Related: Paul Krugman: Dan Loeb & Co Are Mad At Obama Because They’re A Bunch Of Petty Little Rich Boys
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
What Mr. Loeb is trying say is our hedge fund is really cool. You’re not even gonna believe it. Like, let’s say I invest your family’s money. We’re investin’ along, la-de-da, woo. All of a sudden there’s a sovereign debt crisis. And our CDS play makes us millions. EEEEEEEEE! Whoa, that was close.
Now let’s see what happens when you’re investing with the “other guy’s” hedge fund. You’re investin’ along, you’re investin’ along, the VIX starts shouting from the CBOE, “I am about to explode tell your hedge fund manager to do something!” He replies to your email “Not now, damn it!” sovereign debt crisis. EEEEEEEE! I CAN’T HEDGE MY POSITIONS! There’s a cliff! AAAAAHH! And your portfolio is turning to dust, “Oh my God, it’s burning!” “No! I can’t feel my legs!” Here comes the meat wagon. And the auditor gets a look at the books and says, “Oh my God”. Head Trader of the fund is around the corner puking his guts out. All because you want to save a couple extra basis points on management fees?
Tommy Boy, FTW
Read this strange insider story about the operations of a hedge fund based out of Austria:
http://proposition13.blogspot.com/2010/08/paragon-advertising-back-to-it.html