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Opalesque Exclusive: John Devaney`s Horizon funds `a classic blow-up caused by hubris, ego, and disregard for risk management` - investor prepares for total loss, `how can he continue his spin?`
Benedicte Gravrand, Geneva: An investor reveals what was kept hidden about the manager’s funds.
Sponsoring dinner and show at the Las Vegas conference
Bloomberg.com reported on 2nd February 2008 that John Devaney, CEO of Florida-based United Capital Asset Management, would sponsor dinner and a show by the “Blue Man Group, a theatrical troupe that sprays paint on the audience and vomits fake food” at the American Securitization Forum annual conference in Las Vegas which was to start the next day (article).
Last summer’s losses
The article also reminded us of Devaney’s Horizon hedge funds, which lost “more than 35% for at least one client last (summer) and prevented investors from withdrawing their cash”. Indeed, In his last letter to investors, in July 2007, Mr. Devaney wrote that the Horizon funds had lost money in the mist of high volatility in the ABS, MBS and CDOs markets, had temporarily suspended redemptions (in the near term) and that the expected loss would be “in the area of 20%” for June “as well as for the year.” ...................... To view our full article Click here
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