By Stephen Taub
Trip Kuehne, founder of Dallas fund of funds Double Eagle
Capital Management, had been searching for a global macro
manager for three years when he approached Stanley
Druckenmiller for a recommendation. The Duquesne Capital
Management founder, who was managing money for Kuehne at the
time, suggested one of his generation’s best:
Louis Bacon, founder of Moore Capital Management. "He said he
was great and he won’t blow you up," Kuehne
recalls. "He’ll conserve your money."
||Louis Bacon: Watching half your asset base redeem
even while performing in a stable manner was too
unnerving for heroic investing
Somewhat ironically, Kuehne invested with Bacon last June,
the month after Bacon suffered his worst-ever monthly
loss—9.2%—in part because of the macro
manager’s belief that the euro would fall apart.
"I got fairly lucky," Kuehne says.
But has Bacon’s luck run out?...