Sh**t sure happens, particularly when playing against the major trend, as I do. I don't agree with you about the new breed of hedge funds managers, however, I read that characterization or heard it from Jim Grant, and all Grant has to show for the last few years is sour grapes, IMHO. Grant is brilliant and very intelligent, too intelligent for his own good, he knows what the market is supposed to do, and when the market does the wrong thing, Grant keeps to his guns, often too often, on the wrong side. The type of new hedge funds manager are the like of Vinik and other former regulated fund managers that were 'forced' to keep certain (almost completely) amounts in equities whether they liked it or not. They got fed up and started their own hedge funds. I have a lot of respect for the "professional" dark siders, typically, when they go after a stock and short it, they have studied it and the market in great detail and have a strong case for their position, much better cases than al these "upgrades" we see from the big retail houses.
Zeev |
