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Bad Behaviour Can Be Expensive

The Great Hedge Fund Massacre

In the third quarter of 2015, hedge funds, as a category, were experiencing their worst quarter of flows since the bottom of the financial crisis six years before. There were an avalanche of stories about the industry’s nearly systematic underperformance. It looked and felt like an inflection point.

At the time, I asked aloud whether it could mean an actual net outflow at some point — an improbable musing given the seemingly one-way stampede through the in-door. Turns out, we all underestimated what would turn into a profound sea change in investor attitudes around the country.

One by one, the public retirement systems of various states and the endowments of universities made it clear that they were rethinking hedge funds for the first time since David Swensen’s revolutionary Yale Endowment model took the world by storm. Some announced their commitment to alternatives but mentioned that they would be lightening up their exposure. Others decreed that a wholesale retreat was coming, with redemptions across the board.

And now, it appears the wave is finally crashing upon the beach.

More here – CNBC

I See Idiots Everywhere….

On the back of the news that that BBY head Glenn Rosewell hired a psychic who strangely enough was not able to predict the demise of the firms at a time when it was obvious that full service broking is stuffed as an industry comes the news that apparently NASA has ruined peoples lives by changing their star sign.

How Pop Culture Wore Out Leonard Cohen’s ‘Hallelujah’

Leonard Cohen’s ballad “Hallelujah” has become so inescapable that the songwriter once asked for a break from his own track. “I think it’s a good song, but too many people sing it,” he told The Guardian in 2009, agreeing with a critic for The New York Times who asked for a moratorium on “Hallelujah” in movies.

It appears that the producers of Sunday night’s Emmy Awards were unaware of the unofficial ban. When the In Memoriam segment began, it was accompanied by Tori Kelly’s gentle acoustic guitar strumming as she started its first verse: “Well, I heard there was a secret chord.”

The reaction on Twitter was less cryptic: Another “Hallelujah” moment?

Few people noticed “Hallelujah” when Mr. Cohen released the track — part hymn, part love song — on Side 2 of his 1984 album “Various Positions,” but over the next few years, it caught the attention of artists like Bob Dylan (who played it live) and the former Velvet Underground member John Cale, who attempted his own version on the tribute album “I’m Your Fan.” In 1994, Jeff Buckley included an impassioned version on his LP “Grace,” which has become the cover that is most often imitated.

More here – The New York Times

Wall Street Warriors

I must have completely missed this series which was filmed in the years before the GFC. Has anyone else seen it?

 

Want Versus Need

My hotel room in Toronto came with a most unusual feature. I had a tv in the mirror in the bathroom, so one could sit back and luxuriate in the tub whilst channel surfing.

2016-09-17T11-56-28-956

My expectation was that this was the sort of technological idiocy that is common in Japan not in ever so sensible Canada.

Vision Mercedes-Maybach 6

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