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]
Area Hedge Fund Manager: Leave Harry Alone!
As you may have heard, earlier this week the lovable scamp that is Prince Harry of Wales got in a bit of hot water when he was photographed ass naked in Las Vegas, with a bunch of equally ass naked ladies, following some sort of swim meet with Olympic gold medalist Ryan Lochte. Those photographs, some of which involved a billiards table and pool cues, were subsequently run on the covers of various newspapers and the Queen, being none too pleased, told her grandson to get on the first flight back to London (apparently in a tone so scary he knew she meant business and "did not mingle with other passengers," instead remaining "in the upstairs cabin of the 747" to think about what he'd done). While it's unclear what kind of punishment the Queen has in mind, or if she's yet delivered the sort of tongue lashing generally reserved for naughty Corgis and her subjects at RBS, in the meantime many have come to the prince's defense and advised the old lady to back off, like the hedge fund manager the Times found on the tube who thinks the Queen should relax and have a good laugh about it. She'd be doing the same thing if Prince Philip ever gave her a weekend off. Among people surveyed at random in central London, including subway commuters reading about the Las Vegas incident on the front page of the tabloid the Evening Standard, the verdict was mostly thumbs-up. “I think it’s quite funny,” said John Daniels, 46, a hedge fund manager. “I’m sure most people would like to be doing exactly the same thing, especially in Vegas. This is his own private time and people shouldn’t be taking photographs of him.” For Prince Harry, Vegas Exploits Didn't Stay There [NYT]