Who on Earth keeps giving this guy money?!?!
Back in February I wrote the following:
Stupid people making stupid investments is how we got into this mess to begin with. How on Earth is John Meriweather of Long Term Capital Management fame (or infamy I suppose) able to launch yet another fund?!?! I believe that he's had at least one other fund melt down since the LTCM debacle. This isn't a straight Madoff scam, but clearly whatever Meriweather has been doing is not working. Stop giving him money people. Good grief.
Meriwether’s JWM Partners winds down flagship fund
Can't earn fees because your terrible hedge fund is so far under water? No problem. Don't bother trying to get your investors' money back through working hard to correct your errors, nope just close the doors and open a new fund with a clean slate. Mutual finds do that sort of thing all the time...Do Mutual Funds Cheat on Returns?
If you throw enough crap at the wall, eventually some will stick for a while.
Three months after closing his second hedge fund, Meriwether is now attempting to open a third.
Meriwether setting up new hedge fund
Go away John. Clearly there's something wrong with the way you run your funds. Do the world a favor and just go relax on a beach somewhere and count your pilfered millions rather than going for the hat-trick of investment black holes.