36 Burst results for "Hedge Fund"

"hedge fund" Discussed on Stansberry Investor Hour

Stansberry Investor Hour

05:53 min | 3 d ago

"hedge fund" Discussed on Stansberry Investor Hour

"While i agree that it was a poor excuse for direction i think. The intent of many of the instigators was clear while it is clear that the mob was highly disorganized without any significant amount of planning. It was clear that they as a mass intended to do grave harm to legislators and staff there. even though is a libertarian. Share your disdain. For much of the media is typical portrayal of events politics. In this case. I think the incidents have been relatively fairly presented and indeed. The whole situation was quite a serious threat to the lives and wellbeing of representatives and to our democratic process. Such as it is. I'll just deal with that. Half before i get onto the second one definitely not any kind of a threat to our democratic process. You're just wrong about that. It was much bozos who disrupted things for a day or so serious threat to the lives and well being of the people involved. Yeah that's why they evacuated them absolutely. It was a serious threat and people died. I don't make light of that. But you know when. I said frat boys going blind when frat boys go wild people die two sometimes so but maybe that is to cavalier. It was a riot. You're right it was a riot next. One that he takes issue with members said he had two things next one he says but of work concern was the implication. You made the cutting off of social media. Access to president trump was of similar severity. To that of nazi. Roundups gonna stop you there. I did not say anything like that. I'll continued out by quoting the paraphrasing of the niemoeller by one of your listeners. I believe you drew a very offensive analogy. Certainly as a libertarian minded individual you would agree that private companies that provide social media platforms are well within their rights to limit and control the uses of content. whether is it advisable for them to do so debatable. And more properly a matter of concern to their shareholders even if there is some political bias involved too but to imply to such private actions are a violation of any of our first amendment rights or even more absurdly or even in the slightest bit comparable to genocidal nazi roundups of thirties as patently offensive your fawning reading of the in my opinion poorly written paraphrase certainly gave the impression that you consider the two situations similar threat to our lives and liberties. I've always respected and admired your opinions willingness. Please state them. But i have trouble believing your value systems have been co opted by the extremist trump cultists. He's a so..

two situations second one two things two trump One one first amendment listeners a thirties
Fresh update on "hedge fund" discussed on Fox News Sunday

Fox News Sunday

01:07 min | 14 hrs ago

Fresh update on "hedge fund" discussed on Fox News Sunday

"At Dynamic Beta, one of the older farms in the liquid, all space. They also manage a number of E T. F set C to replicate various strategies with lower fees and daily traded liquid Lee. Let's talk a little bit about the approach dynamic baited takes what is unique about it. How do you guys go about replicating all of those single manager farms? So what We do a single head from the replications and replication of the terrible term Because it I think a lot of people hear it and they think of mediocrity. But let me frame it in a slightly different way. If the only way that you today could invest in the 500 stocks in the S and P Was by investing with active managers who charged 300 basis points. And someone came along and said We can Directly access 4 to 500 of those stocks and we'll charge you 100 basis points for it. It would be a pretty clear decision that the latter is not on Lee likely to give you the Benefits of investing in the S and P 500, but it's probably going to a lot better than those active managers. And so what Hedge fund replication, basically is is it's using models to try to understand how hedge funds are positioned today. Across equities rates, currencies commodities And then copy their asset allocation in a low cost form. And so on our side. We really pioneered this idea, by the way that the whole concept of henchman replication has been around since the mid 2000, and it's really the only area of the liquid old space. It has worked. Consistently and reliably, and it's not just us. I mean the way you would analyze. This is you, You would look at what we've done. But also look at at other firms have been in the space and, um and it's it's but what sort of remarkable about about this whole concept? Is that you don't just do as well as hedge funds, you tend to do better, and the reason you do better is entirely from cutting out fees before the crisis in this space, people generally thought if we can create something that does just as well as It's leading hedge fund index but offers daily liquidity and low fees were gonna be heroes, right? This is gonna be we're gonna be the John Bogle's of the alternative investment industry on and remarkable They did it right And we did it And so, But after the crisis, we said, maybe we could even do better. Because when we're seeing this portfolio of hedge funds delivering 6% veranda, maybe they're really doing 10 before fees and if we can replicate eight or nine or even 10 of the 10 In charge left. It won't just be like an index product. It'll be an index plus product. And so I think I think we're now known as the only firm at least that I'm aware of that has been able to Consistently outperform portfolios of hedge fund so similar to what you would think of fund of funds would do. But with better drawdown characteristics, low fees and daily liquidity. And so in 2018, a fast growing French institutional investor, called I am global Partner. Was doing a multiyear analysis of the liquid old space and said, You know, we think these guys have the best mousetrap, but they don't have Any products that are available to a broader range of investors. And that's when they parted up with us and then launch these two week PFC. Around existing strategies in 2019 is the plan to eventually become the vanguard. The alternative space, So you guys going to roll out more products or are you going to stay focused on just a handful of products? We've been very, very focused on what we do, and I expect us to continue to be narrowly focused their only certain strategies for which this works incredibly well. And the managed future space. We've basically found a way to outperform Large hedge funds by 400 Basis points, Brandon with less risk, So if you're deciding how do you want to get exposure to manage creatures? This should be the obvious choice. We run into all sorts of Agency and behavioral issues in that, you know, for the same reasons that alligators fought, that's of investing for years, but that's that's changing and will will continue to change. But, you know, in our case, I think, actually and going back to think about Seth. One of the best things you could do it after management is deciding what not to do. And so when you ask the questions about the history of the liquid old space Every time there was a new wave of products. We tried to look at it with an open mind and say, Hey, maybe this does something better than what we're doing. Maybe we should do this instead. And every time we concluded that these were products that were being you know that look great on paper that wouldn't work in practice, And I think we've been right six out of six times on that. So it's possible that we would introduce new products, but I don't expect to do it broadly. Our goal right now is that for anybody who's managing a diversified portfolio Who thinks that and we can help to make the argument of things that hedge fund type strategies and then in this mean I mean, specifically equity, long, short and managed futures. Has a role in their portfolios. The argument that we would make is that the way that we do it is more predictable. More reliable tends to outperform overtime, and therefore if you're thinking and five or 10 year increments In terms of how your clients are gonna end up doing its portfolio and how you're going to be this portfolio. We should become the default allegation coming up. We continue our conversation with Andrew Beer. Managing member.

