There is an article in to-day Sunday's Toronto Star about the perils of handing your money to someone else to manage, even legends like Jack Lawrence and Bernard Madroff.
I read the paper version of the Star. Starts on page A1 and continues on page 15. Jack Lawrence was a legend on Bay Street. Bank of Montreal bought his firm. He opened his own hedge fund. Investors were attracted to his fund by his stellar reputation. The fund lost 80% of its value in 2008.Link? Maybe?
Yes, I heard about it when it happened and it was also mentioned in the article in to-day's Star. The Star tried to get an interview with his partner (Mr. Ravi Sood) but he wasn't in a very talkative mood. Jack was a very troubled man, his fund was crashing and burning, angry investors and an acrimonious divorce from his second wife.Rockslinger, You are aware that Jack Lawerence was killed in a plane crash in Aug 2009.
80% is a very high loss rate. During that period the general markets contracted around 45%. His fund lost almost twice that.First off, all stooges who bought into and continue to buy into the stock market CASINO game lost 80% of their investments during the same period.
Did you read the Star article? No one said he did anything illegal but those "disclaimers" that his investors were asked to sign are not very ethical.Secondly, there is NOTHING to suggest he was a fraud like Bernie Madoff. Save for his house and cottage etc, he had most of his own money in the same fund he had other people's money in and it is still operating.
I did say "I doubt it" but that was supposely a simple take off for an experience pilot. What went wrong? Anyway, I "hear" you and will delete any speculation from my post. I also "hear" you about him loving his son but he left one of his 6 children (from 2 failed marriages) out of his will. Did he not love that child?Third, suggesting that he committed suicide by airplane is fucking outrageous and shows you don't have a fucking clue about the guy.