Wednesday, 22 October 2014
Last updated 14 hours ago
Dec 4 2012 | 11:45am ET
Nearly a month after the U.S. presidential election, Avenue Capital Group's Marc Lasry remains mystified that most of his colleagues didn't join him in backing the winner.
While the majority of hedge fund managers backed President Barack Obama four years ago, most of them switched sides this year, including Third Point's Dan Loeb, whose enthusiasm for the president in 2008 was matched by his antipathy for him this time around. But in spite of widespread financial backing from hedge funds for Obama's rival, former Bain Capital chief Mitt Romney, the president won reelection rather comfortably.
"It's kind of shocking," Lasry, a longtime Democrat donor and the former employer of Chelsea Clinton, the daughter of former President Bill Clinton and outgoing Secretary of State Hillary Clinton, told Reuters TV last week at the Reuters Global Investment Outlook 2013 Summit on Friday. "Anyone of Wall Street has done very well since the president came into office."
Lasry said he did not understand the depth of the anger towards Obama, although he noted that some of his colleagues were unhappy with Obama's "rhetoric" against Wall Street and his push for higher taxes on the wealthy. Obama also pushed through major regulatory reforms for the financial services industry, including new rules for hedge funds.
"I hope it wasn't about higher taxes," Lasry said.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...