In 1999, Daniel Masters left his job as global head of energy trading at JP Morgan. Oil markets were in a slump, and commodities had lost favour at the bank, which was trying to ride the internet boom and refashion itself as a technology powerhouse. Masters took an unusual step: he launched a commodity-focused hedge fund, Jersey-based Global Advisors.
"As it turned out, that was very much the darkest moment before the dawn, because the next 10 years were the so-called supercycle," says Masters.
The week on Risk.net, July 14–20, 2017Receive this by email