オフェンスとディフェンス
The nation is settling into quite an interesting election season now that we’ve passed Labor Day. The candidates are gearing up for a series of debates as they battle for the highest office in the land. And while the country waits with baited breath to hear what will come out of Mr. Trump’s mouth and what new scandal will hit Secretary Clinton, one thing is for sure: significant uncertainty in the markets and the hedge fund industry. It seems — from a quite unscientific poll I conducted over the last few weeks — that some managers are having a hard time navigating the markets and have a very hard time […]
厨房に料理人が多すぎる
I read two very interesting observations about hedge funds last week from two very respectable sources. One was in the quarterly letter of Dan Loeb’s Third Point LLC and the other from Oaktree Capital Group LLC’s Howard Marks. Each said, in their own unique style, of course, that there are too many hedge funds, leading to poor performance by most, resulting in disgruntled investors. Marks believes that the success of few has led to the failure of many, according to a recent Bloomberg article. “The performance of the greatest hedge funds, run by geniuses, created a huge umbrella over this industry, which permitted the other 9,990 hedge fund managers to […]