Hedge Funds

Tontine shrugs off the worriers


Obscured by the din surrounding the quant meltdown in August, investors in Jeffrey Gendell's TFP Overseas Fund, which makes long/short investments in small banks and thrifts, were quietly digesting news of a July loss of nearly 24% -- and a year-to-date decline of almost 42%

Very few funds could mend their reputations, let alone claw back to their high water marks, after such a decimation. But is Gendell's $4 billion Tontine Capital Management blowing up? Far from it. Gendell's investors say he's open about his volatility and his gunslinging ways - and ultimately delivers high returns.

In fact,