NYC, yeah, but hedge funds, and managed futures funds, are a different world. Though they are becoming more popular, they manage nothing compared to the assets in long only portfolios.
The rule of thumb has always been, from dumbest to smartest: pension fund managers, bank separate account managers, insurance co. managers, mutual fund managers and hedge fund/managed futures managers. But there are dumb and smart people at all of them, except for the pension funds, which only have dumb managers. <VBG> O.K., guess which is the only type I've never worked for? I haven't worked at a bank, either, but I have met a few bright bank managers. They usually get fired quickly for making money. Some of the dumbest people I've ever met were managing hedge funds and managed futures accounts, but they didn't last long. At least those accounts reward merit and punish stupidity. |
