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This isn’t over IMHO

Posted by Buygold @ 18:49 on January 17, 2015  

Everest Macro Hedge Fund Blows Up After Nearly $1 BIllion In Swiss Franc Losses

Tyler Durden's picture

Yesterday, when we got the first news of huge P&L losses at various publicly-traded banks not to mention the collapse of several retail brokers culminating with the bailout of FXCM by Jefferies, we reminded that seconds after the SNB shocker, we tweeted what was quite obvious to anyone who realized that speculators were most short the CHF since the summer of 2013:

We also added that “We have yet to find out just which hedge funds were blown up yesterday”, for the simple reason that unlike public banks who have an obligation to reveal news, especially bad, to their shareholders, hedge funds PMs hope to avoid the LP firing squad until the last second. Alas, there is only so long that the day of reckoning can be delayed.

One such fund is the Everest Capital Global macro fund, which went from just shy of a billion to zero in milliseconds as a result of a near wipe out due to a massive CHF-short position. Bloomberg reports:

 

http://www.zerohedge.com/news/2015-01-17/everest-macro-hedge-fund-blows-after-nearly-1-billion-swiss-franc-losses

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.