Those unfamiliar with the inner workings of a parliamentary democracy always find the hoots and hollers accompanying parliamentary debate to be a source of great entertainment.  Every week in countries around the world various prime ministers subject themselves to intense, direct and sometimes vicious attack.  Some countries (such as Canada) have laws actually protecting legislators from libel suits for whatever barb they throw at their fellow parliamentarians while inside the house.

On Thursday, the Canadian chapter of AIMA, the Alternative Investment Management Association held its annual parliamentary-style debate in Toronto.  This year’s resolution before the house: “1X0/X0 hybrid hedge fund strategies are simply a marketing fad.”  With more than a passing interest in 1X0/X0 strategies, we were sure to show up for the fireworks.

“Speaker of the House”, AIMA Canada Vice Chair Tris Lett was tasked with maintaining decorum in the oak-paneled main dining room of Toronto’s tony National Club (think, the club from the movie Trading Places).  Clearly familiar with the mayhem of parliamentary debate, he warned debaters only against physical attacks and the use of foreign objects (a la the Taiwanese parliament).

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