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What’s behind Ben Cleary’s ‘loser’ email

The Australian Financial Review (AFR) •
November 02, 2026 • 06:00 PM
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The beef between the Tribeca fund manager and activist investor Jeremy Raper is slow cooked.

What’s behind Ben Cleary’s ‘loser’ email

It was some very hot gear. Tribeca’s Ben Cleary sent an email to activist investor Jeremy Raper in September calling him a “f---ing loser” and adding that “I wouldn’t piss on you if you were burning”.

The context for the “tirade” was Cleary’s firm had asked Raper for his view about ASX-listed miner Canyon Resources. When he declined to do so, Cleary chimed in with the personal attack – prompting Raper to post the email exchange on his X account.

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