The Meanest Letter To Investors Ever: Actually, We Lost 70% Of Your Money, Not 1.1%

Lars Steffenson

Yesterday we wrote about Ebullio, the hedge fund that is down an incredible 96% YTD.At the end of January, Ebullio’s hedge fund manager, Lars Steffensen, sent a letter to investors in Ebullio’s commodity fund telling them that only 1.1% of their money was lost over the course of the month.

-1.1%, not bad. Unfortunately, they were way off. Ebullio’s losses were actually close to 70% in January.

According to BusinessWeek, the 1.1% drop was changed to 69.65 per cent in the February report.

“The moment we knew the actual January loss, we brought that up to our investors immediately,” said Steffensen.

So what was 1.1%? A horrible guess?

We reached out to Steffenson to learn more.

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