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 Bloomberg Surveillance, “hedge fund legend” Julian Robertson said that the industry is currently facing the worst period he has ever seen. Robertson, who started Tiger Management in 1980, said that right now it is difficult to be either a hedge fund investor or a manager. Click here to see the clip and read the article.
Remember, it is always darkest before the dawn. Fear not, dear friends, all is not lost; in fact, just the opposite.
Through a very unscientific poll I have been conducting over the last few weeks, I have found that investors and managers are turning bullish on the markets and the industry. Some investors are complaining about fees and a number of managers are having a hard time raising assets, but nonetheless, there is still quite a demand for investment managers who make money regardless of which way the market is moving. There is still plenty left to get done and managers and investors alike are doing it. All is not lost, just the opposite: There is a lot of good still to come.
The Operations for Alternatives – Hedge Fund Compliance event rolls into New York on October 6th. If compliance and regulatory issues are something that are important to you, you will want to be there. Click here for details.
Editorial note: There will be no post next week. The next post will be the week of October 11.
Things that drive me crazy
I am just baffled by all the hullabaloo surrounding the closure of a couple of lanes of the George Washington Bridge for a couple of days a couple of years ago. I realize people were inconvenienced, but, to the best of my knowledge, nobody died. It clearly looks like a political vendetta both then and now, but, come on, is it worse than deleting 30,000 e-mails and using a private, unsecured e-mail server as secretary of state? I don’t think so. Nevertheless, the media have this issue in a death grip and will not let it go. Mrs. Clinton said she “made a mistake” for four years and the scandal seems to have gone away. Perhaps Governor Christie should do the same thing and the nation will be able to move on from Bridgegate, or least get it off the front page.
