まず観察し、次に反応する
The voters of Great Britain clearly shocked the world last week with their historic vote to leave the European Union. The people have clearly spoken, they want change and change is what they are going to get. To me, though, what’s more shocking than the outcome of the vote is the fact that almost none of the popular press, the bookmakers or the pollsters called this one right.Everyone, it seems, was on the wrong side. The short-term and long-term effects of Brexit are still to be determined. Still, like many of you, my inbox was inundated on Friday and throughout the weekend with articles, advice and information on how to […]
手数料ではなく、パフォーマンス
The chorus of investors complaining about hedge fund fees is getting louder as performance continues to get softer. This past weekend, the Old Gray Lady once again featured a piece on why managers are doing all they can to quiet the sound coming from investors by offering new fee structures — a new take on the two and twenty that has been the standard hedge fund fee of late, but still higher than fees charge by traditional managers. And while I very rarely agree with the liberal-leaning New York Times, this week they may have got it right, sort of. Investors should be screaming about paying too much: Performance is bad […]