No political commentary this week. I think that we all agree that the mainstream media have the new administration covered and are providing enough news and commentary. I will say one thing, though: Whether you agree or disagree with President Trump’s actions, the one thing we can all agree on is that he is the first politician in memory who started to fulfill his campaign promises right out of the box, except, of course, for Christine Todd Whitman, the former governor of New Jersey. She campaigned on a promise to name a rest stop on the New Jersey Turnpike after Howard Stern and did so. That was in January of 1995.
Anyway, I spent the better part of this week in Miami at three very distinct conferences, one focused on content while matching investors with managers, another focused on emerging managers and the third focused solely on matching investors with managers. All three brought something unique to the table while using a very similar delivery method.
The common theme among them was that managers continue to search for assets while investors are weary about managers’ ability to deliver alpha. Investors are focused on performance and don’t seem to care much about anything else and are willing to turn over every rock in sight to find it. Thousands of people decamped to Miami attending manager/investor one- on-one sessions all focused on one thing: The allocation of capital.
While the popular press would have you believe that fees are the only thing investors care about when looking at hedge funds, in my completely unscientific poll of approximately 35 investors, hardly anyone mentioned fees: They want performance. Investors are looking for managers who can deliver returns through strategies that they can easily understand and, quite simply, are willing to pay for it. Fees seem to matter only to those who cannot charge them.
Operations for Alternatives arrives in Miami February 27 and if you haven’t registered, it’s time to do so. There are a few spots left and I would hate for you to miss it. Click here to learn more and to register.
Things that drive me crazy
I am sick and tired of being asked to donate a dollar every time I check out of a grocery store. I’m not sure if this happens all over the States but it is quite prevalent at the Publix near where I live. It seems that every week there is a new charity that they are raising money for. I understand it is for a good cause — it really bugs me. I think it is intrusion and shameful. Giving to charity is a personal thing and not something to do in the supermarket check-out line.