Anybody who’s ever played craps and won big on a Don’t Pass bet when the rest of the table has their money on Pass knows the kind of glowering resentment, even hatred, the crowd has for those individuals who successfully bet against it. From Tyler Durden at zerohedge.com:
Chris Cole, Founder and CIO of Artemis Capital, has often been mentioned on this site (“Beware the false calm”, “It’s Not The Everything Bubble, It’s The Global Short Volatility Bubble”, “The Coming Crash Will Be Like 1987…But Worse“, “This Is Just An Appetizer” )
His insights and experience in volatility markets have frequently brought a breath of fresh air (and realism) to a narrative of ‘everything is awesome’ that generally consists of so-called professionals who have lived their trading lives in a “first, put on pants; second, sell vol; third, make money”-world…
That is until last week.
As Cole’s fund, Artemis, weathered the stormy market very well, The Guardian contacted him – presumably as someone smart to see this debacle coming and profiting from it. The story did not quite come out that way…
All of which prompted Chris to pen a letter to The Guardian and its readers to expose the truth, as he notes “Unfortunately the truth does not sell newspaper, but sensationalism does.”
Dear Guardian Readers and Editor of the Guardian:
I am deeply disappointed in the recent Guardian article, “Making millions from chaos: the fund cashing in on the stock market collapse” by Rupert Neate, highlighting my firm, Artemis Capital Management and myself, Christopher Cole.
With that in mind, let me apologize to the readers of The Guardian for a gross misrepresentation of what my firm does, which runs counter to our values.
The article is an example of sensationalist journalism, where under the guise of a request for market commentary, my comments were quoted in part, rather than taken in context, in order to depict me as a grandiose high stakes gambler. The article fundamentally misunderstands the hedge fund industry, Artemis’s long volatility strategy, and how institutional portfolio management actually works.
To continue reading: Long-Volatility Fund Manager Slams Media ‘Fake News’: “I Am Not A Bond Villain”