A "Lego paradigm" for investing

Fri Mar 30, 2007

In his forthcoming book, Mitch Julis of Canyon Partners rethinks money management
By Sarah Wood

When evidence of massive accounting fraud at Enron and WorldCom surfaced several years ago, many hedge funds were caught off guard. They either missed out on the historic shorting opportunities or, worse, lost money after buying into the companies' deceptions.

Some managers responded by licking their wounds and moving on. Mitch Julis, co-founder with Josh Friedman of Canyon Partners, a $13 billion value-oriented, multistrategy operation, decided to go back to school - and write a book about what he'd learned.

"It was a wake-up call," Julis says, noting that, while Canyon had little exposure to the frauds and eventually profited handsomely from them, it had not predicted them. "The idea of the book was to come up with a process of continuous education. I figured if I had a book project, it would put me in...

ISSN: 2151-1845 / CDC10004H

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