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If its any consolation, Murfdogg21, at least you didnt give your money to this clown...

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In a dramatic about-face on Sunday, Melvin Capital founder Gabe Plotkin told investors he was delaying a surprise plan to return their money he revealed last week, The Post has learned.

Instead, Plotkin said he planned to take the next few weeks to decide on next steps before closing his hedge fund. 

“I am sorry. I got this one wrong. I made a mistake. I apologize,” wrote the hedge-fund mogul — who famously got slammed by “meme stock” investors on Reddit last year who had targeted his fund for being a prominent short seller.

On Wednesday, Plotkin angered investors when he suggested a plan that would return investors their capital at the end of June — and then allow investors to reinvest in the beginning of July. Melvin, which was down 21% in the first quarter, wouldn’t try and make investors whole.

Instead he’d demand performance fees of potential clients, including those who previously lost money with him. According to reports Plotkin said he would keep the fund small — under $5 billion and focus on shorting stocks.

Plotkin added in the Sunday email that after speaking with investors he realized his suggestion to shut down Melvin was “tone deaf.” 

“Some of you feel that we were not being a good partner. Upon reflection, you are right,” Plotkin wrote.

Investors were left scratching their heads after the initial note. But now they’re more confused than ever, sources told The Post. One investor told The Post the email was “f***ing wacky.” This investor added he had “no clue” what the email actually meant.”

“I just want my money back,” the investor fumed.

While the mea culpa Plotkin sent Sunday may have struck a more deferential tone than his note Wednesday, investors still don’t appear to be assuaged. “He lost a lot of us a lot of money,” the source adds

Plotkin is evidently still licking his wounds after the now-famous short squeeze on meme stock GameStop crushed his fund in January 2021.

https://nypost.com/2022/04/24/melvin-capitals-gabe-plotkin-apologizes-for-losses-to-investors-who-want-their-money-back/

Edited by Blotto
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25 minutes ago, TonyTexas said:

^^^
That guy is a idiot thinking he could get away with resetting his performance fee starting point with this move. His investors aren’t bumpkins. His account minimum is in the 7 figures. 

Yup. I'm guessing the vast majority of his investors told him to go fuck himself when invited to invest in his new fund. Hence the additional few weeks to chart a path forward. 

 

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Congragtulations!

 

Around August there will be a Swimsuit Fashion Week on Southbeach.  Try to be there.  Hang out or stay at the hotel called The One (not the Four Seasons).  Everything else is easy.

 

I really couldn't imagine trying to stay alive there for more than a year.  Like a Leaving Las Vegas year.

 

Oh yeah, my family bought a beach front mansion about 2 hours away from Miami this year.....so I'll probably be around.

Edited by Elvis
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Congragtulations!
 
Around August there will be a Swimsuit Fashion Week on Southbeach.  Try to be there.  Hang out or stay at the hotel called The One (not the Four Seasons).  Everything else is easy.
 
I really couldn't imagine trying to stay alive there for more than a year.  Like a Leaving Las Vegas year.
 
Oh yeah, my family bought a beach front mansion about 2 hours away from Miami this year.....so I'll probably be around.

Miami Swim Week is always mid July. ….you know, I’d hate for him to miss it.
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I went to a bachelor party in South Beach many years ago. We were all living in the midwest at the time, and were pasty white with our protective winter layers because it was probably still February. We stumbled across an event called volleypalooza which was a beach volleyball tournament comprised entirely of south beach models. They had a hot tub off to the side close to where we were sitting where a lot of the models were hanging out between matches. Gotdamn there was some fine ass talent on display. We might as well have been a different species. 

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14 hours ago, Blotto said:

I went to a bachelor party in South Beach many years ago. We were all living in the midwest at the time, and were pasty white with our protective winter layers because it was probably still February. We stumbled across an event called volleypalooza which was a beach volleyball tournament comprised entirely of south beach models. They had a hot tub off to the side close to where we were sitting where a lot of the models were hanging out between matches. Gotdamn there was some fine ass talent on display. We might as well have been a different species. 

We are not barbarians; there are rules here.

