This week, the real estate mogul and billionaire Sam Zell said, “There is a high probability that we are looking at a recession in the next 12 months.” The culprit, he told “Bloomberg Go,” was the strong dollar and slowing global trade, the beginnings of layoffs at multinational companies and a general lack of demand. The bears of…
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As everyone should know I am a great believer in luck playing an invisible hand in the success that many people enjoy. And there does come a time when you can spot luck deserting someone as the need for skill becomes apparent. The hedge fund Tiger Global has lost 66% of all investor gains accumulated…
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One of the eternal truths about trading is that it is conducted by humans and humans are flawed. This is simply the nature of the universe. However, what this means is that all humans irrespective of culture, background, or education are prone to making the same errors. There is a great myth in markets that…
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If ever you find yourself in awe of hedge funds there are two things I recommend you do. Firstly read The Hedge Fund Mirage by Simon Lack Secondly, refer back to this chart.
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Abstract We explore the impact of limited attention by analyzing the performance of hedge fund managers who are distracted by marital events. We find that marriages and divorces are associated with significantly lower fund alpha, during the six-month period surrounding and the two-year period after the event. Busy managers who manage multiple funds and who…
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A common refrain in investing circles is to comment that there are too many mutual funds and/or ETFs in existence. “Why do investors and allocators need tens of thousands of funds to choose from?” they might say. And they’d be right. But what gets lost in that conversation is that the fund landscape would be…
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