Friday, 24 October 2014
Last updated 18 hours ago
Jan 22 2009 | 12:23am ET
Chicago hedge fund JHL Capital posted double-digit returns last year betting on secured debt, it told investors.
JHL’s fund returned 17.1% and 18% in its Class A and Class B shares, respectively, according to a Tuesday letter to investors obtained by The New York Times. The firm’s founder, James Litinsky, told investors that it made money on secured debt in companies that it saw as undervalued and unlikely to default in the near-term, including The New York Times Co. itself.
“As bondholders, we are comforted by the fact that the Sulzberger family considers control of the New York Times part of their family heritage,” Litinsky wrote, a sentiment not shared by several hedge funds that own Times stock.
Litinsky also touted his fund’s investment in billboard company Lamar Advertising, another family-owned business.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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