Hedge Funds Lament "The Fish That Got Away" Short Thesis Trade; One Blows Up

Nailing a thesis on a short thesis trade can be gratifying. Just ask Balyasny Asset Management’s Daniel Gish, cited in a recent Bloomberg Brief article for generating $15 million in profit by shorting the senior bonds of Portuguese lender Novo Banco SA. But what about the fish that got off the line due to a hedge fund closure? Those trading stories, much more numerous, seem to sting.

Short thesis - As BTG Pactual fund closed, Scott Wilson's short thesis on Novo Banco bonds was a causality

Just ask Scott Wilson, 49, a London money manager for Grupo BTG Pactual’s hedge fund unit. Like Gish, Wilson didn’t like the long side of Novo...