Dwight Sipprelle sure knows how to cut his losses - and to change his mind. In an April 17 letter, Sipprelle informed investors in Arx Investment Management, his six-year-old, high-yield-focused credit firm, that he would be retiring from managing money, except for friends and family. Effective June 30, all investors will be required to withdraw from Arx's funds. The firm managed $1.26 billion on January 1, 2008.
The Arx Global High Yield Securities Overseas fund had slipped 3.46% for the year through the middle of February, but that followed a strong showing in 2007 when the fund reportedly