I was going through my archive looking for a piece for the current mentor program when I came across this little gem  from the Eifuku Master Fund. By the way the name is not made up. This fund was run by a former employee of Lehmann Brothers in Tokyo. The letter speaks for itself. Memorandum…

People invested in hedge funds are still paying a lot for very little in the way of actual return. Hedge funds were up 0.59% in March although they still trailed the S&P 500, which was up 3.13% for the month and 12.00% YTD. The Hennessee Hedge Fund Index is up 4.59% YTD. “Hedge funds posted…

I am a fan of internet shopping – I buy everything I can reasonably buy from the google box. Years of putting up with disinterested, surly and friggen ignorant shop assistants have been replaced by a relaxed approach to buying virtually anything I want in peace and quiet However, when buying a digital book of…

This is the VIX over the past few years – as you can see the market seems to have calmed right down to historically low levels.  

There appears to be a growing realisation that fund managers of all ilk are simply not delivering the returns they are being paid for. In fact the evidence seems to indicate that the majority of managers (>95%) are actually a drag on the performance of any given fund. Whilst, we tend to look as this…

This nifty little graphic shows the number of heavy metal bands per 100,000 people. As you can see Sub-Saharan Africa is a cultural desert for heavy metal (pardon the pun) Whereas, Scandinavia particularly Finland is bonkers for metal.

Just got bounced this little exchange

Large Hedge Funds Fared Well in 2011 Apparently they didn’t – their managers did. I have written about this disconnect before, here and here There is a remarkable and somewhat unsavoury difference between what the people who run hedge funds make and what the people who invest in hedge funds make. As an example consider…

At last some vague sign of life – the marked bars represent 52 day highs so at least the market has made a modestly pathetic attempt at making new highs. As opposed to other world markets that have been making successively new highs in the past few months.