I have two contenders today for the stupidest regulatory idea of the day and the stupidest quote of the year.
The stupidest regulatory idea is undoubtedly allowing hedge funds to advertise to the general public and the far and away club house leader for stupidest quote of the day is from Bob Rice the managing director of New York-based Tangent Capital who states that hedge funds can help average investors make exceptional returns. (In what f$^&en universe)
You can bear witness to this breath taking idiocy by clicking the image below.
Rice clearly lives in a completely different world to everyone who else and seems completely oblivious to the fact that hedge funds make those who run them wealthy and nobody else
There is an expression in broking called talking your book. It refers to a situation where a broking firm may be holding a stock such as BHP and touting it as the best thing since sliced bread to its clients. It is a behaviour based upon self interest and it doesnt take much digging to see that Rice sits on the boards of companies that would benefit from a massive inflow of new money from the ever gullible public.
There is a very good book written in the 1940 called Where Are The Customers Yachts whilst it was written over 70 years ago it is somewhat prescient when applied to the hedge funds of the 21st century.