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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I See Idiots Everywhere….

On the back of the news that that BBY head Glenn Rosewell hired a psychic who strangely enough was not able to predict the demise of the firms at a time when it was obvious that full service broking is stuffed as an industry comes the news that apparently NASA has ruined peoples lives by…

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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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The Difficult Art of Self-Compassion

“Compassion,” wrote historian Karen Armstrong in considering the proper meaning of the Golden Rule, “asks us to look into our own hearts, discover what gives us pain, and then refuse, under any circumstance whatsoever, to inflict that pain on anybody else.” In herbeautiful ode to compassion, Lucinda Williams urged: “Have compassion for everyone you meet…

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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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This is what successful and happy people focus on

The researchers found that people who were both successful and happy over the long term intentionally structured their activities around four major needs: Happiness: They pursued activities that produced pleasure and satisfaction. Achievement: They pursued activities that got tangible results. Significance: They pursued activities that made a positive impact on the people who matter most.…

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Your Mind May Be Being Controlled

In decision making the quality of any decision you make is bounded by a series of strictures, the time you have to make the decision, the quality of the information you receive and your cognitive abilities to process the information you receive. Decision making can never be perfect because no collection of these inputs will…

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Is September Really The Worst Month?

The chart below from the website Chart of the Day has been doing the rounds of late. A variation on this chart has also appeared in Bloomberg and has been passed around a variety of news outlets. I am always interested in these sorts of charts and the narrative they are trying to convey. My…

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Why They Did It

“It’s like a comedy of errors,” Madoff told Soltes. “To cover the losses, I decided to take in money from hedge funds. And in order for me to do that, I had to commit to a long-term strategy that I wouldn’t send the money back [to investors]. I kept taking in more money, figuring that…

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