Toomre Capital Markets LLC

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More background on International Management Associates Hedge Fund

The Boston Herald is running a story on Thursday, February 23, 2005 entitled Hub fitness heads’ hedge not healthy written by Brett Arends that has more details on the unfolding fraud at International Management Associates hedge fund in Atlanta. It is well worth reading, particularly the ending section:

When you look at data for the hedge fund industry as a whole, you’ll realize that over the past 12 years it has performed no better than a simple stock market index fund. And with an index fund, you know where your money is and you can get it back quickly. Very few things are certain in this life. But here are three rules you can probably hang your hat on:

Never put your money in a risky investment vehicle that’s being shilled by a jock.

Never invest in a fund that lists Las Vegas as one of its principal offices.

And if you put your money in a fund run by a pair of anesthesiologists, you’ll probably end up needing one.