LEE John Bogle Managing Member Andrew Beer Global Partner Seth Brandon
"hedge fund" Discussed on Stansberry Investor Hour

Stansberry Investor Hour

05:02 min | 3 d ago

"hedge fund" Discussed on Stansberry Investor Hour

"Performing combat. Communications training exercise in the heart of manila. There are a few main differences between what happened to dc compared to what happened in the philippine coup. D'etat first of all. There were no grenade bearing militants and assault rifles in the philippine coup. There are lots and lots of explosions and ak forty seven spouting off all around us second. There were no aircraft involved in the philippine coup. There were world war two tora. Tora planes dropping bombs at the manila capitol building third. Neither the marines national guard got involved immediately in a true khuda. Tov marines would have arrived in helicopters. Dropped out in sequence as they surrounded the white house fully armed aiming outward and ready to kill anyone who approached fourth during the coup. The entire nation was gripped with fear in america. We watched it on. Tv with a cup of coffee in her hand making funded them and having no fear of government upheaval so for my personal experience. What happened in the white house was nothing like a real coup. But then he says. Ps when a completely different topic what technology do you think will ultimately win the automotive race. Electric or hydrogen will be a hybrid of the two. I'm looking to invest in nikola. Because i strongly believe hydrogen will be more widely accepted since it's just like gas pump and go. I'm thinking the full scale. Conversion would be easier with automobiles and filling stations than installing charging stations on every corner waiting for a charge. What your thoughts run from. Nikola are there better. Hydrogen players out there. Thanks mill the only question. I'll answer is who's going to win. And i don't know and i don't need to if you want to speculate on that. Just understand that nikola is speculation and that you are speculating on an outcome that you can't possibly know and you probably have to do a ton of work and even then after you do your ton of work. You're still trying to predict the future. What i suspect is the case. I would suspect that you're going to see. A bunch of different technologies get already got hybrid electric which is getting getting pretty big and and you know this hydrogen fuel cell idea which has been around for a long time there may be others and who knows what they'll be. It's hard to pick winners in this type of thing. That's i'll say just acknowledged that. You're speculating okay. You you can lose all of the money that you speculate with so just you know size your bed. Accordingly michael w writes in and says dance quest to find someone who can opine whether president trump's egging on his supporters to descend on capitol hill constituted a coup attempt..

michael america Nikola two philippine coup manila second third fourth world war two tora first forty seven president trump lots and lots of explosions ton of work D'etat white house nikola Tora
"hedge fund" Discussed on Stansberry Investor Hour

Stansberry Investor Hour

03:06 min | 3 d ago

"hedge fund" Discussed on Stansberry Investor Hour

"I mean in a sense. We're we're a strange animal because you know because in some ways imitation is the greatest form of flattery But we also believe that you can build. You can pay too much for great house or great car and a lot of what we written on an hedge funds it's not hedge funds for all the criticisms of hedge funds in the two thousand ten's they didn't really have an alpha generation problem. They had a few probably the alpha. Was there but it was pensioner's pension funds investing with hedge funds where billionaires were getting much richer three percent a year and And so there is something You know within the industry. That's very very upside down And the hedge fund fee structure has been very much of a heads. You win tails. I lose proposition for a lot of investors..

three percent two thousand a year ten
Intel CEO Bob Swan to step down, VMware CEO Pat Gelsinger to replace him

Daily Tech News Show

00:34 sec | Last week

Intel CEO Bob Swan to step down, VMware CEO Pat Gelsinger to replace him

"Intel announced that ceo. Bob swan will step down. Affected february fifteenth after two years on the job. Pat gelsinger ceo. Vm ware and former until cto will take over. As ceo of intel intel executive chairman omar ish rock said that guessing are will lead until transformation from being cpu company to a company that makes multiple kinds of architectures bob swan was previously. Cfo of intel and expertise lied in finance not. Being in december dan loeb's third point hedge fund had encouraged intel's board to explore

Intel Bob Swan Pat Gelsinger Vm Ware Omar Ish Rock Dan Loeb
Intel Ousts Chief Executive Bob Swan

Rick Hamada

00:12 sec | Last week

Intel Ousts Chief Executive Bob Swan

"In Intel stock is jumping after the chipmaker ousted its chief executive, Bob Swan. It will be replaced by BM where Chief Pak Gil singer activist hedge fund third point Hazard Sweeping Changes to revive in tells fortunes

Bob Swan Chipmaker Chief Pak Gil Intel
Bitcoin tops $40,000 for first time, pushing cryptocurrency market value past $1 trillion

Snacks Daily

08:18 min | 2 weeks ago

Bitcoin tops $40,000 for first time, pushing cryptocurrency market value past $1 trillion

"Bitcoin has quadrupled in price in just the past couple of months from ten thousand dollars per coin to forty thousand dollars yesterday and the crypto market in its entirety is now worth over a trillion dollars. There's a few probable reasons for bitcoin spiking so much but the main reason is this the first rally was all about small investor fomo but the second rally is all about big investor from retail fomo three years ago corporate fomo today for example square the payment processing company. They just bought fifty million dollars. Bitcoin just in october famous hedge fund run by a man named paul jones has had two percent of all their asset is now in bitcoin and boston. Favourite finality is now accepting bitcoin as collateral for loans. I'll tell you i'm good for it. Got bitcoin in the back. So jack what's the takeaway for our buddies over in bitcoin. Bitcoin has one main superpower and that is anti inflation all right because he can't trap a fraction of a bitcoin to pay for a smoothie. Right now and it's probably like a little too volatile fairmont and just like the retail fomo of three years ago this corporate morality that could pop and crash and plummet as well keep in mind. I mean jack toussaint in two thousand seventeen. The value of bitcoin crashed almost ninety percent. Right after a jump. Like this if you bought at the top of that bubble you experienced a lot of pain in the next two months but there is a fascinating real value in bitcoin right now which isn't as a currency but actually just to protect against inflation smackers because of the global pandemic governments across the world are printing money to pay for stimulus packages to rescue the economy. So we get cash flowing into the financial system all in hopes of juicing up the economy right now all that new cash though could dilute away the value of the money in that country. And that's the inflation. When like a one dollars orange could eventually cost you two dollars because your money is actually worth less. Because there's too much money out there now. Inflation like nick. Just describe with the oranges and the dollars that is not possible with bitcoin because there are a finite number of bitcoin that could ever be mind in this earth so similar goals the protection against inflation is bitcoins superpower we think that's why corporations and institutions are buying bitcoin right now

Bitcoin Fomo Jack Toussaint Paul Jones Boston Jack Nick
Francisco Lindor: New Hope For Mets Fans?

