- Tourbillon Capital is a $3.4 billion New York hedge fund led by Jason Karp.
- The fund has lost money in its flagship fund, but says despite the bull market, there are still stock-picking opportunities; it just requires patience.
Jason Karp, the head of $3.4 billion hedge fund firm Tourbillon Capital, is preaching patience.
The firm's flagship Global Master fund has lost money in 2017. And in an October letter to investors, Karp leads with a quote from author David G. Allen. The quote reads:
"Patience is the calm acceptance that things can happen in a different order than the one you have in mind."
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The firm's global master fund had a net return of -1.3% in the third quarter, according to the letter, and is now down about -7.4% this year through October, according to a separate client update seen by Business Insider. The fund had been down about -5% after fees for the first nine months, a document shows. Its long-only fund was up about 10%.
In an introduction, Karp He cited:
- Bitcoin
These comments echo earlier letters, which have discussed the challenges of managing money in the current bull market. In the October letter, Karp added that despite this,
"Although it feels as though there has never been a harder time to fight the consensus, remain low-net and avoid the all-too-easy trends, we also believe there has never been a more important time to have patience," the letter said.
Fleetcor is up about 14.6%, Vantiv is up 8.8%, Softbank is up 11.6% and eBay is up 6.5% from June 30 through the morning of November 3, according to Bloomberg data.
This story has been updated to reflect updated performance numbers.