Ten years on Empirica is closed, and its record of returns is interestingly vague, given all the media attention at the onset. Universa Investments L.P. sprung

Ten years on Empirica is closed, and its record of returns is interestingly vague, given all the media attention at the onset. Universa Investments L.P. sprung up from the ashes in 2007. Again, the record of return is "secret", except for careful leaks in the press when things happen to pay off. But wait, there's more! They have a brand-new "Black Swan ETF" that hedges the S&P 500 and charges you 0.95% for the privilege. It looks a whole lot like the usual hedge fund bullshit play to me. Make lots of noise for a few years, get the punters to play, close down, then open up under a new name. Lather, rinse, repeat.