Yesterday, it emerged that John Burbank’s Passport Capital, which rose to fame following its bets against subprime housing, is planning to shutter its flagship hedge fund after a string of losses.
According to a letter to investors, Burbank wrote in a letter to clients that “returns over the past two years are unacceptable and cause me to rethink how to manage money in this environment" as reported in the Wall Street Journal.
As ValueWalk has reported, over the past few years, Passport has had a string of bad luck. For the 12 months to the end of second quarter, Passport Global was down by 16.8%, and over the ten years to the end of June, the...
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