Thursday, June 12, 2008

You must forgive me my tactlessness: New World Capital Management - a follow up

Short post - and an apology. I previously posted on Fun and games in hedge fund land. That post was about a fraudulent (and now disappeared) hedge fund.

The title of the post was needlessly offensive. What New World Capital did was not fun and games. I have been contacted by someone who lost a considerable part of their net worth in that fund. To them it is a tragedy.

Greg Duran (the guy who ran New World) took real money which was the embodiment of real people's financial aspirations - sending their kids/grandkids to college etc.

This blog is read primarily in hedge fund centers. My readers are clustered in New York, Connecticut, San Francisco, London. There is also a cluster of readers in Santa Fe and Alberquerque. [I am using Google analytics to map my readers.]

The readers in Santa Fe stay longer than the ones in New York - and they all read the post on New World. They are in pain. I posted as if New World was just an interesting scam. I guess it is until you are actually scammed.

To those readers - please accept my apology.


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The content contained in this blog represents the opinions of Mr. Hempton. Mr. Hempton may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Hempton's recommendations. The commentary in this blog in no way constitutes a solicitation of business or investment advice. In fact, it should not be relied upon in making investment decisions, ever. It is intended solely for the entertainment of the reader, and the author.  In particular this blog is not directed for investment purposes at US Persons.