The hedge less hedge funds that we all know too well are getting smoked out in 2016. With today’s decline, funds like Pershing Sq., Greenlight and Valueact move deep into the mid double digit loss column for the year.
And it’s not even the mid point of January.
But no large fund that I’m tracking is down more than this one: Baker Brothers.
Early last year, and for the past 3 years, whatever they touched turned to gold. Now they just look insane. Their losses are in excess of 20% for the year now, based off their reported positions.
The once hot biotech sector has been absolutely destroyed in 2016, with dozens of stocks down 20-50% so far. The vast majority of these stocks came public over the past 3 years, during the great biotech boom. Now they’ve gone bust.
Out of all the distressed sectors, this one is definitely worth watching. The demographic shifts will favor healthcare for decades to come. Baker Brothers had the best research in the biz. I could only imagine how some of the less astute biotech funds are doing this year.
Dreadful.
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We go now to Sir Fly, with the weather for the weekend.
What are we looking at here, Fly: umbrellas or picnic baskets?
Fly? FLY!?!?
lesser astute? It’s less astute.
you’re the ass toot, bro
STFU.
You know what? Leave. Just leave. Please leave.
Jesus man! Why didn’t anyone tell me there was a bubble in biotech?!
I just thought they all were going to find the cure cancer
^ zephler