Sunday, 24 May 2015
Last updated 2 days ago
Oct 24 2008 | 12:35pm ET
One former hedge fund manager is laying the blame on hedge funds for late-day market volatility.
Jim Cramer, host of CNBC’s “Mad Money”, told viewers yesterday that many hedge fund strategies have been dead wrong, such as the betting on a Chinese recovery after the Olympics, TheStreet.com, which Cramer co-founded, reports. Cramer used the Baltic Dry Shipping Index and the Shanghai Composite Index to illustrate how much China's economy has slowed since the big show under the Bird’s Nest ended in August.
The result of hedge funds gone bad is forced selling, he said, and at around 2:45 p.m. each day, hedge funds begin preparing for the next day's round of redemptions by liquidating their ill-conceived positions.
“These funds are getting killed,” he claimed.
The vociferous Cramer also blamed fund-to-fund managers for pressuring their underlying funds for immediate redemptions, forcing managers to think only for the short term.
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…