Winning both ways

Paul Mulvaney took a significant risk in the summer of 2001 when, dissatisfied by a lack of commitment from his principal investor, he gave back all the money and set out to find a new devotee.

Mulvaney Capital had returned 24.51% in its first full year of trading, using the $5m allocated by a fund of hedge fund firm, but as Paul explains, the backer was obliged, as a 20% equity holder in the fund, to raise the minimum level of assets on each anniversary.

'I had a get-out clause and after two

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