Ospraie Management recently announced to investors that its fund was closing due to substantial losses of 38.6% so far this year, according to The Guardian.   For the month of August, it lost a staggering 26.7%.

Dwight Anderson is was the manager of the Ospraie fund, and in an apologetic letter to shareholders, he blamed the losses on a “very difficult year” and a “sell off in energy”.  Apparently, Dwight did not get the memo stating that hedge funds are SUPPOSED TO make money in both rising and falling markets.

Recommended reading for Dwight Anderson: