Black Friday, Cyber Monday, Twofer Tuesdays, Wacky Wednesdays and Thirsty Thursdays. What a bunch of nonsense!

Things are in a sorry state when the lead story on the news is how much more crap was sold this year than last and how buying stuff is going to stave off the double-dip recession, increase employment and fix all that ails the economy. I don’t know about you, but I am sick and tired of hearing that the only thing we can do to fix the economy is to spend money. Buy this or buy that and through this unselfish act the world will be a better place. I say baloney…

We need to get people back to work. We need to retrain workers, prepare students and get people thinking about putting in a day's work to provide for their families. Just buying stuff is not going to get the job done. Education, retraining and commitment to job growth are the only things that will get this country moving again. Buying stuff is just throwing good money after bad and putting off the inevitable.

HEDGEAnswers' next Launch Session Call is December 7 at 10 a.m. The call has been rescheduled from November because of a death in the family. There is still plenty of time to get in on the discussion. Click Here to register. The call is going to be chock full of information on how to launch and grow a successful fund. Don't delay register today!

First, I apologize for not writing over the last couple of weeks. I’ve been preoccupied with finishing the Second Edition of The Fundamentals of Hedge Fund Management. I handed in the book today, so now I have plenty of time to resume my blogging activities. Also, I apologize for the last post being one about Star Jones. Okay, now that I have completed the pleasantries, on to business:  They say that if you live long enough, you’ll experience everything. Well, a week ago, it happened.

I got a very simple, not elegant, email from someone I went to college with. I knew the person, not well; I don’t think I spoke with her more than once or twice in the four years I was at Clark. Nonetheless, she emailed me about a business opportunity. Being the curious person I am, I emailed her back and told her to give me a call. What a mistake. It turns out that she’s an unhappy schoolteacher who has decided to get into reselling electricity. According to her, it is a great opportunity and if I had thirty minutes she could come by the house and explain how I too could get in on this ground-floor opportunity.

Needless to say, I passed. Do I need to say more about Linking In or not? I don’t think so.

The good news:

We are about to launch the new HEDGEAnswers portal. After many years of thought, comments and hard work, we’re just a few weeks away from going live. If you’re interested in being part of the beta of the new site, please contact me.

The next HEDGEAnswers Conference Call is scheduled for November 16 at 10 a.m. The recent news coming out of the SEC and the current state of the economy are sure to make the discussion fast, furious and informative. Register today by clicking here.

THINGS THAT DRIVE ME CRAZY:

Duane Reade is really a terrible place to shop. The staff is rude, the products are overpriced and unless you’re interested in baked goods, lipstick and cat litter, I suggest you find another pharmacy. There seems to be an arrogance among the staff that frankly I don’t understand. What happened to the good old Mom and Pop drug stores? If you’re in the city and need a pharmacy, I suggest finding an alternative.

I can’t believe this post is coming out – I agree with Star Jones.

On a recent segment on the Today Show, Jones, along with Donnie Deutsch and
Nancy Synderman, were asked by Matt Lauertheir thoughts on the “Fat Tax” that went into effect on Saturday in Denmark.

The tax is applied when saturated fat content exceeds 2.3% of the total content of the food. The formula, the food police say, will increase the cost of a bag of chips by 12 cents and a hamburger by 40 cents. The idea is that if it costs more, you won’t buy it.  However, it is really an attack on the rights of the good people of Denmark.

Well, Deustch and Snyderman applauded the new tax, calling it a great move that will cure obesity. Jones said it was outrageous and she questioned the long arm of the law and government’s continuing involvement in the lives of its citizens.

I never thought I would say it but, well done, Ms. Jones.

Being able to think clearly and process information quickly is something that separates good traders from bad traders. Understanding odds, strategy and potential outcomes are the tools of the trade for those making both short-term and long-term investment decisions. These skills and others can be learned not only in a classroom or by interning at a fund or sitting on trading desk, but also with a deck of cards or a chess board. Learning to play games that make you think, strategize and focus can help you become a better investor. It may also help you become a better entertainer.

In recent weeks, hedge fund managers obsessed with chess and bridge have been profiled in a number of publications. Any recent listener to the King of All Media has heard him speak at length of his exploits in the game of kings. Followers of the Oracle of Omaha and many other Wall Street titans know of their love of Bridge. The World Series of Poker often features hedge fund folks and actors, includingJason Alexander and Ray Romano. What does it all mean? Simply that being good games that make you think will help you in your career and can provide you with the tools for success. The recent New York Times article on how chess prowess got a budding hedge fund manager’s foot in the door at Goldman Sachs can be read by clicking here.