ESPN Daily

03:53 min | 2 weeks ago

Francisco Lindor: New Hope For Mets Fans?

"For a big splash. A big domino to tip over and the mlb off season and we got one yesterday. The new york. Mets acquired francisco lindores and carlos carrasco from the cleveland indians for two shortstops in two minor leaguers and enormous transaction. How surprised are you that this happened not surprised at all. Buster olney is the host of the baseball tonight partly cast and he has been covering baseball for more than three decades. Look the last few years there had been so much industry speculation about when would the indians trade lynn door. In fact a couple of years ago. Paul dolan their owner told that the fan base look. Enjoy while you can. Because it was an assumption he was going to be traded. I think if not for the pandemic he would have been traded in the middle of last summer so the indians move in now and the fact that the mets were the buyers. That's not surprising either. Because i think mets fans have been waiting for Steve owns team to to make a big move and he certainly did that. And getting the best shortstop in baseball. Yeah i want to ask you about the cleveland side of the equation in a little bit. But i i wanna dive into the buyer that you mentioned because steve cohn buster. The mets new owner hedge fund billionaire self identifying proudly so diehard mets fan from long island. He's been on twitter. I'll off season making very loud noises about this being a new different kind of organization. You know we want to be excellent in all areas of this game That's going to require resources. And i'm fully committed to making that happen. He is so monumentally. Wealthy i mean he was one of the few people who didn't lose money in this pandemic shortened twenty twenty season. So what does this tell you about the promise of his regime yeah. He's the richest owner in baseball. Now and i. I wrote a piece Free espn dot com. That for mets fans who have suffered through their. Ptsd of the wilpon. Yes this is that the finally they get their reward were they have an owner. Who's willing to go toe to toe with the yankees owner. Who bills a team. That has continued success. I don't just want to get into the playoffs. I want to win a championship. You know through the years. Since i've been working in the new york market the assumption whenever a really big name came up. Was that the yankees. Probably elbow the mets out of the way and they would get the players in the in. The mets would operate like an upper middle class team rather than a big market team and this deal signals a change in that. But what i do believe. Is this a major markelle tune during the should have a budget to measure with the yankees coulda used shortstop. There are other big market teams. That could use a shortstop. And the mets get the best shortstop so because you are a veteran of the new york market i need to know how is indoor going to help reshape. Just the identity of the team itself because i mean nolan reported future about him. We'll get to that a bit as well but just how good is he. What's potential here well. He's the perfect player for the mets right. Now he's an elite defensive shortstop smash back can't buy off-balance throw in recent years jacob. Degrom has been great. Despite the fact that mets have been really poor on defense. It's shorts especially they need more lineup. Ballots lindores a switch hitter. They could use more power drill door with law. Law door hits for power. They could use speed lindores does that. He looked like the road runner as he took off from first base and he absolutely has the personality to be the face of a franchise in new york. You talking about someone who loves to play is nicknamed mr. smile. Hangmen fans absolutely will gravitate toward him. Yeah

Mets MLB Francisco Lindores Carlos Carrasco Paul Dolan Indians Steve Cohn Buster Olney Yankees New York Lynn Wilpon Long Island Cleveland Steve Espn Twitter Degrom Nolan Jacob
The Big Stories in Crypto in 2020

Unconfirmed: Insights and Analysis From the Top Minds in Crypto

02:22 min | 2 weeks ago

The Big Stories in Crypto in 2020

"Into that. Let's just look back at the similarly. I think actually really significant year. In crypto for twenty twenty like. What would you say. Were the big story that year. I mean if you look at the data you have a number of big Stories for twenty twenty right. The growth of the stable point market seeing a supply above five billion trading volumes. Routine all time high monthly high in the month of december. We put out a lot of Figures around trading and will coins in the past few weeks and so you just saw the growth of the market and the build out of a more robust market structure. So i think that's kind of like the high level overview of twenty twenty and i think that's why investors right now are getting so excited about what twenty twenty one holds because you have this this growth story from the year prior so i think people are really excited. And you're right it's going to. It's going to be interesting to continue to watch. That's for sure. Aside from price just the for the development of the market. Yeah yeah my two big takeaways. I think we'll see. I think partially because of the pandemic bitcoin. I think just like the big story last year. You know. I mean You know we just saw. I feel like kind of a new type of person who was acknowledging what its merits were and getting in and then of course you know the big news. Things like pay pal micro strategy and square and mass mutual pudding. Bitcoin on their balance sheets. I you know. I don't know if those things would have happened even without the pandemic but given what the state of the world was definitely feel like all those forces came together to create the perfect conditions. Yeah i wild though. It took a little bit of a while you know i remember. At the beginning of the pandemic in march when everything was falling crypto and beyond folks were kind of thinking that maybe crypto bitcoin specifically wasn't living up to that's safe haven characteristic that so many folks have attributed to it and so you know i think once we had the poulter jones note news. Come out you kind of saw those dominos fall with more investors more hedge funds and then actual publicly traded companies in in some cases announcing that they'd be allocating to the space. And so it's it's been interesting to

Indians trade Lindor, Carrasco to Mets

Heartland Newsfeed Radio Network

00:13 sec | 2 weeks ago

Indians trade Lindor, Carrasco to Mets

"Deep pockets and baseball the new hedge fund owner of the new york mets apparently keeping his pledge to boost spending as the cleveland indians trade four time all star shortstop francisco lindor and pitcher carlos carrasco to the

New York Mets Baseball Cleveland Indians Francisco Lindor Carlos Carrasco
Hedge Fund With Links To Boston Herald Offers To Buy Chicago Tribune

Wintrust Business Lunch with Steve Bertrand

00:32 sec | 3 weeks ago

Hedge Fund With Links To Boston Herald Offers To Buy Chicago Tribune

"And hedge fund, Olden Tribune's largest shareholder, has offered to buy the rest of the newspaper publisher at a price that values it at $520.6 Million Tribune published his nine major daily papers, including the Chicago Tribune. Alden Controls a major U. S publisher. Newspapers include The Denver Post, Orange County Register and Boston Herald has a reputation for layoffs and intense cost cutting even beyond the newspaper industry's overall turn in that direction, and the unions at Tribune Papers have pushed for alternative buyers for the company's

Olden Tribune Million Tribune Alden Controls Chicago Tribune The Denver Post Boston Herald Orange County Tribune Papers
Alden Global Bids for Control of Chicago Tribune

John Williams

00:33 sec | 3 weeks ago

Alden Global Bids for Control of Chicago Tribune

"Finally today, hedge fund Alden Global Capital said today it had offered to take full control of the owner of the Chicago Tribune in a deal that values the company of $520.6 million. All been known for its hostile takeover bids of publishing companies as a stake of 32% in the Tribune Publishing company.

