Reputation is everything, it seems. So while others are closing shop, the likes of SAC, Greenlight, Elliott Management and Brevan Howard Asset Management have raised billions. Of course, Stevie Boy isn't taking money until January, since his idiot portfolio managers forced him to close most of SAC's operations in disgust earlier this month.
Just a guess, but do you think Bloomberg has it right? Do high water marks have anything to do with it?
SAC's Cohen, Einhorn Raise Money as Most Hedge Funds Shrink [Bloomberg]
Posted by guest , Oct 30, 2008 8:19AM
Where do I send the $$$$?
Posted by guest , Oct 30, 2008 8:25AM
oh please. Easiest. Decision-Tree. Ever.
1. Keep funds closed. No incentive fee until all losses are recouped. Risk PMs leaving. I don't make much.
2. Open funds. Get incentive fee on new money. PMs are happy. I make bank.
Posted by miami , Oct 30, 2008 11:37AM
3. Replace funds that are leaving, need to replace with new cash to buy undervalued assets.
4. See 2 above.
Posted by guest , Oct 30, 2008 12:01PM
SAC Int'l Ltd accepted money last fall from existing investors. Perhaps there is some subtlety to the word "accepted" as used by Bloomberg that I am missing here.
Posted by guest , Oct 30, 2008 3:27PM
Cash Rules Everything Around Me