Make money doing the work you believe in
The Situational Awareness letter to shareholders addresses and accepts the mistake.
But blaming it on short-sellers and characterizing the ‘margin-call’ as a “bank-run”???
SA did very well to catch the right names: the fund is still 80%, despite the 67% drawdown. They should have just said a simple “We’re sorry. We’ll do better next time” and move on.
Every great investor makes mistakes. Every investor has to endure losses to survive and learn in this market:
Stanely Druckenmiller chased the dot-com boom right before the bust.
Paul Tudor Jones bet big on cotton forcing him to rething and respect risk management
Ray Dalio’s infamous 1982 bet against incorrectly calling a debt crisis
Warren Buffet’s entire Berkshire Hathway company was one big mistake in 1962. (while Kraft Heinz still haunts)
They just accepted the mistake and moved on, learning from it. But no one blamed it on head-scratchers like blaming short-sellers.