Alden Global Capital Chicago Tribune Tribune Publishing
Hedge fund Alden offers to buy Tribune, valuing it at $521M

WTOP 24 Hour News

00:26 sec | 3 weeks ago

Hedge fund Alden offers to buy Tribune, valuing it at $521M

"Hedge fund that owns a big stake in Tribune Publishing is reportedly seeking to buy the newspaper chain behind titles including The Chicago Tribune in New York. Daily News. The Wall Street Journal reports Alden Global Capital could disclose an offer for the company as soon as today. In all Tribune publishing overseas nine larger market daily papers, including the Baltimore Sun, as well as the Capital Gazette in Annapolis. There's been pressure for the Sun and gazette to be sold to a local

Tribune Publishing Alden Global Capital The Chicago Tribune The Wall Street Journal New York Capital Gazette Tribune The Baltimore Sun Annapolis Sun And Gazette
NBA Fines Philadelphia 76ers’ Daryl Morey $50,000 For Tweet About James Harden

Mason & Ireland

03:31 min | 3 weeks ago

NBA Fines Philadelphia 76ers’ Daryl Morey $50,000 For Tweet About James Harden

"Last of basketball operations daryl. Morey is getting in trouble with the twitter again all right. He's been fined fifty thousand dollars for violating the nba anti-tampering policy the finest in response to a to a december twentieth tweet about the houston rockets superstar. James harden obviously gio more used to be there. The tweet was deleted several minutes later. Celebrated the one year anniversary of heart and breaking the rockets franchise assists record more told the league. It was an inadvertent post from an automated app. Now more was hired by the seventy sixers less than two weeks after resigning as the rockets manager. And obviously he. The sixers are one of the franchises that have considered trading james harden john. Do you think that maury deserve to be fine for tampering. Here for that. Automated tweet just congratulating james or the one year anniversary of breaking the record. I don't think he should have been fined. But let me say this. I think adam silver is the best commissioner in sports. I think he's super smart. I think that daryl didn't endear has been a guest on our show. Many times may mason. And i both loved daryl. I think daryl didn't read the room here in other words. Tillman for tita. And the rockets are in a mess. Right now with harden. He has their best player. He wants out. Everyone's connecting the dots saying that darryl would love to have him in philadelphia so for darryl to poke that particular bear at this time is a bad look the way this went down and tell me if you agree is as soon as that tweet happened. Somebody in houston called the league office and said this is bs. Were in the middle of trying to navigate a crisis down here. And this guy's congratulating a player and making us look bad. And i think the league had to react at that point and so i wouldn't have find him but i understand why the league did. What do you think yeah. I think i was surprised when i saw that because i thought his tweet was pretty harmless. But i think you're right. I think that that you know james. Initially when he first asked for the trade didn't really have any representation. Okay didn't have an origin at that time is he's always kind of just like his mom and he's he's since tapped into wasserman those guys'll so he's got different representation now they can handle things but initially. There was a lot of consternation amongst the rockets. When darryl was interested daryl's sixers darrow. Were interested in trading for him. Right you know is there. Was there. Contact with darrell. James like there's this. There's a lot of stuff that really doesn't smell right with the rockets and the sixers and james harden and so whether this tweet was made it on time serving. It's just he. Daryl needs to be way more careful and the whole automated app. I just. I don't know if i buy that. I don't know if i bet either. I so i understand. Let's just say this ninety probably ninety eight percent of the time out of silver gets it right so i think that there's probably a backstory to this that all of us don't know and darryl poking the bear in houston at this particular time was probably not the smartest move. But it's not money they're owned by a bunch of hedge fund guys in philadelphia. It darryl can afford it. I think it'll probably go away now.

Daryl Sixers Rockets James Harden John Darryl James Harden Adam Silver Morey Houston Rockets Maury Tita NBA Basketball James Tillman Harden Twitter Mason Philadelphia
Here's a first look at Apple's $549 AirPods Max headphones

