The Wile E. Coyote is back. Just three months after closing his JWM Partners, Long-Term Capital Management founder John Meriwether is setting up a new hedge fund, according to the Financial Times. Perhaps, you think, JWM’s loss of 44 percent last year and the earlier, infamous blowup of his first fund will cause Meriwether to be a little more cautious this go-round. To pursue a different strategy, something a little less risky?
Alas:
The fund is expected use the same strategy as both LTCM and JWM to make money: so-called relative value arbitrage, a quantitative investment strategy Mr Meriwether pioneered when he led the hugely successful bond arbitrage group at Salomon Brothers in the 1980s.
The morning disc jockey in our heads would like to play the following song for Mr. Meriwether. Best of luck to his future investors! (They’re going to need it.)
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