SemperMacro is closing down owing to poor performance. Dealbreaker has a piece on the manager’s letter to investors. Last year I mentioned that Clarium was also having a bad time. Both funds are run by experienced hedge-fund stars.

Somebody said to me recently that he had been looking into trading for the first time, and he couldn’t see how it was possible to lose money over the past few months. He wasn’t being unpleasant — he honestly didn’t understand, and said so, which is fair enough. But he had it right: if you can’t see how you can lose money trading, you haven’t begun to understand the game.