Last week I had the pleasure of celebrating Frank Sinatra’s 101st birthday at his old haunt, Patsy’s on West 56th Street. The afternoon was one full of serious Sinatra talk as well as discussions on pretty much every topic other than the retirement of David Ortiz. We covered quite a
Over the last six months, maybe longer when not covering the Presidential election, the popular press has had its guns pointed at one thing: the hedge fund industry. This is not a new phenomenon; in fact at this point it’s status quo. When things are bad, blame hedge
Over the last few weeks, months, perhaps even a year or so, the markets have been extremely volatile. Concerns about Brexit, the Presidential election, a lackluster global economy, political unrest, Federal Reserve policies, you name it, have caused extreme uncertainty and frustration. And while the market continues to hit new
As protestors continue to march in the streets, the world is coming to grips with a President named Donald J. Trump. The peaceful transition of power is currently under way and this act alone makes the United States — regardless of one’s view on the President elect – the envy
Donald Trump’s stunning victory has sent shock-waves around the world, roiled the global financial markets and left many asking how, why — and really? The reality is that the reality television star tapped into something that the mainstream politicians missed or were afraid to address. People of all shapes, sizes, races,
This just in: Investors demand performance! This headline has been crashing the tape over the last few weeks as investor after investor seems to be complaining that they want their money managers to deliver actual good results, to stop just charging fees and to start delivering returns. I am shocked,
The hedge fund industry has clearly taken a number of shots this week and last. The news of the insider trading suit at Omega and that Perry Capital is winding down has left many folks scratching their heads wondering what is next. A lot, perhaps. In a recent interview with
“Innocent until proved guilty”: I’m sure that I’ve read that somewhere. And while this is the law of the land, many believe it is the other way ’round. The minute someone is charged with a crime or even merely accused of an illegal act, the press, the public and the
If you believe the popular press, the hedge fund industry is in a death spiral. Performance of alternative investments is in the tank, investors are ticked off about fees and assets are flowing out rather then in. Well, I for one don’t buy it. Yes, it’s true that performance hasn’t
The nation is settling into quite an interesting election season now that we’ve passed Labor Day. The candidates are gearing up for a series of debates as they battle for the highest office in the land. And while the country waits with baited breath to hear what will come out
Cubic Aquarium Systems wants people to upgrade their ‘fish bowl’ with a $1399 jellyfish aquarium. Claims ease of care for jellyfish at home or in the office. Engineered specifically for jellyfish, this 80-liter tank has a built-in filtration system to ensure the correct water quality, and hopefully no stings… The
It has been a long a hot summer: The markets, the politics, the weather and the senseless violence both here and abroad. Thankfully in the next few weeks the summer will wind down and cooler heads will prevail. We hope. Then there’s the election, the focus of everything and anything
If you were to avoid this place based on its name, you’d be missing out on a real paradise, because this exclusive enclave in the British Virgin Islands is as beautiful as you can only dream – and even more so. We’re guessing the vast collection of yachts in the island’s small
I read two very interesting observations about hedge funds last week from two very respectable sources. One was in the quarterly letter of Dan Loeb’s Third Point LLC and the other from Oaktree Capital Group LLC’s Howard Marks. Each said, in their own unique style, of course, that there are
Last week, the European Securities and Markets Authority (ESMA) told the EU’s executive European Commission that asset managers based outside the EU should get a “passport” to continue offering services to investors across Europe. This new directive replaces a country-by-country private placement authorization system that has been in place for
This just in: The hedge fund industry is still alive. That’s right, folks, according to recent reports in a number of solid news outlets, not all institutional investors have decided to redeem their allocations to these alpha generators. In fact, some institutional investors are increasing allocations. And while performance is
The voters of Great Britain clearly shocked the world last week with their historic vote to leave the European Union. The people have clearly spoken, they want change and change is what they are going to get. To me, though, what’s more shocking than the outcome of the vote is
The chorus of investors complaining about hedge fund fees is getting louder as performance continues to get softer. This past weekend, the Old Gray Lady once again featured a piece on why managers are doing all they can to quiet the sound coming from investors by offering new fee structures
The paper of record had a “fascinating” story this week about a new corporate policy at JP Morgan Chase. No longer are bankers required to wear suits and ties to work. The uniform, if you will, has gone casual, The New York Times reports, in an effort to compete with
The hedge fund industry is in a death spiral — if you believe what you read in the popular press. Managers are under attack because performance is poor and investors are demanding more from these so-called experts in asset management. Every day there is another story about a pension plan,
Once again the Oracle of Omaha and his sidekick have unleashed a barrage on the hedge fund industry and the “outrageous” fees managers charge. At their annual Woodstock of Capitalism the pair astutely pointed out that market volatility, combined with political uncertainty, has hurt performance at many funds. Despite this,
Recently I received an invitation to an after party being thrown by some folks who I don’t think are actually attending the SALT conference in Vegas but will be in town during the event. Well, as any decent person would do, I answered that I’d be there, as I will
Over the last few weeks there has been considerable discussion in the news about a number of large institutional investors redeeming their allocations in hedge funds.Their decision most likely wasn’t easy. Admitting you are wrong with your own money is one thing; admitting you were wrong with someone else’s pension
Paul Krugman’s recent rant in the New York Times about the impact of Judge Rosemary Collyer’s ruling on whether Met Life is to big to fail is not only misguided but, well, just plain wrong. While he is correct in that other firms will now challenge their own status, he
When I read the Op-Ed titled “How Hedge Funds Held Argentina for Ransom,” at first I thought The New York Times was publishing an April Fool’s joke. Once I got into the meat of the piece, though, I found out that I was wrong. The Old Gray Lady was continuing
Amidst all the chaos in the markets this week, once again we learned of yet another a fraud in the investment world. This time a well-regarded private equity player from a “good” family is accused of setting up a fascinating scheme which included fake people, fake websites, and fake email
The recent news of the continued troubles at Valeant and hedge fund manager Bill Ackman’s losses in the stock have gotten many people excited. Lots of investors and other hedge fund managers are metaphorically screaming, “I told you so.” They’re even excited that Mr. Ackman is on the losing side
With apologies to those looking for comments on the hedge fund industry, this week I digress to write a bit about the Trump phenomenon that is sweeping the nation and some other parts of the civilized world. This primary season really couldn’t get any better. It beats reality television —
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