Maverick’s Ainslie 'Disappointed, Embarrassed' Over Losses

Hedge funds’ monthly ‘Dear Investor’ letters are quickly becoming case studies in self-pity, self-flagellation and flourishes of apology. The latest missive circulating in cyberspace comes from Maverick Capital, and it’s a dandy.

Maverick managing partner Lee Ainslie told investors in an Oct. 9 letter that he couldn’t find words to describe the firm’s “disappointment, embarrassment and shock” over its horrible results in the third quarter, which spanned every sector and region in which it invested in.