Thursday, 23 March 2017
Last updated 1 hour ago
Mar 25 2011 | 12:20pm ET
Citadel Investment Group wasn't the only hedge fund to celebrate a milestone birthday in December. While the Chicago hedge fund giant turned 20 in the waning days of 2010, its somewhat smaller peer, Glenview Capital Partners, celebrated its first decade.
Almost: Glenview waited until this week to celebrate its December birthday, gushing with pride to investors in a letter that its funds have enjoyed top-notch performance, indeed "meaningful outperformance versus hedge fund peers," during its first 10 years.
"It is with great pride that we recognize that each individual who 10 years ago chose to invest $1 million into Glenview vs. the average hedge fund or the U.S. equity markets now has up to $3 million of additional capital to invest in the education of their children, to improve the standard of living for their families or to invest in their communities," founder Larry Robbins wrote in a letter obtained by Dealbreaker.com.
Robbins also talked about his days as a young horseracing handicapper (his father worked at the track), noting, "I have met several skilled handicappers over time, but none of them has made the Forbes 400 list, and for good reason."
Instead, Robbins suggests, those handicappers should have tried their hand at running a hedge fund, as their "skill sets are much more useful and productive when applied to public markets investing."