From CNBC's NetNet:
Axial Capital Management, the once-$1.8 billion hedge fund firm seeded by Julian Robertson of Tiger Management, is shutting down following several years of losses fueled by short bets against stocks, according to two people familiar with the situation.*As was advised in January's "No typo: Analyst sets Nikkei 63 million target (it's Société Générale's Dylan Grice)":
The flagship Axial Capital fund lost 15.4 percent net of fees this year through September according to investor materials obtained by CNBC.com.
Its long bets on stocks gaining rose 17.6 percent, but its shorts declined 33.1 percent—all as the S&P 500 Index rose 23.6 percent for the year. As of Sept. 30, Axial was 38.6 percent net short, meaning its 70 short bets outweighed its 16 longs.
The fund also lost 6.3 percent in 2012; gained 0.3 percent in 2011; and declined 10.2 percent in 2010 and 11.1 percent in 2009. Each year, its short bets lost money.
The exact timing of the liquidation was unclear. Firm co-founders Marc Andersen and Eliav Assouline declined to comment....MUCH MORE
....A couple characteristics of big bull markets:
1) Once the move is underway waiting for a pullback almost guarantees you will be underinvested. Everybody is waiting for a pullback, not everybody has the fearlessness/foolishness to committ.
2) The market will find a way to make your day-to-day prognostications and pronouncements look stupid.
Ease in, even if you have to grit your teeth and shut your eyes.
