Who is abandoning ship?

The world was shocked, shocked, I write, that according to Bloomberg, hedge fund investors are abandoning fund managers because of “high fees” and “poor returns.” My question is simple: Isn’t it an investor’s job to get out of poorly performing investments? Why is this news? I really don’t get it.

As I wrote last week, managers have a job to do and if they don’t do it, well, they should be fired. Investors also have a job to do – hire/find managers who are going to actually perform. I don’t understand why the press keeps writing the same story over and over again. This is the last time, for at least a week, that I will be writing about this. I promise.

The annual SALT conference is this week in Vegas. The event, which attracts a few thousand investors, managers and service providers from around the globe, is truly the Woodstock of Capitalism. I know that last week’s Berkshire Hathaway annual meeting is often called the Woodstock of Capitalism, but it is really just a love-in for Mr. Buffett and a way for Berkshire portfolio companies to sell their wares. SALT’s line-up of speakers and entertainers is second to none.  I have been to both events and find them equally enjoyable. There is nothing quite like watching Mr. Buffett toss a newspaper or Mr. Scaramucci opening his conference with a legendary soprano performing the National Anthem. Both events are truly unique and worth attending.

The news in the markets this week has been mixed. While the political firestorm continues to rage over the firing of FBI Director Comey, information about the coming tax plan and economic stimulus package has been moved off the front page. I am hopeful that President Trump and Speaker Ryan are able to work together and put forth a tax plan and stimulus package, but it looks as if both will have to wait until this mess over the FBI director is sorted out.

Things that drive me crazy

A few people have threatened to hug me in light of my post last week. Well, I am ready for them. What I am not ready for is the people on airplanes that throw a hissy fit because the cabin crew does not have the in-flight meals to buy on domestic flights that are only offered on international flights. Recently I was flying from JFK to Fort Lauderdale and the person sitting next to me screamed, yelled, cursed and basically burst a blood vessel because the “sandwich box” he wanted was not available. First of all, who wants to eat those things in the first place? Second, it is only a sandwich. People need to get a grip. Life is too short to moan and groan about the lack of choice of things to eat on a two-and-a-half-hour plane ride.