Efficiency is all about being marginally inefficient.

Hedge fund investors are gluttons for punishment. So says the economist in their May 14, 2009 article where they claim: That hedge funds spectacularly failed to achieve the absolute returns that were supposed to justify their high fees.  That hedge funds ran liquidity mismatches between the assets in their portfolios and their volatile funding and

In the interest of full disclosure, First Avenue Partners of which I am a partner, runs a hedge fund seeding and incubation business.

“I like Asia.  You don’t have to sell me the story but I’m going to wait until the next leg down before making any allocation”.

In the interest of full disclosure, First Avenue Partners of which I am a partner, runs a hedge fund seeding and incubation business. I generally don’t talk my own book and I don’t intend to start now, but I will speak generally about the industry without specific reference to what we do. So please read