This month’s turmoil in financial markets has been a “bloodbath” for hedge funds - Bill Hubard

Market strategist Bill Hubard wrote to clients on Tuesday explaining that: "This month’s turmoil in financial markets has been a “bloodbath” for hedge funds (which by some estimates manage $2.8trn in assets) inflicting large losses at an array of multi-billion-dollar firms in the industry’s worst stretch since late 2011."

John Paulson’s Advantage Fund, which owned Shire shares, was down nearly 11% for October through last Tuesday, bringing the $21bn firm’s losses in that fund for the year to nearly 22%, according to data from Lyxor, the wealth-management arm of Société Générale SA that invests client money in hedge funds. That was before Shire fell 30% on Wednesday in New York!!!!, Hubard explained.