Oh dear. take it away Bloomberg:

Tiger Global Management’s losses have reached 52% this year, prompting the company to cut management fees and set up separate accounts for illiquid bets from customers who want to redeem.

The company’s hedge fund fell 14.2% last month, rocked by losses across multiple stocks and substantial markdowns in its private assets, according to a letter to investors seen by Bloomberg and a person familiar with the matter.

A reminder that the Nasdaq Composite actually ended May up nearly 2%, after a surprising month-end rebound (and is “only” down 21.3% this year). Hell, even ARKK was only down 6.5% last month.

Our colleagues wrote an excellent article a few weeks ago on the “Tiger Global mayhem”, which provides excellent background on a rather remarkable turn of fortune for Chase Coleman. We have of course also stuck our boot a few times lately.

But to understand the potential wider ripple effects – Tiger Global is far from the only major hedge fund brutalized by selling technology – Sequoia Capital’s last letter to his businesses is about the money.

. . . Unlike previous periods, cheap sources of capital are not saving the day. Crossover hedge funds, which have been very active in private investing in recent years and have been one of the cheapest sources of capital, tend to shrink their public portfolios which have been hit hard.

Many do not even have the capacity to invest, as the decline in their public portfolios has created an imbalance in their hybrid funds where their private investments (which have not been so heavily written down) represent more than the maximum private capacity at the within their funds.

This is really starting to feel like a potential Minsky moment for venture capital.

Elsewhere on Friday. . . 

– How war hammer helps girls’ behavior. (TES magazine)

— Engineer Molly White explains why Web3 is not doing very well. (Recode the podcast)

— Sheryl Sandberg and the death of “the deal”. (Cable)

— “Fixed income traders are fraternity boys. Stock traders are better educated.” (eFinancial Careers)

— The rise and fall of Cathie Bois. (New YorkMagazine)

— The zero-rent society: Testimonials from Norway. (Journal of Public Economics)

– The education-innovation difference. (NUMBER)

— A story of Control of oil prices in the United States. (phenomenal world)

– The disadvantage of ECB QE. (IIF)