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Matt Levine

Hedge Funds, IPOs and Pop Medleys

Also stock splits, unicorns and bond market liquidity.

Hedge funds.

BlueCrest is a hedge fund firm that "this month decided to return all outside money to focus on managing the wealth of its founder Michael Platt and other staff." It was already doing some of that, running an internal fund for its staff (called BSMA) alongside its hedge funds for outside investors, and it turns out that the staff was doing much better than the outside investors: