Chapter 8 Amaranth Advisors LLC
Using Natural Gas Derivatives to Bet on the Weather
Nicholas Maounis must have been filled with pride and a bit of amazement at how far and fast the hedge fund he founded in 2000 had come in six years. From a relatively small group of about thirty portfolio managers, analysts, traders, and support personnel, Amaranth Advisors LLC and the funds it managed grew to become the thirty-ninth largest hedge fund in the world, with a net asset value of about $9 billion and a global team of employees numbering more than 400.247 Amaranth posted double-digit profits each year from its founding in 2000 to 2005, and at the end of April 2006, annualized returns were on course to hit 114 percent by year’s end. What happened during ...
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