AppleInsider Podcast

09:19 min | Last month

Here's a first look at Apple's $549 AirPods Max headphones

"I wanna talk to you about the airpods max. There was many rumors this fall that these were coming and being mid december. It looked like maybe we're not gonna get it before. Two thousand twenty one but no early on tuesday morning apple announced and released the airpods max. They went up for sale. I think it was like eight thirty in the morning and to everyone's shock and awe and let's just talk about now five hundred and fifty dollar price tag for the airpods. Max i would love to have your initial thoughts not only on the price tag but on the name. Because i kind of wish. They went with studio because the rumored codename airpods studio because they're over the your headphones with the cups. Noise cancelling airpods max. I don't know it sounds a little funny. What do you think william. I did as she laughed when i saw the name but only because apple keeps used to keep everything secret and now everything seems to come out but they hit us with a new name. We weren't expecting and that did the same with the apple a. m water. It is like there's a naming department that can keep a secret. I agree studios san sense better so these headphones they're very expensive. They're five hundred and fifty dollars despite that they're basically sold out until march if you try to buy a pair now it'll say twelve to fourteen weeks shipping time so even despite the price very popular you can actually go and watch him hd. And i just actually have these. They did initial videos unboxing and some initial thoughts. I'll put those links in show notes as well just kind of a quick specs. These are over the ear cups headphones controls on these. It is all physical controls. There's a large digital crown on one of the earcups that you'll use to adjust volume or you can press it down for siri. And then there's also another button to go from transparency to noise cancelling mode so they have a lot of the features of the airpods pro. They have spatial audio. They can do dolby. Atmos and seven point. One surround virtually in the headphones. So that's all very cool but a couple of the noticeable omissions will say no power brick in the box so with your five hundred and fifty dollar headphones. You do not get a powerbook to charge you. Do get a cable. You get a usb c a lightening cable so you can charge it with one of the twenty usb c charging that apple will sell you but it also does not come with the cable to physically connect these headphones to an audio source. If you would like that you have to pay an additional thirty five dollars for a lightning. Two three and a half millimeter cable to plug into an audio source and again the fact that they went with lightning on instead of usb bbc. I'm not sure i feel about that. But those are the omissions and again on that price tag at least put the cable in there. I don't know that's just me. What do you feel wind. Packwood's and i agree with you. That seems wrong. I know we got loose. Packers have old ones. So i don't know how much use they would be i. It never occurred to me to think about a physical connection with this their wireless headphones release anything else. But actually yeah. If i am a musician pro use a full who. This is a bargain but a worthwhile cost. I'm likely to want to better connection wireless bluetooth so yeah on quite taken aback. Especially if you cross into that audio file realm and one of things. I'm going to do with it I did order a pair though becoming tuesday. So i'll be able to talk about him on next week's episode personally but i'm actually a classical music fan. I don't think i've ever share this with amish on the podcast. But i'm a classical trumpet player. That's my wife degree. yes i love. Actually listening to classical music. Believe it or not and so. I'm very curious to see how these sound. On some of those mozart requiems and brahms symphonies at to see the audio quality is really up to snuff. But for five hundred fifty dollars should sound amazing. You know per se. Obviously this is in comparison and in competition with headphones. Like the sony w.h. Xm fors which usually cost like three hundred. Three hundred and fifty dollars was like attuned dollar premium for these and the bose noise cancelling headphones seven hundred are very popular. Those are around three hundred and forty dollars. So you're getting two hundred to two hundred and fifty dollar premium to pay for these airpods. Max so i really hope have to imagine that the sound quality is excellent. But you're also paying for apple's features like the h. One chips the ability to the noise. Cancelling connect your devices seamlessly switch just like other airpods and airpods pro another cool feature to the cups. The ear cushions that are on the headphones are actually connect magnetically. And so if you want to replace the earcups for whatever reason they come off very easily and attach very easily as well and hd shows that had his video looks pretty satisfying and you can also get replacement ear cushions again. Not cheap but seventy bucks on apple you can actually order them now in the apple store and on their website but you can get replacement cushions for seventy dollars again in the future if you need them and you can mix and match colors. There's actually a cool chart you know if you will have to get the space gray headphones and put some blue cushions on it. You can be fancy like that if you'd like but again you're paying a premium for all these. I don't know. I'm curious to try them. But these don't tempt you at all as i once used the bose actions that you mentioned don. I was very impressed on. I do like us. I'm more of a malla guide. The mets on no. It doesn't tempt me. Except there is one thing this one specification you've just kind of lewd to skipped a very good. That is crucial. What color did you buy on. I won't with space gray because the size of these. I mean they're large. They're over the ear headphones. And i like to be discreet when i'm around other people the rare times that happens and so white white was tempting. But i don't have so much you know every other airpod is white and i didn't like the green or the pinkish red color. Blue was the only other one that tempted me. But i don't know. I just went discreet. I want black now. You wouldn't touch. That's what it is so next day. Jiang at a party somewhere. Nobody's gonna notice because she didn't have blue headphones. That's what i would have gone full blitz. Obviously the blue did look very nice. i was tempted. Also attempt to engrave these. I've actually never engraved an apple product. I don't know why i just have never done. It and i was very close to engraving these. But i had a moment of. I don't know what to put on them. And i know shipping. Times are gonna slip. So i just four went the engraving and just sorta without. But i'm curious william. Have you ever engraved an apple product. No because of always thoughts. And i'm gonna pass it on somebody else or might resell it to somewhere right. So it's been like having a set to somebody on their name. Just you break up with something. It feels wrong in a weird way. It feels like it's studies the the pristine finish of the device as well especially if you wanna resell it. That definitely makes it more difficult but I know you have tons of tattoos. You have sleeves don't you. Have you have tattoos all over please. I'm not illustrated unless you know what you said about coming up with something to say. I know whatever. I had written on me. I would change my mind magic instantly and want to me. I did work with a young writer. Who said she was aiming to have some text for every significant part of her life tattooed on and i wished to long life and much fatness so that you have room okay. Well staying on the grieving for a second. I saw that in addition to letters you can actually engrave emojis on apple products. Now you can choose emojis if you'd like. So here's my question to you william. If you could engrave any emoji apple device what emoji do you think you would choose. Would it be the winking smiley face sticking out the tongue or would it be money flying away. What do you think is the money involved here with page to do this. I give you twenty bucks. Yeah i need more need more. I need a lot more needs to pay for the hedge funds and then i feel that's nice cost parlance I'm i'm a writer. I can't bear emojis next. Particularly i had a message from a singer songwriter. I profoundly admire but it was all in emojis. And i have no idea what she was saying. It was just. I think it's gonna start communicating with you william. I'm gonna do all emojis from now on well good by sending emerges did not sending me pat. That's where you're going wrong. You sending the wrong listen. Listen we'll see when that when the next ipad comes out the battery life on my ipad. I don't know what's going on but it is I don't know. It's a little rough. When i edit podcast. It's great at any at any other time. So that new model comes out. I don't know we'll see you keep playing this long game gas lighting me. I'll just send it off without even thinking about it.

Apple MAX William Packwood Packers BBC SAN Sony Mets Jiang DON
"hedge fund" Discussed on Software Engineering Daily

