agip wrote:
things be breaking.
Melvin Capital is gone.
I'm sure many other hedge funds have been liquidating, driving markets down artificially low. Opportunity for the brave?
Melvin Capital, the hedge fund run by Gabe Plotkin that struggled with heavy losses last year as it reeled from wrong-way bets on GameStop, is shutting down, according to a letter sent to investors on Wednesday that was reviewed by The New York Times.
Mr. Plotkin wrote to his investors that he had decided that the “appropriate next step” was to liquidate the fund’s assets and return cash to all investors.
Mr. Plotkin, who founded Melvin in 2014, also wrote that he recognized he needed to “step away from managing external capital.”
Damn. That's rough. Talk about failure. It happens though.
Brutal day for the markets. Down over 4%! Futures down a bit further more... Another day like today would put the S and P 500 at about 3750, 22% down from all time highs. We may very well see it.