8 days ago • 1:34 min
Data out this week showed that hedge fund Citadel broke profit records last year.
What does this mean?
The selling point of any hedge fund is its ability to make money in even the most trying market conditions, so last year’s financial earthquakes left them working overtime to dodge the falling masonry and turn a profit. And boy, did Citadel succeed: the fund manager made a series of savvy bets across all kinds of assets that carried its main hedge fund to an envy-inducing 38% return last year. Factoring in strong performances by other areas of the business, that amounted to a tidy $16 billion profit – the biggest dollar gain racked up by any hedge fund ever. That meant Citadel pipped Ray Dalio’s **Bridgewate