As some of you may have heard, the hedge fund industry has fared pretty pretty pretty poorly this year, generally speaking. Specifically speaking, Bill Ackman's Pershing Square and Larry Robbins's Glenview Capital have thus far recorded performances they'd sooner forget, with the former reportedly down over 20 percent YTD and the latter recently writing a letter to tell investors "I've failed." And while there have more than a few people willing to pile on the hate during this dark time for the asset managers, at least one guy would like to let it be known that he's stickin' with 'em and encourages you all to do the same AND THEN SOME.
"We haven't lost confidence in Bill," Tom Hill, president and chief executive officer of Blackstone Alternative Asset Management, told the Reuters Global Investment Outlook Summit in New York on Monday. "You've got to know who you're investing with. We know all his positions." [...] "Bill Ackman is in a high beta, high volatility bucket," said Hill, who is also vice chairman of Blackstone Group (NYSE: BX). "So from our standpoint, how do we deal with that? We say we're going to make sure that we sized him right. He could be up 50 percent on the year. He could be down 30 percent." Hill said billionaire hedge-fund manager Larry Robbins of Glenview Capital Management LLC, which has been whiplashed by cratering investments in drug companies, hospital systems and insurers, was another great investor to follow. "Larry didn't get dumb overnight," Hill said. "He is a really good investor, so there may be an opportunity for investors with a manager that has enormous credibility where he or she could say: 'You know what? This is actually a very interesting moment to put more money and put capital in.'"