収縮は必ずしも悪いことではない
Last week the popular press was once again littered with stories on the demise of the hedge fund industry. Reports from a number of well-respected observers have put fund closures and investor redemptions at near-record levels. Some believe that over $70 billion of capital was redeemed from funds in 2016, with the number of fund closures pegged at north of a thousand. Fear not – all is not lost. The industry is still going to survive and I expect it will thrive in the months ahead. And the years, too. There’s plenty of life left in both new and existing managers and smart money will find its way to these […]
ベター・レイト・ザン・ネバー
Over the last few of weeks, I’ve spent quite a bit of time meeting with managers and talking about how they manage money — where they generate returns and their expectations for the markets and their funds. At the same time, I’ve been meeting with investors of all shapes and sizes, asking them where they are looking for returns and how they are evaluating managers before investing capital. All their stories are similar: The managers focus on generating returns for investors by using a top-down or bottom-up strategy that may or may not employ an algorithm that is modified every time it fails to work while using a “proprietary” methodology to buy […]