Background: Is Coffey Causing too Many Ripples at Moore?

When Greg Coffey was at GLG running their superstar EM Fund, there were rumors the risk manager was not allowed any oversight of his hedge and long-only funds.  This came from their prime brokers so there is some credence to that statement.  We ourselves would notice his sometimes high allocations to illiquid (how does a ski resort in Hungary strike you?) or downright terrifying (private banks in Nigeria?) positions.  No one said anything because most of these positions paid off and there was also Greg’s trading style.  Sometimes he would trade around a position more than 50 times.  A day! Continue reading “Background: Is Coffey Causing too Many Ripples at Moore?”

Trade Notes: Is There a way to Play Global Warming and Weather Volatility?

 

Mean surface temperature change for the period...
Image via Wikipedia

 

The short answer would be an easy “Yes”.  This was emphasised most recently by the September returns of Clive Capital, Chris Levett’s commodity hedge fund based on macro calls.  He used to run a similar portfolio at Moore Capital before he left to start up his own firm in December 2007 (in case you’re wondering,  his middle name is Clive).  That fund returned 6.6% last month, that’s a pretty tidy profit on roughly USD 4 billion AUM.  More so considering it was up around 1.7% for the previous nine months.  I’m not a big fan of Clive because they tend to use rather a lot of leverage, don’t communicate much, and haven’t been able to protect the downside as they claimed in their marketing material.  In any case, the reasons for the performance are interesting, Continue reading “Trade Notes: Is There a way to Play Global Warming and Weather Volatility?”