Clarium Capital Management, Peter Thiel's high-performing
global macro firm, has been rapidly repositioning its $7.35
billion portfolio to take advantage of the late-summer market
upheaval. The fund, which was fully invested in late July, had
by late August moved to 64% cash. In the first weeks of
September, Clarium brought its exposure down even further, to
about 75% cash, according to an investor.
By mid September, however, Clarium had...