An anonymous reader sent me a story where I don’t really even have to do any work – the joke just makes itself. Canada’s Epic Capital Management is closing down their flagship hedge fund after about a third of its funds under management were cashed out:
Epic focused on finding underpriced mid-sized Canadian companies, but that strategy couldn’t protect the firm from the market meltdown. Epic’s main fund has fallen about 43 per cent so far this year.
“We wanted to do it while we could and didn’t have a gun to our head,” said Mr. Fawcett, who added that he expects a “pretty orderly unwind.”
EPIC. FAIL. I finished their chart for them, just to be helpful:
Inquirer // Dec 21, 2010 at 12:45 pm
There are indices that they have recycled into a much juicier business.
The lab of a bogus start-up company involved in a major international swindle happens to be located at the exact same address as the shuttered hedge fund (i.e. at 2 Toronto Street, Toronto).
The dummy start-up company set-up to deceive investors is named CYLOGX . More info on how the swindle is organized can be found on:
http://www.swindlebuster.com/boguspreipo.html
I would be very interested if someone could give me more info about the former managers of that fund.