Red Sox owner John Henry is getting out of the business that made him rich.
After years of dwindling returns, the enigmatic billionaire's commodity trading firm, John W. Henry & Co., reportedly told clients it will no longer manage their money as of Dec. 31.
The firm's assets have gone from $2.5 billion in 2006 to less than $100 million today.
In an email to the Wall Street Journal, Henry said: "The firm has been small since 2007 and once assets fell below $100 million this year the company became too small to sustain itself."
Known as a trend follower extraordinaire, Henry began trading corn and soybean futures with his own money in the 1970s before being recognized as an industry savant.
Henry hasn't had a hands-on role in his firm for years, but whether that's related to the slump is unclear. According to performance data on the JWH website, the five funds it offers have lagged far behind the benchmark Standard & Poor's 500. In one particularly poor result, the firm's main commodities trading program, JWH GlobalAnalytics, has a negative 32 percent one-year annualized rate of return compared to positive 30 percent rate for the S&P 500. The firm's decline in assets began largely in 2005, when Merrill Lynch defected.
Financial planner Barry Armstrong, owner of Armstrong Advisory Group in Needham, said commodities trading is a high-burnout business.
"You're watching weather reports, you're watching the news, you're waking up to read things," Armstrong said. "By the time you're 50, you feel like you're 80."
He added, "you're only as good as your last wager."
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