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Bought some friday expiry UVXY 17 strike calls for .75 a bit ago.  I don't trust this "rebound" today.  Less than 1/2 of yesterday's losses.  GDP coming out in the morning that is not likely to be all that good.  1.5 hours of trading left today to milk away the rebound.  etc.   

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27 minutes ago, Trey3216 said:

Negative GDP print for Q1, futures up. L. O. Fucking. L. 

I think all the indexes were way up overnight, prior to the release of the GDP, and they are all heading down now. Not sure the optimism will hold through close of market tomorrow. 

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6 minutes ago, Blotto said:

I think all the indexes were way up overnight, prior to the release of the GDP, and they are all heading down now. Not sure the optimism will hold through close of market tomorrow. 

They dipped after the reading, and then were back up towards overnight highs for a while.  That's why I was laughing.  I don't think they'll make it through the day honestly.  

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On 4/26/2022 at 7:42 PM, Elvis said:

Congragtulations!

 

Around August there will be a Swimsuit Fashion Week on Southbeach.  Try to be there.  Hang out or stay at the hotel called The One (not the Four Seasons).  Everything else is easy.

 

I really couldn't imagine trying to stay alive there for more than a year.  Like a Leaving Las Vegas year.

 

Oh yeah, my family bought a beach front mansion about 2 hours away from Miami this year.....so I'll probably be around.

Nice. I am not going to live in South Beach. I am looking at places in Downtown/edgewater where normal people live. My cousin has a place in SB that I can go to.

 

I am going to slay a lot of tail overlooking the water in this place.

https://biscayne.societyliving.com/ 

Let me know when you are in miami.

Edited by ATexanAbroad
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On 4/21/2022 at 10:05 AM, BehoId, The Underminer! said:

i grabbed some tsla yesterday betting the earnings would surpass.  now i want to get rid of it and take the cash.  i can't do that until the settlement date?

Underminer: I bet Telsa beats estimates.  Gonna pick up a couple shares.

Tesla: We beat estimates!  So we are going to drop 10%!

 

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33 minutes ago, Wally Fairway said:

Sold calls are the only thing green, the 2 sold yesterday are up 12% and that is after making back yesterday's drop

I have some July 400 SPY puts that have gained  enough today to keep my portfolio at -.08%  for the day. Ive been buying short term puts routinely since the beginning of the month, selling for profit & buying lower, over and over. Not all of those trades were profitable but I made enough to dump all the profits into a chunk of those July 400 strike puts with house money. At some point I will have to decide when to harvest profits on those and retrench even further.

Basically the same approach I took in March of 2020. Never sold any of my stock, but kept buying puts like a motherfucker on the way down. Stayed short too long and gave away 40% of those profits, but when it was all said and done it worked out well. I'm planning on doing the same now, as I fear we're going well below 400 here in the next month or two.  

Basically since this post

 

Edited by Blotto
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2 minutes ago, Blotto said:

I have some July 400 SPY puts that have gained  enough today to keep my portfolio at -.08%  for the day. Ive been buying short term puts routinely since the beginning of the month, selling for profit & buying lower, over and over. Not all of those trades were profitable but I made enough to dump all the profits into a chunk of those July 400 strike puts with house money. At some point I will have to decide when to harvest profits on those and retrench even further.

Basically the same approach I took in March of 2020. Never sold any of my stock, but kept buying puts like a motherfucker on the way down. Stayed short too long and gave away 40% of those profits, but when it was all said and done it worked out well. I'm planning on doing the same now, as I fear we're going well below 400 here in the next month or two.  

Why not harvest half the profits and buy 380 puts.   That’s 5% lower and would be house $$ as well.  

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Follow-up to my rosy post a few up:

- Worst single month since 2008.  You remember 2008, right?  I thought you did.
- Market is pushing hard for that coveted 4-digit plunge as I write this.  Wait for it... wait for it... man, this is exciting!!!  Got dammit, some last-second profit taking pushed the sucker back under 1K!  It quickly shit below the magic line, but popped back up.  MASSIVE rally only took it to -937.87.  How anticlimactic...

Nevertheless, the wealth lost today and especially this month can only be described as such:

BladeRunnerRoyBattySpeech.jpeg&f=1&nofb=

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