« A Google Change of Heart | Main | Tim Draper on Changing the World »
Latest Stories
- Excel Wankers and Recession Averages
- Sorry, New York is Closed. Check Back Later.
- Catching Falling 2009 Earnings Estimate Knife
- Survivorship Bias in Global Markets
- Talking Positions on a Lazy-ish Retirement Portfolio
June 7, 2006
House Tours in Hedge Fund Land
The current Vanity Fair has a historically useful piece on the homes of hedge fund rich and famous in Greenwich, Connecticut. From spec builders putting up $12m homes, to places with seven marble fireplaces, and others with 25-car garages, these faux English manors in the Connecticut countryside are memorials to a conspicuous (inevitable) correction in the market for hedge funds. There are some great quotes though, like this one from a sniffing member of old-money, blueblood Greenwich:
"Old Money est completement disparu. Or if they're not gone, they're in the woods, hiding."There's something wonderfully appropriate about the idea of former masters of the financial universe now hiding in the woods from the hordes of hedge fund managers now remodeling a Connecticut county in their own high-fee image.
[via DealBook]
Sphere It
| 
Digg it
| 
Bookmark it
| 
Stumble it
| 
Facebook it
Oh, for sure. To be honest, I'm not even ragging really hard on the industry, as I think it's a necessary tonic to the even more screwed up mutual fund business.
While the total number of funds will shrink, the business isn't going anywhere. The best very hedge fund managers -- Cohen, Rogers, et al.-- remain some of the most blisteringly smart and interesting financial people you'll ever meet.
Vanity Fair?? Do you read everything ever printed? The diversity of your sources is mind boggling.
I visited a friend of mine who manages a hedge fund in London recently and promptly realized I've made the wrong career choice. I didn't even know they had apartments that size in London.
The great thing about the hedge fund industriy is that the only people who will be affected by the inevitable correction are:
- The investors
- The "I told you so" pundits
The hedge fund managers may see their net worth cut in half, but hey - what's a few billion between friends?
And I don't think there will be much sympathy for the investors, either.