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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