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"Never in the history of Finance was so much charged by so many for so little."

From my book, with apologies to Sir Winston Churchill whose speech following the Battle of Britain in 1940 inspired this line. Fees have, without doubt been part of the problem for hedge fund investors. The financial press is picking up the story and some of the articles are linked on the book’s website. Meanwhile, sales […]

Cheap Natural Gas is Creating its own Demand

Last week the Environmental Protection Agency  (EPA) issued emission standards tightening the rules surrounding the output of mercury and other harmful pollutants. These standards will have the practical effect of making natural gas relatively more attractive than coal for electricity generation since coal-burning plants require the installation of expensive “scrubbers” to clean the emissions they […]

Why The Mario Put is Bullish for Stocks

It’s taken many observers including me longer than it might to comprehend, but ECB chairman Mario Draghi has done something that should be very bullish for U.S. stocks. Floyd Norris noted some of the ramifications in today’s New York Times. The Long Term Repurchase Operation (LTRO) in effect is an extension of credit from the […]

The (99%) Funny Side of Hedge Funds

You’d think it would be hard to find much humorous in the kind of year hedge funds have had – down 8.5% for the year in their second worst performance in history. But there can be, depending on your perspective. When I summarize my book, The Hedge Fund Mirage with the simple explanation that all the money ever […]