John Meriwether’s JWM Partners hedge fund is closing down its main fund, Relative Value Opportunity II, following losses over the past two years. JWM kept a low profile after the 1998 blowup of Long-Term Capital Management, where Meriwether was a founding partner.
LTCM’s spectacular failure didn't stop Meriwether from forming another hedge fund. Unlike LTCM, JWM, which he opened in 1999, did manage to make money – but just barely. It returned an average of only 1.46% a year before shutting down, according to Bloomberg, which reported that JWM lost 44% from September 2007 to September 2008. Meriwether