Some People Never Learn

John Meriwether, of Liar's Poker fame, is starting a new hedge fund, his third after Long-Term Capital Management (yes, that LTCM) and JWM Partners. As you may remember, his first was bailed out in shame in 1998. His second was closed a few months ago after being down more than 44% over the course of the financial crisis.

Meriwether will be using the same trading strategies that were used at both LTCM and JWM Partners. Indeed, why mess with a winning formula? I have no doubt scores of potential investors are already lined up.