As has become a regular feature of his quarterly letters, Singer criticized the Obama administration, condemning the White House for proposed tax increases on the top tax bracket, and “its tone of hostility toward business, and boosting the unreviewable discretion of regulators.” For the hedge fund manager, who has been trading under the Elliott banner for 35 years, what he sees as the failings of the current U.S. administration are just one part of an increasingly complex web of global forces that are making the markets much harder to trade. “It is more difficult than ever to select ‘good’ First World investments based on careful financial analysis, fancy models, instinct or any other method,” Singer wrote. “Recommending shifts among bonds, which have almost no yield, highly volatile stocks and cash with zero yield is a thankless task.” [Reuters]

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Comments (70)

  1. Posted by 400k/year | August 8, 2012 at 6:16 PM

    don't talk to us about thankless tasks

    - every president since washington

  2. Posted by P. 'Niner' Falcone | August 8, 2012 at 6:21 PM

    Finally, someone who knows how to allocate the blame for the situation we all currently find ourselves in.

  3. Posted by guest | August 8, 2012 at 6:25 PM

    and by "thankless" I mean "unfathomably lucrative" since win or lose in the markets, I take a 2% management fee.

  4. Posted by oki | August 8, 2012 at 6:31 PM

    I am no history quant but pretty sure when he opened up 35 years ago his taxes were higher, both personal income and cap gains.

  5. Posted by @brianpiercy | August 8, 2012 at 6:41 PM

    Hedge fund manager wants to quit? Fine by me. Reduces the excess population. (Props to Scrooge.)

  6. Posted by guest | August 8, 2012 at 6:44 PM

    what's the matter singer? your taxes not high enough as it is? because a good way to solve that problem would be to personally make tens of millions of dollars in fees every year, regardless of how much value you create or destroy, and then publicly declare the task thankless.

    this guy is maybe not as smart as people say he is.

  7. Posted by .Bo | August 8, 2012 at 6:54 PM

    I can get paid 2 and 20 and all I have to do is whine about how hard my job is? Where do I sign up?

  8. Posted by HungryIntern | August 8, 2012 at 7:14 PM

    One of the ways you can solve your issue is by jumping off any bridge in the greater Tri-State area.

  9. Posted by guest | August 8, 2012 at 9:45 PM

    this cock sucker says he cant manage risk and volatility? why the fuck is he even a fund manager? you have free cash, low interest rates, marginal leverage, and you cant short the fucker on a couple indexes??!!!!! wtf is up with these pansy little pricks!!! the jimmy carter years to george HW bush would have netted you more volatility less cash less leverage and more regulation. This cocksucker needs jump off a a fucking bridge already.

  10. Posted by Peter | August 8, 2012 at 10:59 PM

    Try it again in English.

  11. Posted by guest | August 8, 2012 at 11:13 PM

    Tell us how you really feel?

  12. Posted by Maninthegreysuite | August 9, 2012 at 12:31 AM

    2 perhaps, it's the 20 thats the hard part

  13. Posted by Edmund | August 9, 2012 at 8:40 AM

    Why is reality converging to an Onion article?

  14. Posted by Mancrush | August 9, 2012 at 9:05 AM

    Amazing how this guy feels entitled to easy profits.

  15. Posted by El Guapo | August 9, 2012 at 9:19 AM

    I feel your pain my friend. With Romney in office, happy days will be here again. We can go back to pillaging, plundering, and we will rape the horses and ride off on the women. Until then, be patient, your suffering will be over soon.

  16. Posted by Guest | August 9, 2012 at 11:07 AM

    furious pete is that you?

  17. Posted by guest | August 9, 2012 at 11:32 AM

    i'm trying to think of another industry in which you could get away with informing your customers, in writing, that the job they pay you a gigantic fortune to do, you can't do, and that it is unrewarded.

  18. Posted by LIBOR | August 9, 2012 at 12:43 PM

    You're doing it wrong

  19. Posted by Guest | August 9, 2012 at 1:20 PM

    Think you got your horses and women mixed up there

  20. Posted by Full Blown AIDs | August 9, 2012 at 2:34 PM

    too much cocksucking for my tastes

  21. Posted by Little Fritz | August 9, 2012 at 4:41 PM

    Nah, nah, he got it right. Horses are great…but only the pretty ones.

  22. Posted by Not a fan,but... | August 9, 2012 at 10:20 PM

    Listen, this guy's letters are annoying as fuck, and he is a whiny ass bitch. But for those wondering why his clients are willing to put up with it, it probably has something to do with his 13% annualized returns since 1994 with a Sharpe upwards of 2.

    The key phrase in this piece is "First World investments". Singer is going to continue to do what he does best: buy debt from a might-as-well-be militia-run country at a ridiculously cheap price, then sue said country with his world-class lawyers, then [?] to profit, then make his clients happy. It works, even if the dude is douchebag.

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