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To: Michael Young who wrote (66371)	5/17/2000 2:49:00 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

Thanks for that post. I found your explanation of how hedge funds work fascinating.

To: Michael Young who wrote (66371)	5/17/2000 3:35:00 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

Mikey Boy - re: hedge funds... << I dont understand how hedge funds operate ?>> What ? They get paid 20% of the profits normally - I never said anything about their compensation - I dont get your point ? My point was not how hedge funds operate, or get compensated. They certainly ARE incentivized on performance as well as the ususal 20% rake on profits - obviously no profits - no rake. My point was that they have to compete AGAINST the funds who are compensated on chasing the bubble - I think you really understood my point as well. Robertson, Soros & Buffet refuse to invest OPM recklessly and to chase those competitors WHO ARE incentivized on chasing the bubble - I stand by my Kudo's for them having some principles and ethics in setting aside their ego's and in sticking to their guns, even if it means shutting down their funds. ...PS "Q" (my favorite Chihuahua) - glad to hear you didnt know diddly about hedge funds and found so much knowledge in Mikey's post (ROFLMAO!) - considering how often they seemed to be chasing your personal holdings a few months ago when that nasty ole broker sold your over -margined ass out ! Hedge Funds compete for public money - albeit, ususally significant miminum entries of $1 M+. But - they sure as hell do compete against institutional mutual funds and the public returns of those funds. Robetson, Soros have both commeneted on the pressure from index funds, let alone the high flying internet fund returns. Cramer speaks all the time about how hedge funds must compete against the mutual funds. Obviously Hedge funds by design, can short & leverage to degree's that the vanilla wrapped Mutual can not. But, Mike - none of that is what we are discussing here. We were not discussing how mutual funds work, how they get paid... we were discussing the nature of the BUBBLE - that is the point. Who wants to hand their money over to Soros, Robertson, or Cramer - knowing its going to cost you 20% of the profits and look at their conservative returns in comparison to the index funds (which received the bubble effect from tech as well) let alone the individual speciality funds ? I certainly DO understand about how hedge funds operate and more importantly than what I think; is what these guys said themselves ! What is there to debate Mikey ? re: << Both Robertson and Soros have huge egos. So it is expected they would blame an "irrational" market, rather than their own mistakes.>> All I did was to agree with Soros, Robertson & Buffet ! What's the arguement with me ? - obviously you got your ass crushed in the tech blow off in Bubbleonia - and anyone who expresses their opinion on Bubbleonia is raising your angst level ? Your fight is not with me - its with Soros, Robertson & Buffet - I just happen to have quoted them & agreed with them. Soros sold out the NAZ - adding to its blow off - not me ? ... all I did was to calmly waltz in and cherry pick the remains & easy pickings from the cold carcasses such as yours ? Yes; Tiger did have huge defection and bonuses in a world where you invest OPM as if it is your own - surely cant compete with Bubbleonia ! Your twist of their blaming irrational markets instead of their performance defeats your entire position... All I am doing is agreeing with Soros - of course you can't have a Magelleanesque size fund and compete with the "Net-Net" fund - that is my entire point ! PS - who has the ego - Soros & Robertson seem to have the track record to deserve it - who are you to question it ? ... and mwah ? Well , I'll just let my entry on the April blow offs and selling into the rallies and walking away now - speak for itself... How you enjoying the bones... slim pickings to find any meat left there Mikey boy...

To: Michael Young who wrote (66371)	5/19/2000 8:41:00 AM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

