The Cost to Investors of the New SEC Rules
There has been quite a lot of material about the new SEC rules for the Private Fund industry. If you missed all the emails, webinars of which I am guilty of participating and missives – I applaud your ability to filter a lot of this noise. Every law firm, compliance firm, audit firm, and administration […]
The future is bright
Last week’s post brought a lot of sighs of relief from people in the hedge fund industry. A number of readers, whom frankly I don’t really know, reached out saying that they, too, believe the industry is alive and well and beginning to kick again. A few folks that I do know well also said […]
It is about offense AND defense
The nation is settling into quite an interesting election season now that we’ve passed Labor Day. The candidates are gearing up for a series of debates as they battle for the highest office in the land. And while the country waits with baited breath to hear what will come out of Mr. Trump’s mouth and […]
The American’s are coming, the American’s are coming
Last week, the European Securities and Markets Authority (ESMA) told the EU’s executive European Commission that asset managers based outside the EU should get a “passport” to continue offering services to investors across Europe. This new directive replaces a country-by-country private placement authorization system that has been in place for some time. Read the story […]
The fall will probably kill ya
One of my favorite films is the Newman and Redford classic Butch Cassidy and the Sundance Kid. It’s almost a perfect movie. One of my favorite scenes is when Sundance reveals that he doesn’t want to jump off the ledge because he can’t swim and Butch so eloquently says, “Why, you crazy — the fall’ll […]
It IS about performance
Just so we’re clear, the reason investors choose hedge funds, private equity funds, venture capital funds, mutual funds and other investment vehicles is that they’re looking to make money. I know this may come as a shock to some people, especially the ones who write for the popular press, but, once again, the reason people […]
Munger One, Ackman Zero
The recent spat between Charlie Munger and Bill Ackman is quite amusing. Doesn’t Mr. Ackman know this is one battle that he can’t win? Regardless of whether he is right or wrong, to attack the Oracle of Omaha and his partner is like attacking Santa Claus. Buffet and Munger are untouchable. And to think of […]
We might be at the top! Or just stupid…
I hate to say it — in fact I don’t think I’ve ever said it in the more than 20 years that I’ve been working in and writing about hedge funds — but we might be at the top. The bloom, as they say, might be off the rose. You see, it was reported earlier […]
And now for something completely different
For those of you looking for hedge fund industry commentary this week, I am sorry to report that I have nothing to say on that front. It is true we did have a HEDGEAnswers call this week and it went well. If you would like a link to the podcast, please email and I will […]
Understanding the investment strategy matters
Recently I watched an investment manager presenting his strategy to a group of family office investors. The manager deals in real estate, and so he went through a series of possibilities that the fund was looking at for the next six to eight months. While he was thorough in his description of the investments, he […]