Market turmoil fells even 'The Wizard of Oz'

Greg Coffey's Kirkoswald Capital hedge fund lost more than 6% in October - its worst month ever. Steve Mandel's Lone Pine fund erased a 44% gain and turned into a loss. Layoffs in the industry are multiplying.

Market turmoil has felled even 'The Wizard of Oz' - Greg Coffey, manager of Kirkoswald Capital hedge fund. The fund lost more than 6% in October, its worst month ever, according to a Business Insider report. Coffey, who founded the fund in 2018, had previously recorded an average annual return of about 17% net, and in 2025 alone a return of about 21%. Despite the loss, his year-to-date return stands at over 16%. Steve Mandel's Lone Pine fund lost 9% in October, erasing a 44% gain that turned into a 7% loss year-to-date. According to Goldman Sachs, hedge funds focused on technology stocks lost more than 4% on Thursday alone, and their year-to-date return has fallen to nearly zero. JPMorgan estimates that hedge funds worldwide lost an average of about 3% in October. Layoffs in the industry are multiplying, and a veteran investment manager told Business Insider: 'Now it's a game for the big guys,' adding that he survived - 'for now.'

Market turmoil fells even 'The Wizard of Oz'