泣き言を言うな
Over the last few weeks there has been considerable discussion in the news about a number of large institutional investors redeeming their allocations in hedge funds.Their decision most likely wasn’t easy. Admitting you are wrong with your own money is one thing; admitting you were wrong with someone else’s pension fund/livelihood is sure to keep anybody, especially the powers-that-be, up at night. I applaud the decision: If the returns aren’t there, fire the managers. It’s simple – deliver or get out.That’s what makes investing with both traditional and alternative managers great – the performance says it all. You make money, we love you. You lose money, pack your bags. Those […]
スヌーピーを責めるな、ビル・クリントンを責めろ
Paul Krugman’s recent rant in the New York Times about the impact of Judge Rosemary Collyer’s ruling on whether Met Life is to big to fail is not only misguided but, well, just plain wrong. While he is correct in that other firms will now challenge their own status, he is wrong to blame Met Life and its mascot Snoopy for the impending undoing of the global financial system. The real enemy here is not the judge, Congress, Met Life or even Snoopy, but rather Former Treasury Secretary Robert Rubin and President Bill Clinton. Under Rubin’s Treasury reign, not long before he took an executive role at Citigroup, he and […]