Stop lying. At its wind-down, Key Square Capital concluded its performance by posting strong double-digit percentage gains in 2024 right before operations ceased. It is part of Bessent's investment style to have strong years and negative years, as he bets on macro economic events. "Ted Seides, the former president of Protege Partners, an investment firm where Bessent earned strong returns in the late 2000s, told Reuters that Bessent's track record should be taken in the context of macro investing, where big profits can be followed by less attractive returns. So-called macro hedge funds bet on global macroeconomic trends and are not open to retail investors." "If you only look at the part of a track record with lean years, it’s like saying Aaron Judge struck out a lot last year," Seides said, referring the baseball star known for hitting home runs. "But he was just named MVP." Key Square's main fund returns surged 13% in its first year, 2016, according to a second person familiar with the firm. That year, it gained on correctly predicting the British pound's decline around "Brexit," a vote for Britain to leave the European Union, according to the first person familiar with the situation. Later, Key Square made money when Bessent correctly anticipated a U.S. stock and dollar rally when Donald Trump was elected that November, according to the first person. But Key Square lost 7% in 2017, and then lost money or just broke even from 2018 to 2021, according to the second person and performance disclosures from one of its investors, New York City Police Pension Fund. The hedge fund gained double digits in both 2023 and 2024 and is up "double digits" over its history, according to the second person. "Scott is one of the best macro investors in the world," a spokesperson for Brevan Howard said via email. "His understanding of markets, public policy, and the global economy is largely unmatched." https://www.reuters.com/business/finance/fund-manager-bessent-scores-trump-victory-hopes-bigger-win-2024-11-22/ As usual, the left telling lies.
