Focused on the big picture, Dwight Anderson built Ospraie
into an institution but seems to have lost control of his
By Michelle Celarier
Ospraie Management founder Dwight Anderson is the type of
old-time, star-caliber manager investors fall in love with. "He
looks at you intently; it's almost a magnetism," explains one
investor. "We got charmed."
That's what makes the turn of events at Ospraie - which is
shutting down its flagship following a near 40% loss through
August - so shattering. Many funds have closed their doors this
year, in what is turning into a rout for hedge funds. But not
since the Nobel laureates who ran Long-Term Capital Management
blew up in 1998 - 10 years ago to the month - has such an
esteemed manager been so humbled by the markets. Investors find
it hard to fathom how such a highly regarded manager could
"It's a bit unsettling to...