The end of hedge funds

What a different place New York will be.

Complain about regulation they will, but competition killed is my
conclusion.

OH:

We run a huge fund

We manage the money in public markets

We were with a customer recently. They have tons with us

Nice meeting. Then he takes out a note from his folder near the end – at
the end actually

Reads it. We want a discount.

They are at 2 & 20

They want half

We can’t make any money at 1% admin fees on the money. That’s break even

So we will have to outperform! Meet targets!

It’s over. Funds can’t do it.

There is no innovation left in hedge funds. All the ideas are played.

(Hmm.)

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