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 […]