Software Engineering Daily

08:10 min | Last month

"hedge fund" Discussed on Software Engineering Daily

"Software engineer at numerous zander. Welcome to software engineering daily. Thanks very much. Numerous is a new kind of hedge fund. And i want to work our way towards discussing numerous with some simpler discussions. First of all what is a hedge fund will very simply heads fund is A collection of money that allocates those funds into the stock market typically. I mean you have some alternative. Investments so hedge funds that investing in crypto currencies. But typically. you've got hedge. Funds that invest in the us stock market or worldwide stock markets japan etc. What is the term hedge referred to so actually hedging bats so in terms of only Creating risk for folios and making decisions based on those risk assessment assessments. So basically i have some idea of what the market is going to do. And i'm going to hedge based on that idea. So i'm going to make certain balances to Have a good risk portfolio those kinds of things. so what's the financial structure of a hedge fund. You have investors. You have people who are actually placing bats. Where are the incentives in typical hedge fund. I think i see what you're asking. So actually a hedge fund will have lp's limited partners and the limited partners are external to the hedge fund. And they have nothing to do with what the fund actually does so the limited partners will give some amount of money to the fund and then the fund will be completely responsible for actually allocating okay. Let's talk about the market. Even more broadly there's some large percentage of the market. That is automated. You could call it bought so you could call automated trading. Even the humans that are doing trading are mostly using automated orders. Can you give me a sense. For what kind of software hedge funds and trading desks are using. Yeah that's a good question. So i suppose it depends very much on what kind of trading doing so there are funds that trade on very long time horizons so. That's six months to five years sort of trading and that treating might not even be automated. Because there's really no need to such a long term Position and then you have high speed trading which is taking place on nanoseconds. So obviously that's a very much automated and those are probably mostly custom. Software suites written by the funds themselves but of course there are tons of software suites that typical hedge funds us. They have software that interfaces with With fun sorry with. What's the term nasdaq for example changes. Exchanges thank you yes different packages interface with exchanges to place trades or to go through various brokers etc. Right so machine. Learning has crept into wall street's over time machine learning has been used before it was called machine learning at places like jane street or trading firms. You know through wall street. How prevalent is machine learning wall street and by the way i totally understand. You are not a financial expert for context for people who are listening who don't know sander. He's a software engineer. He's got a background in software engineering. He's never worked in finance So i'm asking you this as somebody who may not have any insight into this but i would love to know like what's your perspective for how trading companies use machine learning. Yeah that's very accurate insofar as my finance nonexistent but it's my understanding that most funds are not doing anything like machine learning so you do have quantitative finance which is probably the closest that most funds come to doing machine learning and i think you have some funds like to cigna or renaissance technologies. That probably are doing some machine. Learning and those are the kinds of funds. You'll actually see with booths at nips. They're they're really interested in that kind of talent but those are really really rare for hedge funds and for the most part hedge funds are not using machine learning at all and actually i think what most of them do is what i call trading. It's kind of humans making bad decisions based based off of very little data because humans actually can't put data in their brains. Okay so we'll get to that question. And i have some follow up questions about that but a company that's doing machine learning or actually basically any type of trading they're typically building financial models so a model is a vision for the way that the world is and where the world might be going describe what goes into a financial model. Yeah so there's a huge spectrum for what could go into a financial model so closer to our end of the spectrum you can have something like scraping quarterly earnings reports and then doing some kind of analysis based on how frequently does something appear in the report or like What do the numbers look like in the report and you could make On the one hand you could make a report human digestible report and make trades. Based off of that or on the other hand you could frame it in a machine. Learning problem format where you actually predict the market directly from that information whether it's word frequencies or Number trends but i guess like the simplest financial model would be like take stock price data and just see if you can find trends and that's of course we're random walk theory comes into play and you find out that doesn't work very well but that's kind of the basic idea of financial model or a super super basic financial model would be i think companies that I think companies that are out to. Ipo are going to be worth a lot. That's a financial model. It's a stupid one. But that's an example of something super simple. You could do to allocate funds. There's a model present a version of the world or does it also make trades. I would say a model simply presents version of the world and there are various degrees of how you connect that to making trades so you couldn't actually include in your model making various things like risk balancing or you could not and then Your model is just saying. I think this will go up on. This will go down and then it's also job to balance risk. I don't want to have all of my funds allocated in a single market. I don't want everything. I buy to be in agriculture. That's very risky. So you want to balance it across. I have some tack in some agriculture. Some japan some in the us. And so you you could structure your model such that. Whatever it whatever comes out of it is exactly what you will be placing on the exchange or there can be various degrees of humans Human decision making between the model and the actual exchange..

japan sander cigna us
"hedge fund" Discussed on Software Engineering Daily

Software Engineering Daily

01:39 min | Last month

"hedge fund" Discussed on Software Engineering Daily

"A hedge fund is a collection of investors. That make bets on the future. The hedge refers to the fact that the investors often tried to diversify their strategies so that the direction of their bets are less correlated and they can be successful in a variety of future scenarios. Engineering focused hedge funds have used what might be called machine learning for a long time to predict what happens in the future. New marai is a hedge fund. The crowd sources its investment strategies by allowing anyone to train models against numerous data. A model that succeeds in a simulated environment will be adopted by numerous and used within. It's real money. Portfolio the engineers who create the models are rewarded in proportion to how well the models perform zander. Done is a software engineer at numerous and in this episode he explains what a hedge fund is why the traditional strategies are not optimal and how numerous creates the right incentive structures to crowd source market intelligence. This interview was fun and thought provoking and actually quite difficult. Because i was having trouble. Totally understanding with the long-term vision of numerous could be if it succeeds. Numerous is one of those companies that makes me very excited about the future. And i hope to have other people from numerous on the show to discuss business further. This.

