After returning 100 percent gross returns (71 percent after fees) over two years, Baleen Capital wrote a letter to its investors and did the only logical thing an experienced fund manager should do: tell investors the amazing returns are not meaningful and prepare them for the worst.
Baleen Capital and its founder, Fang Li, have the wisdom of being an ex-Tiger Cub, when he toiled at Cascabel Management. He knows how market environments, investment strategies and assets under management work.
Fang Li's investment strategy
A strategy such as Baleen employees, concentrating investments in what he describes as “idiosyncratic holdings,” cannot operate as well with tremendous assets under management. Investments in niche opportunities don’t move the needle in a large fund and the...
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