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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: UncleBigs who wrote (47980)12/22/2005 1:27:29 PM
From: Wyätt Gwyön  Read Replies (2) of 110194
 
what do you mean by square up the position? do you mean sell down to a reasonable level? i think hedge fund bonuses are based on mark to market. so they can monetize their 20% of the profits simply by maintaining a high price level through the end of the year, without selling as a personal investor would need to do to turn paper profits into real profits. if hedge funds tried to actually realize profits in concentrated positions (by selling), they would of course cause the price to fall, which would adversely affect their mark to market. so, i agree with you that they will ramp through year end. but i'm curious what the meaning of squaring up is.

the mark to market feature of hedge fund performance bonuses obviously creates irregularities in some stock prices.
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