Becoming a grandmaster or making it to the final table in the World Series of Poker doesn’t assure success, but it can’t hurt. Pick a game, learn it, live it and become an expert. It just might help you be better at what you do.

THINGS THAT DRIVE ME CRAZY

I am sick and tired of being nickle-and-dimed. Everywhere I go and with everything I do, there is a new fee. Have any of you taken a look at your cable bill or cell phone bill? These providers have become the fee-you-to-death companies of the decade. Each has come up with new ways to make money by adding random fees and surcharges with abandon. No longer is the price the price, but rather the place that the bill begins. And banks are next. Three words… Bank of America!

It makes me nuts, and I’m sure I’m not the only one.

The UN has left the building, or least the island of Manhattan.  My take, after reading the coverage in a number of newspapers over the last week or so, is that nothing was accomplished other than snarling midtown traffic . Of course, I didn’t expect much – which is a sad reflection on the power and prestige of the United Nations  today.  Maybe I’m wrong, but it seems like a body whose time has come.

The big news this past week was, of course, The BernankeTwist. Not to be confused with a children’s game or theChubby Checker song, this is an effort by the Federal Reserve Chairman to spur the economy. Looks a lot like rearranging deck chairs on the Titanic to me but, hey, I am not some expert on this stuff, just an observer. Needless to say, something has to be done to fix the economy. Perhaps this will be the start of the great fix. Let’s hope so – we need it.

In a few short weeks we will be re-launching theHEDGEAnswers website and rolling out our community and portal into the hedge fund industry. The new site comes with lots of bells and whistles, all geared toward increasing your, my and our knowledge of hedge funds. I encourage you to register and become a part of the community and get in on the discussion. Stay tuned for the official launch date.

THINGS THAT DRIVE ME CRAZY:

Every day, sometimes twice or three times a day, I get an email, a call, or a letter from a bank, credit card company, utility or other vendor asking me to stop getting paper statements in favor of email billing. Now I understand how this helps the environment and how it helps the company , but how does it help me? I don’t think it does. In fact, I think it will cost me more to do it their  way.  Let me explain: If I get an electronic statement, I’m still going to have to print it out to read and store. This means more money spent by yours truly on ink, paper and eventually a new printer. They get a decrease in paper costs, postage and fulfillment, as well as a couple of other things that I’m probably missing.  They win – we lose.

The city is a mess this week as the United Nations meets in midtown.  It is literally littered with hundreds of diplomats and what seems to be thousands of security personnel. Avenues have been shut down, sections of 42nd and 57th Streets have been blocked and it seems that everyone and anyone is getting some sort of police escort through midtown.

Now here’s the thing: From 1993 until a couple of years ago, I thought all these motorcades and signs of security were cool. Now I find them just annoying. I am no longer impressed that this delegation or that world leader has a five-, six-, seven-or-more-vehicle-long motorcade. Now I wish that they would just leave the city and let things get back to normal.

The sights and sounds of U.N. are just plain annoying and the headaches they cause by tying up traffic just send me around the bend.

Next week will be about hedge funds and HEDGEAnswers, stay tuned…

HEDGEAnswers began its sixth season yesterday with interesting commentary on the state of the hedge fund industry, the future of alternative investments and the effects of Dodd-Frank. It is hard to believe that we are in our sixth year of running these educational programs. Their goal is simple: to provide answers to entrepreneurs looking to start and grow a hedge fund business.  Our panelists include lawyers, accountants, administrators and consultants who tell it like it is during the hour-and-a-half program.

It is great to be back.  The series’ next call is on November 14^th at 10 a.m. You can register by clicking here.

The recent news that the World Bank is going to commit capital to hedge funds is a great sign for the future of the industry.  According to a report in the Financial Times, the World Bank, through its private-sector lending arm, The International Finance Corp., is going to put $100 million into a new fund set up by Christofferson Robb & Co. The fund will use its assets to cover unexpected loan losses at banks, in return for a fee for the use of capital.  This is a clever way to help banks that may have problems with new tighter rules oncapital requirements in the wake of the credit crisis. This is good news for the hedge fund industry and I believe it is the start of something very good for the industry. Stay tuned – the times they may be a-changing…

 THINGS THAT DRIVE ME CRAZY:

I am looking for accountability. I mean, is it to much to ask? I don’t think so. Everybody seems to pass the buck and nobody seems to want to take responsibility for anything any more. I don’t know when this changed in our culture but I don’t like it. It needs to change back and change back soon.

