How one of the world's top performing hedge funds had a year's gain wiped out in a day
Autonomy Capital loses a year's worth of gains in a day
Every trader knows the feeling of weeks and months of work going down the drain in a flash.
Not even the top funds are immune. Navigating emerging markets is like traversing a minefield but few had done it better this year than Autonomy Capital, which was up 17% in 2018.
It lost all that in the first two weeks of August as the fund fell 16.3% in the wipeout in Argentina's markets, according to the FT. The Merval fell 48% in dollar terms in a day in early August in the second-largest one-day drop in any major market index since 1950.
Founder and chief investment officer Robert Gibbins isn't backing down. He said the sell-off "presents an opportunity".
That kind of thinking has led many traders to ruin. At the same time, a certain level of stubbornness is at the core of every great trade.
Reprinted from Forexlive，the copyright all reserved by the original author.
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