marai zander
How This Bitcoin Rally Is Different From 2017-2018

Unconfirmed: Insights and Analysis From the Top Minds in Crypto

05:25 min | 2 months ago

How This Bitcoin Rally Is Different From 2017-2018

"One month ago. That coin was it about eleven thousand five hundred dollars and today it's flirting with eighteen thousand dollars and even when as high as eighteen thousand four hundred dollars and wednesday based on that. Hi there were only four days in bitcoin history when the price was higher and yet back then that increase was fueled by the initial coin offering craze in this breathless media coverage an issue runners. A lot less fanfare barely talking about it. So what would you say makes this increase in the price. Different from what we saw in late. Two thousand seventeen in early twenty yeah. There's a few things that are completely different this time. Around endogenously. the markets the structure of the market is totally different and the market infrastructure has evolved and changed dramatically. That's obviously our focus is a fondest financial market Structure and i can tell you that it is completely different this time around. It's much more mature. It's more sophisticated There's just more financial products available and there's more tools that qualified accredited large investors can use to get exposure. So that's you know it's one side which is just practically in infrastructurally speaking it's easier to get exposure to the market today And you know that looks a lot more mature and just generally speaking financial plumbing. His is more functional time around and then of course extra you have real macroeconomic tailwinds which are driving serious alligators towards allocators. Sorry towards the asset like real names and commodity investing the hedge fund world a global macro names who obviously we've heard them expressing a positive view of the price that latter element probably gets a little bit more attention. I'd say the former. Those dodges factors also very critical. I can't say that our current appreciation or rally is directly attributable to that. But it certainly means that we have the capacity onboard much more capital in a shorter period of time. And the other thing that i would mention as you say is that bitcoin was kind of being used as a flow through asset for retail investors primarily to get exposure to isos onto tokens and to trade sort of long 'til on some of these offshore exchanges and bitcoin was their entrance into the market. So a lot of the allocation of bitcoin was really transient. And that's partly why. I think we saw so much reflexively in the price and it's rally was not very enduring back in two thousand seventeen now. Of course the backdrop is different. There's last mania. This fewer new tokens launching. I think the regulators generally discouraging people from launching new isos in the manner that they didn't twenty seventeen and so bitcoin isn't being used in that capacity anymore. So you know it's easy to look at the price chart and see passes prologue. You know what's different today. I think if you look a bit deeper you look at the nature of the market. It really is dramatically different. So you did briefly. Mention the pandemic. And i'm sure this is kind of hard to quantify but i just wondered you know how big do you think. The impact of the pandemic has been on the rise of the bitcoin price this year. Well i wouldn't say directly affected but indirectly for sure. I mean first of all. Bitcoin is kind of a d. Materialized natively digital asset like a lot of those companies that are very sort of capital light. That did very well. During the pandemic era said bitcoin also benefited from that in terms of physical infrastructure. But it's completely distributed doesn't really rely. It's not interfered with by the pandemic directly and then on a more direct basis. I would say the action of central banks to the crisis is probably the big phenomenon. That's fueling bitcoin here. We're seeing people like to say on. Precedent really unprecedented monetary action. Someone say the sort of degeneration of the current sort of monetary orthodoxy. M one that measure of money supply and the us is growing at forty percent. Annualized right now. So we're seeing the monetary aggregates skyrocket in more so than not because you know quantitative easing money issuance. It doesn't necessarily have an impact on cpr prices and the real economy but we are seeing calls for more direct stimulus directly into the economy. Which would presumably be more inflationary in nature. Which would make it into the real economy which was not the case with previous bounce of qb so if that is the case if we have another six or twelve months of lockdown. I think we could really start to see a political demand for direct issuance. Issued in a kind of a fiscal capacity. And many believed that that could be natively more inflationary and of course as a hard asset and an asset with no monetary discretion. Bitcoin is something that people look to as an alternative in that circumstance so really remains to be determined whether get inflation or not but certainly the specter of inflation is looming. And i think that's part of the reason people are taking

Bitcoin Mania United States
How This Bitcoin Rally Is Different From 2017-2018

Unconfirmed: Insights and Analysis From the Top Minds in Crypto

05:25 min | 2 months ago

How This Bitcoin Rally Is Different From 2017-2018

"One month ago. That coin was it about eleven thousand five hundred dollars and today it's flirting with eighteen thousand dollars and even when as high as eighteen thousand four hundred dollars and wednesday based on that. Hi there were only four days in bitcoin history when the price was higher and yet back then that increase was fueled by the initial coin offering craze in this breathless media coverage an issue runners. A lot less fanfare barely talking about it. So what would you say makes this increase in the price. Different from what we saw in late. Two thousand seventeen in early twenty yeah. There's a few things that are completely different this time. Around endogenously. the markets the structure of the market is totally different and the market infrastructure has evolved and changed dramatically. That's obviously our focus is a fondest financial market Structure and i can tell you that it is completely different this time around. It's much more mature. It's more sophisticated There's just more financial products available and there's more tools that qualified accredited large investors can use to get exposure. So that's you know it's one side which is just practically in infrastructurally speaking it's easier to get exposure to the market today And you know that looks a lot more mature and just generally speaking financial plumbing. His is more functional time around and then of course extra you have real macroeconomic tailwinds which are driving serious alligators towards allocators. Sorry towards the asset like real names and commodity investing the hedge fund world a global macro names who obviously we've heard them expressing a positive view of the price that latter element probably gets a little bit more attention. I'd say the former. Those dodges factors also very critical. I can't say that our current appreciation or rally is directly attributable to that. But it certainly means that we have the capacity onboard much more capital in a shorter period of time. And the other thing that i would mention as you say is that bitcoin was kind of being used as a flow through asset for retail investors primarily to get exposure to isos onto tokens and to trade sort of long 'til on some of these offshore exchanges and bitcoin was their entrance into the market. So a lot of the allocation of bitcoin was really transient. And that's partly why. I think we saw so much reflexively in the price and it's rally was not very enduring back in two thousand seventeen now. Of course the backdrop is different. There's last mania. This fewer new tokens launching. I think the regulators generally discouraging people from launching new isos in the manner that they didn't twenty seventeen and so bitcoin isn't being used in that capacity anymore. So you know it's easy to look at the price chart and see passes prologue. You know what's different today. I think if you look a bit deeper you look at the nature of the market. It really is dramatically different. So you did briefly. Mention the pandemic. And i'm sure this is kind of hard to quantify but i just wondered you know how big do you think. The impact of the pandemic has been on the rise of the bitcoin price this year. Well i wouldn't say directly affected but indirectly for sure. I mean first of all. Bitcoin is kind of a d. Materialized natively digital asset like a lot of those companies that are very sort of capital light. That did very well. During the pandemic era said bitcoin also benefited from that in terms of physical infrastructure. But it's completely distributed doesn't really rely. It's not interfered with by the pandemic directly and then on a more direct basis. I would say the action of central banks to the crisis is probably the big phenomenon. That's fueling bitcoin here. We're seeing people like to say on. Precedent really unprecedented monetary action. Someone say the sort of degeneration of the current sort of monetary orthodoxy. M one that measure of money supply and the us is growing at forty percent. Annualized right now. So we're seeing the monetary aggregates skyrocket in more so than not because you know quantitative easing money issuance. It doesn't necessarily have an impact on cpr prices and the real economy but we are seeing calls for more direct stimulus directly into the economy. Which would presumably be more inflationary in nature. Which would make it into the real economy which was not the case with previous bounce of qb so if that is the case if we have another six or twelve months of lockdown. I think we could really start to see a political demand for direct issuance. Issued in a kind of a fiscal capacity. And many believed that that could be natively more inflationary and of course as a hard asset and an asset with no monetary discretion. Bitcoin is something that people look to as an alternative in that circumstance so really remains to be determined whether get inflation or not but certainly the specter of inflation is looming. And i think that's part of the reason people are taking

