Bullitt
06-14-2015, 07:25 AM
Anyone who was investing in 2007 surely remembers this name. Lesson learned: It's always better to be lucky, but don't confuse luck with skill.
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Meredith Whitney shut her fledgling hedge fund, a setback for the ex-banking analyst who became one of Wall Street’s highest-profile women during the last financial crisis but ran into challenges in recent years.
Ms. Whitney first gained star status in October 2007, when as a little-known research analyst at Oppenheimer & Co. she made a well-timed bearish prediction on Citigroup Inc. The bank’s stock tumbled days later and then-Chief Executive Charles Prince swiftly resigned.
Meanwhile, Ms. Whitney staked her reputation on a pair of new predictions that haven’t paid off as quickly as her Citigroup call: a 2010 forecast of a wave of municipal defaults and a 2013 projection, enumerated in a book, that the central U.S. would prosper while the coasts struggle.
London hedge-fund giant BlueCrest Capital Management LLP agreed to provide her with $50 million to start the fund. But in October 2014, BlueCrest asked to redeem its investment, and Ms. Whitney refused, citing contractual agreements. BlueCrest sued to get its money back.
Meredith Whitney Shuts Her Hedge Fund - WSJ (http://www.wsj.com/articles/meredith-whitney-shuts-her-hedge-fund-1433976677?mod=mktw)
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Meredith Whitney shut her fledgling hedge fund, a setback for the ex-banking analyst who became one of Wall Street’s highest-profile women during the last financial crisis but ran into challenges in recent years.
Ms. Whitney first gained star status in October 2007, when as a little-known research analyst at Oppenheimer & Co. she made a well-timed bearish prediction on Citigroup Inc. The bank’s stock tumbled days later and then-Chief Executive Charles Prince swiftly resigned.
Meanwhile, Ms. Whitney staked her reputation on a pair of new predictions that haven’t paid off as quickly as her Citigroup call: a 2010 forecast of a wave of municipal defaults and a 2013 projection, enumerated in a book, that the central U.S. would prosper while the coasts struggle.
London hedge-fund giant BlueCrest Capital Management LLP agreed to provide her with $50 million to start the fund. But in October 2014, BlueCrest asked to redeem its investment, and Ms. Whitney refused, citing contractual agreements. BlueCrest sued to get its money back.
Meredith Whitney Shuts Her Hedge Fund - WSJ (http://www.wsj.com/articles/meredith-whitney-shuts-her-hedge-fund-1433976677?mod=mktw)