Never let anyone know what you are thinking…
The recent arrests in the insider trading scandal have made me think of the mafia adage: Never speak when you can nod, never nod when you can wink. In 2011, the updated version is never email when you can text; never text when you can speak; never speak when you can nod…. These guys may have been smart in putting the “mosaic” of information together but were not so smart in the way they communicated with each other. Read the story here. All I can say is that I for one am sick and tired of reading the stories about these criminals and alleged criminals. It’s enough already. Where is […]
This just in: Hedge fund replication does not work…
That’s right, folks, the news is not good for purveyors of “hedge fund replication” vehicles. The data seem to indicate that these so-called alpha generators for the masses are really nothing more than, well, any other traditional long-only product. Read more here. Well, I hate to say it, but I told you so. For the last six years, I have gone on record saying that hedge fund replication, regardless of what the investment vehicle offering it is called, is something that just does not work. It’s like fitting a square peg in a round hole–and we all know how well that turns out. The truth is that hedge fund replication […]