The real mea culpa that Wall Street — and Washington — needs
Recently someone who fancies herself one of the founding mothers of the hedge fund industry offered her thoughts on what has recently befallen her industry. The upshot? It was someone else’s fault. Specifically, she said, that managers are taking advantage of investors by using gates and side pockets, and by suspending redemptions. All of that victimizes hedge fund investors. Blame the managers, it’s their fault Come on people. We’re better than this. To be fair, I don’t really know this person. I think I’ve only spoken with her once or twice in the last ten years. Her reputation, however, was impeccable in my book until she put out this missive […]
So what now?
What are we going to do now? Before we answer that question, we have to answer another one: What the hell is going on? I’m sorry I haven’t written in a while, but the volatility, the gyrations, and the United States’ rapid descent into socialism has had me distracted. The massive headache doesn’t help. My anguish is truly unbearable. So what’s the story? What are we going to do? How is this going to end? Well the first thing, ladies and gentlemen, is an announcement. It’s not going to make my many friends in the hedge fund industry happy, but here goes anyway: The hedge fund industry as we know […]