Mick McGuire's Marcato Capital Management is doing just as bad, if not worse than most hedge funds. The event-driven fund took a loss of 8.8% in the last quarter, going down as volatility spiked across the board in the stock market. Marcato McGuire, who founded Marcato, happens to be one of Bill Ackman's disciples, but perhaps this is not a very good reference at this time owing to Ackman's own turbulent performance this year.
In the quarterly letter reviewed by ValueWalk, McGuire reflects on the emotional side of the market as famously explained by Warren Buffett. It is worth reading the whole excerpt from Berkshire Hathaway's annual report in 1987:
"[Mr. Market] has incurable emotional problems. At times he feels euphoric and...
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