After Returning 100% In Two Years, Tiger Cub Li Prepares Investors For What's Next

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Mark Melin
Published on
Updated on
Interactive Brokers Fang Li

After returning 100 percent gross returns (71 percent after fees) over two years, Baleen Capital wrote a letter to its investors and did the only logical thing an experienced fund manager should do: tell investors the amazing returns are not meaningful and prepare them for the worst. Baleen Capital and its founder, Fang Li, have the wisdom of being an ex-Tiger Cub, when he toiled at Cascabel  Management.  He knows how market environments, investment strategies and assets under management work. Fang Li’s investment strategy A strategy such as Baleen employees, concentrating investments in what he describes as “idiosyncratic holdings,” cannot operate…

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Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.