誰が船を捨てているのか？
The world was shocked, shocked, I write, that according to Bloomberg, hedge fund investors are abandoning fund managers because of “high fees” and “poor returns.” My question is simple: Isn’t it an investor’s job to get out of poorly performing investments? Why is this news? I really don’t get it. As I wrote last week, managers have a job to do and if they don’t do it, well, they should be fired. Investors also have a job to do – hire/find managers who are going to actually perform. I don’t understand why the press keeps writing the same story over and over again. This is the last time, for at […]
誇大広告を信じるな
Loyal readers have read these words before and, unfortunately, I need to write them again: The demise of the hedge fund industry has been greatly overrated. Mark my words, dear readers, the hedge fund industry is here to stay. No matter how hard the industry is thrashed by the popular press, by the nutty senator from Massachusetts, by the President of the United States and even by Mr. Warren Buffett, the industry is going to survive and thrive for years to come. There is a real need for managers who can deliver alpha in a diversified portfolio. It is really simple — I don’t understand why people don’t understand it, […]