Mistakes Were Made

Marathon Asset Management concedes mistake in betting on credit default swaps.

Stephen Taub December 17, 2025

President and CEO of Marathon Asset Mgmt Bruce Richards speaks at the Reuters Global Hedge Fund and Private Equity Summit in New York

President and Chief Executive of Marathon Asset Management Bruce Richards speaks at the Reuters Global Hedge Fund and Private Equity Summit in New York April 9, 2008. REUTERS/Brendan McDermid (UNITED STATES)

BRENDAN MCDERMID/REUTERS

Over since launching their first fund in 1998, Louis Hanover and Bruce Richards, co-founders of New York–based Marathon Asset Management, have deftly sidestepped market meltdowns. But last year’s global implosion was too potent for even them to avoid, and all of Marathon’s funds were down

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