Forbes have once again produced their annual rich list and once again hedge fund and alternative investment managers are over represented. To steal from Winston Churchill – never in the field of human endevour has so much been paid to so few for so little.
There are two things that I regard as permanent fixtures of trading – drawdowns and the need for resilience. People come to trading all bright and enthusiastic with the belief that their equity will resemble a lunar launch – it will go straight up and never come down. When this magical state of affairs does…
This short doco is part of an ongoing series that on the strength of the first episode appears to be well worth subscribing to. My favourite bit – Typical of the reports produced on this subject is this one by the Pensions Institute, based at Cass Business School in London. Researchers examined…
I know I bang on about this constantly but WTF? The majority of hedge fund managers polled by Preqin saw their assets increase in H1 2014, thanks in part to allocations from high-net-worth individuals, as industry assets hit $2.9 trillion. A full 64% of the 100 hedge fund managers polled by the hedge fund…
There is something in the rationale of people choosing hedge funds as a vehicle that I am not getting. The sales pitch must be amazingly slick or people are still captive to the false narrative that hedge funds are enrichment vehicles for someone other than the manager. Investors poured $70.9 billion into hedge funds in…
In an earlier article for Bloomberg View, I described a danger facing investors: the put-option illusion. This is when investors, who tend to extrapolate too much from recent trends, are fooled into thinking that a string of good returns means an investment has very little risk. Often the risk is just lurking way out in the tail…
Yeah….no…..maybe….ah…apparently not…. We examine the relation between incentive fees and hedge fund performance. In an industry where information asymmetries (and the consequent risk of agency problems) are severe, the efficacy of such outcomes-based contracting to align investor and manager interests is of fundamental importance to investors. Consistent with theory, we find that the higher a hedge fund’s incentive…
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