This article is apparently doing the rounds and it purports to look at the supposedly new development of predatory short selling and uses the attack on Quintix by the US group Galucus as proof of this and along the way we get the usual dose of perceived wisdom from Gerry Harvey. Whenever such a piece on…
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A long read but worth it. In the past I have written about the danger of combining hubris with concentration bets. One day in the summer of 2011, Christine Richard arrived at the forty-second floor of a high-rise on Fifty-seventh Street in Manhattan to visit a hedge fund called Pershing Square Capital Management. Richard worked…
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At one of the gyms I used to frequent there was a trainer who used to do some very odd things and initially I could not work whether he was a mad genius or just a dickhead. In the end he turned out to be just a dickhead, my guess about Ray Dalio and the…
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Bloomberg recently breathlessly trumpeted the following regarding hedge fund behemoth Bridgewater – Ray Dalio Makes Clients $4.9 Billion in 2016 as Paulson, Soros Falter Their article was accompanied by the following table of returns – When you look at the table $4.9B is a lot of money in absolute terms and it is here that…
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I recently posted this table of index price correlations. Its a fairly simple table that looks at the degree to which indices follow one another in their general pattern of movement. As you would expect indices that are closely related share a very high correlation. For example the Dow and the S&P500 share a price…
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I used to think that those that ran hedge funds got rich because of their incredible returns. Then I heard about the 2 and 20 fee structure that most hedge funds charged. The typical hedge fund fee structure (historically) is 2% of assets under management and 20% of all positive returns. Therefore, if you gave…
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In 1978, Wilson had a disastrous experience shorting the Resorts International casino company. Forbes dubbed it “the most catastrophic short play in modern times.” Wilson reasoned that gambling wouldn’t catch on in Atlantic City in the 1970s. Jet travel was picking up and people could easily fly to Las Vegas instead. Ironically, he has since been proven…
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That’s because the area’s wealthiest residents, scientists all, work for the quantitative hedge fund Renaissance Technologies, based in nearby East Setauket. They are the creators and overseers of the Medallion Fund—perhaps the world’s greatest moneymaking machine. Medallion is open only to Renaissance’s roughly 300 employees, about 90 of whom are Ph.D.s, as well as a…
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