I know I bang on about this constantly but WTF? The majority of hedge fund managers polled by Preqin saw their assets increase in H1 2014, thanks in part to allocations from high-net-worth individuals, as industry assets hit $2.9 trillion. A full 64% of the 100 hedge fund managers polled by the hedge fund…
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There is something in the rationale of people choosing hedge funds as a vehicle that I am not getting. The sales pitch must be amazingly slick or people are still captive to the false narrative that hedge funds are enrichment vehicles for someone other than the manager. Investors poured $70.9 billion into hedge funds in…
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In an earlier article for Bloomberg View, I described a danger facing investors: the put-option illusion. This is when investors, who tend to extrapolate too much from recent trends, are fooled into thinking that a string of good returns means an investment has very little risk. Often the risk is just lurking way out in the tail…
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Yeah….no…..maybe….ah…apparently not…. We examine the relation between incentive fees and hedge fund performance. In an industry where information asymmetries (and the consequent risk of agency problems) are severe, the efficacy of such outcomes-based contracting to align investor and manager interests is of fundamental importance to investors. Consistent with theory, we find that the higher a hedge fund’s incentive…
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James H. Simons likes to play against type. He is a billionaire star of mathematics and private investment who often wins praise for his financial gifts to scientific research and programs to get children hooked on math. But in his Manhattan office, high atop a Fifth Avenue building in the Flatiron district, he’s quick to tell…
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I recently received an email from someone who should have known better because attached to the email was a brokers report. The report told me I should buy NAB because it had under performed its counterparts. So not being one to take anything a broker says at face value I decided to check for myself.…
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One of the best wealth transference scams ever invented continues. The same thing can be said for the domestic funds management industry – particularly where superannuation is concerned. Recent changes to remove the best interest provision will see investors even worse off courtesy of a return to the bad old days of belting people…
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