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…
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Seems an appropriate time to revisit this. When this was occurring I was sitting in an airport lounge somewhere trying to make the best of what past for mobile communication in those days. In 1992, George Soros brought the Bank of England to its knees. In the process, he pocketed over a billion dollars. Making…
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Click the image below for story and video – Mediocrity pays really well for some…….
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FOR decades looking after other people’s money has been a lucrative business. Profit margins in the asset-management industry were 39% in 2014, according to BCG, a consultancy, compared with 8% in consumer goods and 20% in pharmaceuticals. The industry’s global profits in 2014 were an estimated $102 billion, allowing firms to pay those picking stocks…
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I thought I would update this. It combines data from the Barclays Hedge Fund Index and available total yearly returns for the S&P500
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The ongoing saga of Valeant and its capacity to make dickheads out of apparently the hedge fund industries best and brightest intrigues me because it displays the power of the narrative over rational decision making. Consider that hedge fund managers are the highest paid individuals in the world and for their multi billion dollar salaries…
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Here is my idea for running a hedge fund – open the fund- take everyone’s money – buy an index ETF and then bugger off. I will be hailed a genius because I will trounce 99.9% of all other hedge fund managers. More hedge funds closed their doors in 2015 than at any time since…
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