The S&P 500 is up slightly since the start of June, rising one percent, but we're told Peter Thiel's Clarium Capital is having a much worse time. In fact, the Pay Pal co-founder should avoid thinking about work this weekend.

The $1.5 billion hedge fund — one-fifth as large as it was a year ago — fell 4.5 percent in August, a tipster whispers to us, virtually the same loss it posted in June; hears the same thing. The fund is now down 8.3 percent for the year, the tipster said. That's versus versus 6 percent at the end of June. If Thiel can't turn things around soon, why not consider unwinding the fund altogether? He's still got his early Facebook investment to cling to, and the unshakable confidence that he's surrounded by "frauds" who aren't half as smart as him. Sounds like a once and future startup founder to us.

(Pic: by Robert Scoble)