If you had $10,000,000 right now and wanted it managed, who would you give it to?
The equity mutual fund managers are all down 40% this year.
The Fund of Fund guys, to the extent that they steered money to outfits such as Madoff & Co., have lost a lot of credibility.
The hedge funds? Many of them, including some of the best, are down 30%+ and refusing to allow investors to withdraw their money, even under the client-unfriendly terms stipulated in the partnership agreement.
My guess is that a new form of fiduciary is going to emerge that is more investor-friendly and more diligent. The business of managing money is in many parts of the system about raising money, not managing it. That is going to change.
The equity mutual fund managers are all down 40% this year.
The Fund of Fund guys, to the extent that they steered money to outfits such as Madoff & Co., have lost a lot of credibility.
The hedge funds? Many of them, including some of the best, are down 30%+ and refusing to allow investors to withdraw their money, even under the client-unfriendly terms stipulated in the partnership agreement.
My guess is that a new form of fiduciary is going to emerge that is more investor-friendly and more diligent. The business of managing money is in many parts of the system about raising money, not managing it. That is going to change.
1 comment:
Well that's a real son of a bitch.
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