Re: Japan

["Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>]

Warren Mosler wrote:
> --- "Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx> wrote:
> >   Japan's Eifuku Investment Management has
> > liquidated its Tokyo-based
> > hedge fund after it plunged 98 per cent ($300
> > million assets)  in seven
> > trading days, the fund's manager told investors.
> >   
>
> Do you know what trades they did?

Apparently on Japanese equity, most prominently long on Sega Corp, the video
game company.
The funded, run by former Tokyo Lehman trader  John Koonman, scored a spectacular
76% in 2002.
George Soros is a major backer, in for some $180 million, all down the drain.
 The fund bet heavily during the long New Years holidays when most other
traders in Tokyo closed out their positions, leaving it trading the market
by itself - a smaller LTCM version of illiquidity. 

Henry C.K. Liu