Ospraie: Hawk eats crow

Leverage and a couple of bad calls can humble even the bluest of blue-chip hedge funds. Ospraie Management, one of the biggest commodities hedge fund groups, is closing its $2.8bn flagship Ospraie Fund, which has lost nearly 40% of its value so far this year. Fund investors will feel the pain, as will Ospraie’s managers. Lehman Brothers has a walk-on role, too. In a letter to investors, Ospraie founder Dwight Anderson - an alumnus of Julian Robertson’s legendary Tiger Management and Paul Tudor J...