夏の終わり
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 for the next months. Fatigue on this subject has not set in and, heck, it’s all anyone is talking about these days. The question is what does this all mean for the hedge fund industry? The answer is I’m not sure. Many investors are concerned about performance and fees, while risk management and ever-changing rules and regulations are causing many […]
厨房に料理人が多すぎる
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 too many hedge funds, leading to poor performance by most, resulting in disgruntled investors. Marks believes that the success of few has led to the failure of many, according to a recent Bloomberg article. “The performance of the greatest hedge funds, run by geniuses, created a huge umbrella over this industry, which permitted the other 9,990 hedge fund managers to […]