More Read 'em & Weep... re: Michael Young Mikey: re: my comments about it being significant that Julian Robertson & Soros exited the market, that John Templeton called it a bubble that would end badly, that Buffet refuses to partake of the tech bubble - being significant market events...and my conclusion that they left because "they felt the market had disconnected from reality" - not because of one bad season.... You said: <<Slider, you have some interesting posts. But you also babble about a lot of subjects about which you know very little......Slider, maybe you should trying listening more and running your mouth less. ... MIKE>> ...Mikey, Mikey, Mikey - once again; open mouth - insert foot and read 'em & weep ! Now who was "ahead of the curve" and once again beat the crowd to the party ? Seem's Soros has now come public with even more commentary and has went to 95% CASH ! - that my little bubbleonian "IS" a watershed event in the market. In the spirit of fairness - here's a link to a free subscription to the excellent Street.com article below concerning Soros. thestreet.com ==================================================================== Soros' Quantum Fund Is 90% in Cash By Brett D. Fromson Chief Markets Writer 5/15/00 9:25 AM ET George Soros, the famed market speculator, has positioned his firm's flagship Quantum hedge fund to be 90% in cash, according to two sources familiar with Soros Fund Management. While Soros' negativity on the market is not news - he articulated it in an April 29 announcement -- his extreme stance was not then made clear. Soros announced on April 29 that his two top investment managers were quitting, and that he would be taking a more conservative approach going forward -- assuming less risk in exchange for less reward. Soros said that he expected no more than $3 billion in customer withdrawals from the $14.2 billion funds managed by SFM. Soros also said that he had already liquidated sufficient positions to meet redemption requests of that magnitude. The anticipated withdrawals would leave Soros with $11.2 billion, of which $8.5 billion is in the Quantum Fund. The 90/10 ratio means that Quantum has about $7.7 billion in cash -- an amount far in excess of anything needed to meet redemptions. A spokesman for Soros had no comment. So what gives? **The famed speculator is basically terrified of the market, according to one source. ** Why? Such intense fear cannot be explained entirely by Quantum's roughly 20% decline through April. After all, that drop merely took the fund's net asset value back to its mid-December level. Soros has faced similar losses in the past -- as recently as early last year, the fund was down 20%. And many other money managers suffered an analogous fate. Something else seems to be at work here. A source suggests that it's is almost as if Soros, who has not been directly running Quantum for more than 12 years, suddenly looked at the SFM portfolios and freaked. He does personally have a lot to lose. Soros, 69, has about $4 billion invested in Quantum. (He has an accumulated U.S. tax liability of roughly $1 billion on that money. But as long as he keeps that money offshore, Soros does not have to pay the tax. That helps explain why when he does bring money into the U.S. most of it goes to charity.) Last year, excluding his capital gains from Quantum's 42% rise, Soros received about $300 million as his share of the investment management fees charged by SFM. He has billions more in other investment vehicles. One could chalk up Soros' fears to the irrational behavior of a rich man who at this stage in life cares only about wealth preservation. His age and wealth certainly could explain part of his "cash-is-king" stance. But let's not forget who we are talking about here -- the greatest speculator in memory turning his back on the risk/reward equation in favor of no risk/no reward. When financial markets seem intent on punishing the greatest number of investors possible, it may mean something that Soros is now out of the market. What is not exactly clear. Is his withdrawal a cautionary sign? Or is it a contrary indicator, a buy signal? ==================================================================== Hmmmmm; Mikey - could anyone be more wrong in just not their analysis of what & why Robertson & Soros et al did what they did - than you just were ? ... glad the "Liquidated Trader formerly known as Lingerfelt" aka - 0:) found your asinine interpretation of why & what Robertson & Soros did and how hedge funds work and WHY THEY EXITED THIS MARKET - so illuminating; but just remember, it doesn't take much wattage to lit a darkened room (VBG)... But, "Q's" usual piling on with his schmarmy little ankle bites wasn't enough - nahhhh; John C. Clarke a resident penny ante pompous windbag had to chip in with his .02 cents...re: <<What, you say the guy has bailed on the OS stocks at least four times in the last year? Each time predicting imminent ruin only to be confronted with double-digit gains? >> WRONG; John - I never "predicted imminent ruin" - but, I sure as hell took my highly leveraged, significant profits off on all signs of toppishness after 30 point index runs in the OSX ! - what a simpleton conclusion that anytime anyone calls a top - that its some type of an imminent doom call ? - No John, that's called prudent trading and that type of selling is called profit taking ! Hello ? I've linked the posts numerous times; What I did not do - was to ride the OSX 4 cycles of 45 to 75 in a hypnoptic simpletonian fashion for nearly 18 months of dead money that the buy & hold simpleton-method would have returned. I also think I clearly led the move to the E&P's - remember all those comparison charts I posted showing their outperformance to the OSX stocks ? - that was the first "Green Envy" series of ankle bites... Then remember WHO pounded the table - once again by the way, totally against the grain of this thread on the disconnect from reality in the convergence between the driller/service stocks and the E&P's - going to nearly 100% E&P overweighting ? Did you forget that Johhnieboy ? - ohhh, in your catty little envious tirade, I guess you have to pile on as well with a cheap shot - twisting reality... jealous ? Easier to sit on the sidelines and just wave pom poms once the trends are so clearly established isn't it John ? You tell me how I went wrong; by taking my leveraged profits off the table by selling 30% on each 10% move up from OSX 115 ? - then taking the money and the MARGIN and going over to Tech and picking the meat off of the freshly decimated in Nasdaq land (those posts were listed here) and leveraging those bounce plays as well ! ... and THEN coming back here and picking a perfectly timed (was it not ?) time to short the Mo-Mo leaders of the OSX ? Reality check time John, is it not ? ...surely; just another figment of my imagination , right John ? Has ANYONE else here been out front of so many significant macro shifts here in the oilpatch ? Has ANYONE here so often taken profits at what time & time again has PROVEN to be the tops of the numerous cyclical legs here in the oilpatch ? Methinks there is that nasty wormish little Green Monster Virus - called Envy; that has clearly infected a few straddlers, cheerleaders and cheap seat residents here... ...and formerly profesionally employed trader - now known by his minimum wage profession moniker; had this to add: <<wrote (66431) From: Telemarker Wednesday, May 17, 2000 6:38 PM ET Reply # of 66599 LOL!! Priceless, John, priceless! eom.>> <<To: Telemarker who wrote (66435) From: John Q Public Wednesday, May 17, 2000 6:45 PM ET Reply # of 66602 I agree, very slider-ish. Well done!>> ...yip, yip, yip, yap, yap, yap.... nothing like ankle bites from the Chihuahua's and getting "digs" from the liquidated - margin call crushed, sold out trader formerly known as Lingerfelt - now known as John Q Public; about reckless margin use... amazing; a guy who gets sold out by his broker - crushed from reckless use of margin; now wants to chide me on my comments on taking margin profits off the table here ? Okie Dokie ... Back to the Pom Poms boys & girls...let the blind continue to lead the blind... I guess I'm allways supposed to just "Grin & Bear It" and never allowed to respond to the little cheap shot - ankle bites right ? WRONG ! - this will remain a Chihuahua Free Zone as long as I got some bite left in my bark !