Monday, May 12, 2008
Oh, and I'll Call You in the Morning....
In what will be my shortest post of the year, I will offer some friendly advice to investors and allocators alike: IF yet another would-be HF manager who's made some money punting around in Macroland tells you whether by glossy brochure, official press release or in person, that they "...are targeting 15% returns per annum....", you should politely excuse yourself from their company. For let it be known that this is the HF managers' equivalent of looking deep into the eyes of one's [temporary] affection and saying "...of course I love you...", or, in the absence of such cynical disregard for The Truth, the height of naivete. The last time such drivel was so rampant was 1997...
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2 comments:
When are they going to lock such people up - in an asylum. When are financial participants who chatter on about something 25 standard deviations of centre going to be treated for what they are suffering - DEO, or Differential Equation Obsession. When is the pure and glorious Queen of the sciences, Mathematics, going to be rid of these useless and futile hangers on who populate the investment banks and hedge funds. Volcker has ssaid it all: you failed the marketplace kiddo.
As much as I frown upon NRA excuses, there is a kernel of truth to their tag-line: "Guns don't kill people - people kill people". I do not however, believe this is sufficient to enshrine the bearing arms as a right - whether divinely inspired or handed down from America's founding fathers. Kids shouldn't be playing with parents guns. Assault rifles shouldn't be freely available at WalMart. Assholes and highly-conflicted individuals in positions of great financial responsibility should not be abusing the elegant science of mathematics in their selfish and parochial pursuits. That said, I think you, Adrem, might have gone too far...
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