Sunday, 3 May 2015
Last updated 2 days ago
May 30 2014 | 9:38am ET
A top Goldman Sachs strategist is anything but bullish on hedge funds this year.
David Kostin, the bank’s chief equity strategist, said there are too few opportunities out there for the industry to do well. Citing consumer-discretionary stocks, which make up about a quarter of equity hedge funds’ portfolio, Kostin said the dispersion of returns is too small to permit successful long/short trading.
“The opportunity set, the sand box, the swimming pool is very, very small,” he told Bloomberg Television. “It’s been a very difficult year from a stock-selection perspective.”
The troubles are forcing hedge funds to abandon what Kostin called “glamour stocks” in favor of a value-investing approach.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…