There’s No Crying in Hedge Funds (or, There Shouldn’t Be)Poor Mark Fishman. His Stamford-based hedge fund, Sailfish Capital Partners, exploded spectacularly last month, culminating in an ugly shouting match between Fishman and his founding partner, Sal Naro, and the loss of billions of dollars. (“It’s basically mayhem,” one insider told FinAlt at the time.) Bummer, yes. But did the former SAC golden child have to cry about it, in public? Quoth the Gray Lady:
On Monday Mr. Fishman, 47, sat in the paneled Princeton Club of New York, explaining what it was like to battle the markets—and lose.
“It feels like someone has died,” Mr. Fishman told The New York Times, his eyes welling up. “We’ve disappointed people, and there is no one more disappointed than me.”
It’s not that we don’t feel sad for Fishman, who has clearly been humbled by his losses. “It’s that sad dawning when you realize the market is so much bigger than you are,” he told the Times. Also, we appreciate the fact that after working at SAC for seven years he remains human enough to cry actual tears. But, dude: Crying in front of a reporter is okay when you have a limb blown off or, yes, lose a loved one, and it does wonders when you are running for president. But you don’t cry when you are rich and other rich people take some money away from you. Buck up! You still have your big old house in Westport, don’t you?
Tough Times for Big-Name Funds [Dealbook/NYT]