Libyan loser

Was the Libyan Investment Authority the world's worst investor? Today's disclosures suggest it should be a contender, at least among sovereign wealth funds. A $1.25bn punt in the exotic world of equity derivatives produced a 98.5% loss – just $19.8m was left at the end of June last year.

This derivative portfolio was "externally managed," according to the documents. What a shame the manager is not identified. Association with a 98.5% loss would be far worse for business than association with the Gaddafi regime.