Fortune - Kyle Bass sucks. Quote:
While Bass made 212% returns on his bets against subprime mortgages in 2007, his bet on the oil market isn’t doing nearly as well. Two years ago, the hedge funder began buying into several oil producers with the hopes that the price of oil would rebound in 2015 and 2016. Prices did come back a bit at the beginning of this year, but they have been dropping again lately. As of Monday, U.S. oil slipped to $48 a barrel amid a persistent supply glut that began in 2014. Meanwhile, Iran and OPEC in general have still yet to agree on cutting production.Well, at least he's done better than the S&P 500, right?
For Bass, the low prices have resulted in a 7% loss in his main fund this year, and the biggest losing streak in the history of his Hayman Capital, the Wall Street Journal reported.
In the same period, the S&P 500 has gained 1.3%.Oh.
Well, he's probably in this position for the long-term, right? I mean, he must have known oil was going to go this low, he just had to move a lot of money in:
“I had no idea crude would fall so low,” Bass said in an interview with the Journal,Oh.
Well, I guess at least he can feel assured that even though he loses money hand over fist for his idiot investors, at least he can still collect the same old 2% & 20%, y'know, as long as his investors don't flee his shitty funds en masse, right?