犯罪ではない、隠蔽だ
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 been great this year. Yes, it’s true that some managers don’t deserve the fees they earn for the performance that they deliver. And, yes, it’s true that investors are rethinking their allocations. Hey, isn’t this exactly what free markets and capitalism are all about? The market dictates fees and manager performance dictates asset flows. The problem that the press […]
オフェンスとディフェンス
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 of Mr. Trump’s mouth and what new scandal will hit Secretary Clinton, one thing is for sure: significant uncertainty in the markets and the hedge fund industry. It seems — from a quite unscientific poll I conducted over the last few weeks — that some managers are having a hard time navigating the markets and have a very hard time […]