Guy Currently Banned From Running A Hedge Fund Thinks Hedge Funds Are Terrible
We'll check back in with Phil Falcone in 2018, when he makes his triumphant return to the industry.
On Monday, Falcone resurfaced at the Alpha Hedge East conference in Florida after he received a five-year ban from the securities industry in 2013. He was interviewed by Maneet Ahuja, CNBC's hedge fund specialist and author of "The Alpha Masters." [...] I think, obviously, with the oil and gas debacle, that's just kind of pushed the whole market lower. But I think, in general, there's an awful lot of mediocrity out there. And I think that's one of the other problems, that there's a lot of club trading where people don't have any creativity. And it's creating kind of a vacuum, because everybody's in the same names.
Phil Falcone spoke in public for the first time in years, and slammed the industry [BI]