Some hedge funds don’t read MB

Tuesday 14 October 2014

But they should. From the AFR:

It is finally D-day for Arrium. After four weeks of trading well under 48¢ a share, Arrium’s underwriter UBS will hand out the losses among its hedge fund clients from 9am on Tuesday morning…Assuming about a 2 per cent sub-underwriting fee, it means $80 million or so in paper losses for the hedge funds.

Tsk, tsk. Subscribe here fellas.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.