When the price goes up, the yield goes down… that’s fixed-income-investing 101. It’s the first thing you learn when studying the bond market. For some, it takes time to figure out why, but at some point it just clicks and makes sense.

Making sense of the equity and fixed-income markets these days takes a lot more work than that. The constant downward volatility is wreaking havoc oninvestors with large and small portfolios alike. The problem for some is that they don’t know how to hedge; they don’t know how to do anything other than to make investments that profit solely when markets rise. Understanding how to make money when markets fall is a lot like understanding why the yield goes down when the price goes up. Many investors are not privy to this information. Sure, they can study, learn and figure it out, but when it comes to being able to invest in products that hedge, the opportunities are limited.

Now I am sure that some reader will email me to suggest that investors can use exchange-traded funds to hedge. That’s indeed true, but ETFs are not a solution; the solution is hedge funds for the masses. Right now, however, hedge fund investors are limited to those who meet asset tests. They are not required to be smart, just rich. Money, and lots of it, is what Congress and the powers-that-be in Washington believe is the only criterion for being able to invest in hedge funds.

I think this is wrong. I think investors should decide what they want to do with their own money – not Congress. Over the next few months as election season heats up, there is potential for a great debate to begin over how to fix the economy. One of the things that should be discussed is investor equality.

On Wednesday at 10 a.m., the sixth season ofHEDGEAnswers kicks off with our Launch Session. The discussion will be brisk, the commentary insightful. I hope you join us and get in on the discussion. Register now byclicking here.

As the summer winds down with the economy in tatters, it seems that people are asking how much longer can we deal with what seems like one crisis, natural or manmade, after the other? The answer is lots. Our resolve is strong and our future is bright. I know this because I have seen it first-hand.

Recently, I began teaching a financial management course in the undergraduate program at Rutgers Business School. The class is full of smart, thoughtful, and interested students who seem to really care about learning. So far they want to work hard to get ahead and I think it is a sign of good things ahead. Granted, it has only been a week – but so far, so good.

Last night the Republicans vying for the top job in the United States squared off in one of many debates.

I watched a bit of it and was thankful for one thing – they did not act like children. Their answers, while not all that articulate and full of the standard fluff, seemed to be a bit thoughtful. Tonight the President will address a joint session of Congress to detail his plan for reviving the economy. Something needs to be done to bring jobs back home. Hopefully he will have some good ideas and not focus solely on blaming the other side of the aisle for all that is wrong with the economy.

HEDGEAnswers 2011-2012 Season kicks off on Wednesday at 10 a.m. The 2011-2012 Conference Call Series is sure to be packed with interesting conversation, witty commentary, and a lot of good advice and guidance for those looking to build, grow and expand business. Don’t miss one word – register today by clicking here and Get in on the Discussion!

Lately, it seems that I am getting bombarded by requests to be added to this person’s network or that person’s network by people who I have no interest in networking with. It seems that people from as far back as my elementary school days – I went to Brophy Elementary School in Framingham, Massachusetts — have found me on LinkedIn and other social networks and want to be “friends.”  Many of these folks are people I wasn’t friends with 20-odd years ago, so I don’t know why they want to be my “friend” now. Nonetheless, the requests continue to come.

Here is the problem: I don’t want to LinkIn to these people and become their “friends” and I bet I am not the only one who feels this way. If I wanted to be connected to them, I probably would have made an effort to find them before they found me. After all, getting in touch with people and talking to them is sort of what I do for a living. It is not that I am not curious about what is going on in their lives, how many cats they have, what they had for dinner or that their kids are now being toilet trained – OK, I am not curious about this or anything else about them. The problem, I have found, is that in an effort to not be rude I end up accepting these people into my network and becoming their “friends.”

Is this wrong? Perhaps it is not being social-network honest – I’m not sure that it is right – but nonetheless it is what I have been doing, so if you want to get in touch, find me on LinkedIn and we can connect – but please don’t tell me about your cats, eating habits or whether or not your kids are in diapers.

And now onto something important:

As the summer goes on, I am happy to tell you that we are getting ready for the HEDGEAnswers 2011-2012 Launch and Strategy Sessions. This is our sixth season and it is shaping up to be better than ever. I suggest that all of you click this link to register now and get in on the discussion.