What a different place New York will be.
Complain about regulation they will, but competition killed is my
conclusion.
OH:
We run a huge fund
We manage the money in public markets
We were with a customer recently. They have tons with us
Nice meeting. Then he takes out a note from his folder near the end – at
the end actually
Reads it. We want a discount.
They are at 2 & 20
They want half
We can’t make any money at 1% admin fees on the money. That’s break even
So we will have to outperform! Meet targets!
It’s over. Funds can’t do it.
There is no innovation left in hedge funds. All the ideas are played.
(Hmm.)