Wednesday, 1 October 2014
Last updated 32 min ago
Sep 23 2013 | 10:10am ET
Former Kynikos Associates chief operating officer Douglas Millett has died.
Millett passed away on Saturday at Calvary Hospital Hospice in the Bronx, N.Y. He had been battling cancer of the salivary glands since May of last year.
Millett was 49.
During a decade at Kynikos, where he worked from 1991 to 1993 and again from 1995 until 2004, Millett was best-known for his work on Enron Corp., which helped make Kynikos one of the earliest predictors that the energy company would collapse. Kynikos founder James Chanos credited Millett with coining the description of Enron as "a hedge fund sitting on top of a pipeline."
"I am sorry to inform you that one of our best friends, and ex-partner, Doug Millett, lost his battle with cancer," Kynikos wrote in an e-mail to colleagues. "There is no one who ever met Doug who was not impressed with his rock-solid integrity, towering intellect and unmistakable sense of humor. He is all ways embodied the qualities we hold dear, but more importantly, he was simply a good person. We will miss him terribly."
Millett left Kynikos to found his own hedge fund, Currahee Capital Management. But the venture closed after a year after failing to raise enough money. After shutting Currahee, Millett moved on to Select Equity Group, JPMorgan Chase and Perella Weinberg Partners, where he was co-portfolio manager and director of resources for its sustainable resources funds until last year.
Millett is survived by his wife, Joanne, and two sons, as well as his father, a professor of history at the University of New Orleans, his mother, a brother and a half-sister.
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