Hedge funds to investors: You can have your money back when WE want, not when YOU want
Bloomberg's Matthew Lynn rips into hedge funds' new favorite practice of refusing to give investors their money back. He concludes:
Hedge funds can’t expect to treat their investors like this and survive. It would be reasonable to say something like this: “It’s a bad time to sell, guys. You will lose what little is left of your shirt, but if you stick with us, we believe we can turn this thing around.” Then the fund holders can make their own decisions.