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Atticus founder Timothy Barakett cited “solely personal reasons” in his letter saying that he was closing down his flagship fund and embarking on the philanthropic part of his life. By sheerest coincidence, the letter comes in the wake of his fund losing 31% of its value, which means that it would have to rise by 45% just to reach its high-water mark and start generating performance fees again for Mr Barakett.
A disinterested observer might conclude that Barakett was quitting on the grounds that he had no interest in working hard as a hedge fund investor if he wasn’t going to be paid lots of money to do so. But since Barakett says that his reasons are “solely personal”, it can’t possibly be that.