Bacon is Cooked, Closes Hedge Fund
Posted on 11/21/2019
Louis Bacon, founder of Moore Capital Management, is closing his hedge fund firm and returning capital to investors. This is after 30 years of investment. Louis Bacon founded Moore Capital Management in 1989 with a US$ 25,000 inheritance from his mother. At one point, Moore Capital Management managed more than US$ 10 billion in capital. Moore Capital has offices in New York, London, and Hong Kong. Years of lackluster performance and investors redeeming are some of the factors of why Louis Bacon is getting out of the money management business. The hedge fund claims most of the outside capital will be returned by the first quarter of 2020.
Louis Bacon made his first major call that Saddam Hussein would invade Kuwait, which generated an 86% return, according to a letter Bacon penned to his investors.
Bacon joins a chorus of hedge fund kings leaving the game. After a lengthy SEC investigation, billionaire Leon Cooperman announced the closure of his Omega Advisors in summer 2018. Billionaire Jeffrey Vinik, famous for running Fidelity’s Magellan fund, revealed in October he was shuttering his hedge fund in less than one year.
