What a week.
The recent news that CALPERS is abandoning the hedge fund industry sent shockwaves around the investment management community. Investors and managers alike are scratching their heads wondering where will all the cash go? Of course, many of the naysayers of the hedge fund community blame CALPERS decision on the fees, but I think that is malarkey. I think it is simply because CALPERS, quite frankly, is just too big. In order to allocate money in a meaningful way, the pension plan’s powers-that-be must find large funds that can accept large assets, and well dear friends, we all know that there are not that many good large funds to take all […]