First the important details about Greg Lippman’s new fund, Libre Max.
Lippman and his partner, Fred Brettschneider, have assembled their team (a number of Deutsche Bank traders have left the firm in the past few months to join the start-up hedge fund), and they are now making pitches to investors for Libre Max. But so far, they have not brought in any money.
“We’ve been received warmly. Time will tell whether that means that money is coming in or not,” Mr. Lippmann said. “People have been happy to meet us. They’ve said, ‘We’ve enjoyed your presentation, you guys seem like you’ve got a good idea.’ But it’s free to say that.”
One possible reason? They’re some of the few bulls out there right now.
According to a source who saw Lippman’s pitch for Libre Max and told the Observer about it, Lippman doesn’t have the next “big short,” but he’s confident there’s money to be made out there.
“I am cautious and I can make my way through the jungle and pick securities that are going to do well,” Lippman says.
Another possibility? Let’s talk about the funny-sounding name. It sounds like the punchline to a joke or the name of a band.
Here’s what it means, according to the Wall Street Journal:
The Libre Max name is meant to suggest “open ideas” relating to investment opportunities, a person familiar with the matter said. “Libre” also incorporates the first two letters of Mr. Lippmann’s name as well as Fred Brettschneider’s, who has been Deutsche’s head of global markets for the Americas but is joining him. “Max” incorporates the last names of the other two founders.
The incorporation of names is a decent explanation. That’s pretty much what every hedge fund manager does – make their fund their initials or last name or something. But here’s another idea.
We know Lippman likes t-shirts (he handed out “I’m short your house!” t-shirts a few years ago). Then he names his fund Libre Max, which happens to, in our imagination at least, look fantastic on a t-shirt. Just putting that out there because we can’t take the name seriously.