was short or anyone else was short. It was a new risk factor which came out of left field and could have clipped anyone.
3) is it completeBSthat he got paid $$$$ and then lost a bunch of money and shut down? f yes, it is. That's what gives our industry a bad reputation. If we believe in what we are selling we should have significant fee clawbacks instead of high water marks. And by the way, many PMs operate under risk of clawback for future losses so why don't GPs too?
总会有一些新的“风险因素”发挥作用。这就是为什么存在诸如立场和对冲的风险管理的原因。归根结底，将专业人士与赌徒区分开来的是，前者有义务在其风险参数中发挥作用。
Gabe in the GME case was basically "investing" like an "autist" on r/wsb. No surprises that he ended up with similar results (otherwise known as loss pr0n).
I don't know what those things mean.
I'm not arguing for it, because I think there are obvious flaws to most models, but no matter what risk framework was being used, reasonable or not, what happened in GME broke the model/framework.
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