Phil Falcone’s Harbinger Capital lost around 12% in 2010 and kept its losing streak so far in 2011. Through the middle of January, Falcone’s flagship hedge fund lost another 1.2%, according to Reuters.
Reuters asked him whether he stopped reporting his results to HSBC to avoid the embarrassment of topping the list of underachievers. Falcone denied the numbers reported by Reuters, saying, “The investors are wrong and so is your rationale.”
Falcone’s assets under management shrank from $26 Billion a few years ago to its current $6.4 Billion. The AUM is still a lot of money. You can read about the recent departures at Harbinger and Falcone’s 4G investments here.