John Henry runs three currency funds that have lost between 10.3 percent and 21.5 percent so far this year, according to an article in the Financial Times (by Steve Johnson, July 31, 2006). The Man Group’s AHL Currency Fund lost 9.8 percent in the first half.

It’s ironic that just when the small trader was starting to get into the forex market over the past five or six years, everyone’s P&L went to hell in a handbasket. Of course there are exceptions. Every year, one or two managers make outsized returns. However, they can’t usually sustain high returns year after year, and many disappear from the scene by failing entirely, being acquired, or changing their names and methods.