It appears that hedge-fund billionaire Louis Bacon of the Clifton saga fame is losing his touch in business.
First the company reportedly reduced the fees they charge clients; then they laid off 30 employees; now they are divesting interest in a company that is underperforming.
As it turns out, the U.S. stock markets are doing well overall. They are being described as experiencing a ‘rally’—“A rally is a period of sustained increases in the prices of stocks, bonds or indexes,” as described by Investopedia.com.
But, not so for Moore Capital Management. According to reports filed, Bacon’s business seems not to be making the gains that the stock market is generally, and specific picks of theirs have underperformed.
Not to get to deep into the weeds, but according to latest reports, a stock that Bacon has been investing in over several months is ‘down trending’ and underperformed the S&P500 by 28.96%.
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