HEDGE fund titan Larry Robbins did something out of character last year. He apologised to investors for losing their money and pledged to "right the ship as quickly as possible". Then he solicited more money from them, raising US$1 billion for a new fund and promised to waive the fees.
But he keeps on losing money.
Over the first two months of this year, his US$9.2 billion Glenview Capital Management's flagship portfolio lost 15 per cent. The new fund - called GCM Equity Partners - is down 5.2 per cent. Even worse, the Glenview Capital Opportunity fund, a US$1.7 billion portfolio that uses leverage or borrowed money to enhance its bets, has lost 22.4 per cent through the end of February.
Mr Robbins...