California Hedge Fund Is Latest Europe Crisis Casualty
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Bloomberg) Hedge-fund manager Paul Sinclair is the latest casualty of Europes sovereign-debt turmoil, almost six thousand miles away from the epicenter of the crisis.
Sinclair, who is based in Los Angeles, is liquidating his $458 million health-care equities fund, Expo Capital Management LLC, after more than five years, as political decisions made on the other side of the globe have undermined his stock picks and spurred losses for a second year.
I dont have an edge on Greek elections, the Spanish banking system, what the European Central Bank, the International Monetary Fund, the Chinese government, Angela Merkel, or the U.S. Federal Reserve will do, he said in a telephone interview yesterday.
Sinclair, 41, said that over the past year hes found it increasingly difficult to make money because of the macroeconomic environment, and that investing in health care since 2004 has left him physically and mentally exhausted. He said he chose to return money to investors, which he plans to do by the end of the month, rather than hold cash and charge them fees. ...............(more)
The complete piece is at:
http://www.bloomberg.com/news/2012-06-14/sinclair-to-liquidate-hedge-fund-after-lacking-edge.html