Hedge fund manager Andrew Cunagin might be in the need of some therapy.
Hedge fund trader blasts high frequency trading
As Rinehart Capital Partners LLC, the fund Cunagin operated, closes shop, the primary trader had some vitriol he needed to get off his chest. In his final letter to investors, he didn’t disappoint, blasting a stimulus driven economic environment dominated by high frequency trading predators in what he characterizes as a “dash for trash” market environment.
After beginning life in pre-crash 2007, Rinehart posted just slight losses of 12 percent in 2008, the sign of a market neutral fund in search of alpha. The most market neutral of all hedge fund strategies, managed futures, was up 18 percent in 2008, by contrast. He then...
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