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…

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

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What We Leave Behind

When in New York there are lot of things that I would call tourist experiences, seeing the Empire State Building, breakfast at the Loeb Boathouse at Central Park or even catching a show on Broadway. These are all things you should do if you come here since they are all part of the quintessential New…

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