14 March 2007
Heard on the Floor…
MSS’s Simon Hookway on Hedge Fund Clones: “Clones are themselves single-manager hedge funds. I look forward to following their progress. If they do well over the next three years, I’d definitely be interested in including them in my managed futures/CTA portfolio.” (Ed: said with tongue only partly in cheek)
University of Toronto’s Felix Chee on efficient markets: “Markets are efficient, just not effective. Markets are virtually frictionless – that is, they price securities according to all available information very quickly. But markets are not good at determining if this information is fact or fiction.” (Ed: This “ineffectiveness” is reminiscent of Bernstein’s “macro-inefficiency” argument).
CISDM’s Thomas Schneeweis on efficient markets: “Academics don’t believe in purely efficient markets any more. You’ve beaten it into us that there is money to be made out there.” (Ed: also said with tongue only partly in cheek)
Efficient Capital’s Ernest Jaffarian on the benefits of managed accounts: “Sensible things that any trader would do in the markets - like adjusting allocations in response to rising volatility - can be executed with hedge funds as long as you have a managed account.”
Alpha Metrix’s Jon Stein on stereotypes of CTAs: “With all the growth in the managed futures industry, why do people still treat us like the crazy brother no one wants to talk about?”
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