Edgar Bundy (1862-1922) painting of Antonio Stradivari in his workshop.1893
Stradivarius violin sells at $16 million record price
BOSTON— Jack Meyer trounced rivals when he ran Harvard University’s endowment in the 1990s. But as a hedge-fund manager, he is struggling.This is one of the most frustrating aspects of the investment management business. Performance does not persist and strategies, upon becoming successful, can often start to fail once enough imitators show up or the market wizens up about someone keeping a big, giant edge to themselves.
His Convexity Capital Management LP has lost $1 billion of its clients’ money over the last few years as once reliable options trades backfired. Investors pulled more than $3.5 billion from the bond shop last year, its fifth down year in a row. The firm laid off a tenth of its staff in recent months.