I wonder... since when was Switzerland an "emerging market"? Look, he made some bad bets, got burned. Too bad, life goes on. Lesson to be learned - don't bet against the Swiss Franc. The Swiss are great businessmen, have a strong economy, well-run country. Why bet against that?
Swiss Franc Trade Is Said to Wipe Out Everest’s Main Fund
Marko Dimitrijevic, the hedge fund manager who survived at least five emerging market debt crises, is closing his largest hedge fund after losing virtually all its money this week when the Swiss National Bank unexpectedly let the franc trade freely against the euro, according to a person familiar with the firm. Everest Capital’s Global Fund had about $830 million in assets as of the end of December, according to a client report. The Miami-based firm, which specializes in emerging markets, still manages seven funds with about $2.2 billion in assets. The global fund, the firm’s oldest, was betting the Swiss franc ... (full story)