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by belter
1036 days ago
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Things you need to look at: "...After the March payday, its flagship Black Swan fund has produced a mean annual return on invested capital of 76%* since the firm was created in 2008. It’s a good result, but if you were going to make the same calculation as of Dec. 31 2019, the long-term compounded return would only be marginally better than that of the S&P 500 over the same time period..." - https://www.forbes.com/sites/antoinegara/2020/04/13/how-a-go... Also the way they report performance is singularly unique: "Why One Firm's 3,612% Return Is Drawing the Ire of Hedge Funds" - https://www.bnnbloomberg.ca/why-one-firm-s-3-612-return-is-d... The only question you need to ask Universa Investments is:
"Did you create other hedge fund portfolios...That could possibly have similar returns out of your expertise...BUT...did not? And did you win down those after a few months or 1-2 years, before reporting on the performance of the surviving one?" The trick above, is directly from "Fooled by Randomness" by Taleb, who is listed as “distinguished scientific adviser” by the fund. |
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My employer (one of the bigger French corporations) from 2005 to 2010 released each year their financial reports showing a 5% revenue gain over the previous year, which was a good performance at the time. Then a few months later, they revised their turnover and reduced it by 5%.
Apparently it was legal, and anyway no one ever commented.
When the next CEO arrived, the turnover in 2011 was reduced by 10% without explanation and again no one commented!