News and insights

Much ink has flowed about the state of hedge fund industry with CalPERS’ high-profile decision to exit blamed on poor returns and high fees. The supply of talented managers was always scarce, what if the talent started withdrawing from the game?

What kind of world do we live in? This is the most fundamental of investment questions. By this we typically mean “what is the outlook for inflation and economic growth?” Sometimes, the question is more socio-economic in nature. Rarely is it existential.

Shaken but not stirred is for James Bond’s martinis, not the average investor’s portfolio. This is why hedge funds, and other alternatives, have been ‘sold’ as path to smoother, uncorrelated returns.

“This on demand, or so-called 'gig economy', is creating exciting economies and unleashing innovation. But it is also raising hard questions about workplace protections and what a good job will look like in the future” ― Hillary Clinton

Henry Ford once said “speculation is only a word covering the making of money out of the manipulation of prices, instead of supplying goods and services.” Was he right? Or is the answer different depending on who is at it?