Bitcoin Mania United States
9 Ways Bitcoin Is at an All-Time High

Unconfirmed: Insights and Analysis From the Top Minds in Crypto

04:42 min | 2 months ago

9 Ways Bitcoin Is at an All-Time High

"One month ago. That coin was it about eleven thousand five hundred dollars and today it's flirting with eighteen thousand dollars and even when as high as eighteen thousand four hundred dollars and wednesday based on that. Hi there were only four days in bitcoin history when the price was higher and yet back then that increase was fueled by the initial coin offering craze in this breathless media coverage an issue runners. A lot less fanfare barely talking about it. So what would you say makes this increase in the price. Different from what we saw in late. Two thousand seventeen in early twenty yeah. There's a few things that are completely different this time. Around endogenously. the markets the structure of the market is totally different and the market infrastructure has evolved and changed dramatically. That's obviously our focus is a fondest financial market Structure and i can tell you that it is completely different this time around. It's much more mature. It's more sophisticated There's just more financial products available and there's more tools that qualified accredited large investors can use to get exposure. So that's you know it's one side which is just practically in infrastructurally speaking it's easier to get exposure to the market today And you know that looks a lot more mature and just generally speaking financial plumbing. His is more functional time around and then of course extra you have real macroeconomic tailwinds which are driving serious alligators towards allocators. Sorry towards the asset like real names and commodity investing the hedge fund world a global macro names who obviously we've heard them expressing a positive view of the price that latter element probably gets a little bit more attention. I'd say the former. Those dodges factors also very critical. I can't say that our current appreciation or rally is directly attributable to that. But it certainly means that we have the capacity onboard much more capital in a shorter period of time. And the other thing that i would mention as you say is that bitcoin was kind of being used as a flow through asset for retail investors primarily to get exposure to isos onto tokens and to trade sort of long 'til on some of these offshore exchanges and bitcoin was their entrance into the market. So a lot of the allocation of bitcoin was really transient. And that's partly why. I think we saw so much reflexively in the price and it's rally was not very enduring back in two thousand seventeen now. Of course the backdrop is different. There's last mania. This fewer new tokens launching. I think the regulators generally discouraging people from launching new isos in the manner that they didn't twenty seventeen and so bitcoin isn't being used in that capacity anymore. So you know it's easy to look at the price chart and see passes prologue. You know what's different today. I think if you look a bit deeper you look at the nature of the market. It really is dramatically different. So you did briefly. Mention the pandemic. And i'm sure this is kind of hard to quantify but i just wondered you know how big do you think. The impact of the pandemic has been on the rise of the bitcoin price this year. Well i wouldn't say directly affected but indirectly for sure. I mean first of all. Bitcoin is kind of a d. Materialized natively digital asset like a lot of those companies that are very sort of capital light. That did very well. During the pandemic era said bitcoin also benefited from that in terms of physical infrastructure. But it's completely distributed doesn't really rely. It's not interfered with by the pandemic directly and then on a more direct basis. I would say the action of central banks to the crisis is probably the big phenomenon. That's fueling bitcoin here. We're seeing people like to say on. Precedent really unprecedented monetary action. Someone say the sort of degeneration of the current sort of monetary orthodoxy. M one that measure of money supply and the us is growing at forty percent. Annualized right now. So we're seeing the monetary aggregates skyrocket in more so than not because you know quantitative easing money issuance. It doesn't necessarily have an impact on cpr prices and the real economy but we are seeing calls for more direct stimulus directly into the economy. Which would presumably be more inflationary in nature. Which would make it into the real economy which was not the case with previous

Mania Bitcoin United States
Fed Up With Facebook and Twitter, Some Conservatives Turn to Parler

WSJ Tech News Briefing

06:34 min | 2 months ago

Fed Up With Facebook and Twitter, Some Conservatives Turn to Parler

"In recent months. In years we've seen mainstream social media. Companies like facebook and twitter. Step up their efforts to moderate content on their platforms in some prominent conservatives have said many of those measures unfairly target them and censor their viewpoints on the internet. They've increasingly responded by telling their followers to join them. On another social media platform it's called parlor and its billing itself. As a sort of libertarian. Alternative to twitter or puerto jeff horwitz has been looking into parlor and he joins me now to talk more about it. Jeff things being here certainly alright so for the folks who have been leaving book twitter. Can you just remind us what are their concerns with those platforms. Don't like content moderation very much or at least the way that the platforms are doing it. We should say and this kind of all boiled over the with the election the idea that the platforms would be one fact checking claims about voter fraud. That didn't really pan out but it'd be fact checking them at all and to be labeling the president's own speech and in some cases even restricting the spread of it really got people riled up and so many of them have been turning to parlor instead. It's sort of billing itself as this libertarian version of twitter but what exactly does parlor differently. That sort of appeals to these groups so the first thing it does is it does not moderate content except in very rare circumstances. The team does volunteers right now. So you know whether it even does it under. Those circumstances is kind of tb. Rules are no threatening to kill people and no committing illegal acts by means of the platform. Those two things are out aside from that. You wanna share nude sell fees by all means you want to use ethnic slurs. Go right ahead and this is intentional. Design the back of the hat form. It was launched with the expectation that there would be sort of this radical liberty approach and that even hateful speech would be tolerated and the thing that is sort of really different as well is that the platform doesn't push content at all so facebook and twitter and youtube. They all operate by recommending the best content when we think about things going viral it's usually because the platforms recognized that users responding in such a way that it was gonna meant the content was going to have great interest and then pushed it out to a whole bunch of people. This plant doesn't do that at all so you follow you. Follow you see their posts in reverse chronological order. And that's that so if the platform doesn't determine what people see what is doing that so on parlor. The interesting thing is that they've basically left all of this up to users. It is a user's responsibility to label sensitive about would be pornographic or extremely violent or hate-filled content if they post it and it is also used responsibility to use filters to determine whether they're going to see that so instead of trying to make sure that you know bad stuff doesn't go around the platform which is what the mainstream platforms tend to do what parlour is trying to do is making it so that you don't have to see it if you don't wish to and you giving users more control on that level so again it's just based on putting decisions that have typically been done on the platform level pushing it down to the user level and you mentioned the backers of parliament. Who's behind this. So rebecca mercer is the funder that got it off the ground. I mean everyone involved. Is i think has some very solid libertarian credentials executives with sort of ayn rand ian objectivism credentials or you know sort of bitcoin. Devotees rebecca mercer is the sign of robert mercer. Who is extremely wealthy hedge fund manager. Who has both funded. A whole bunch of very libertarian slash right meaning causes and also was involved with the cambridge analytica situation back in two thousand sixteen so he was funded dot company. Which was we all know. Got into a great deal of mass. Based on their somewhat dodgy business practices and as well obtaining of facebook data in ways that were blessed than orthodox. Got an end. Just how popular is this. Gambit of their how popular is parlor so parlour has gone from around four and a half million users before the election to well over ten men had been around for over two years at this point so they were really actually very slam trying to keep up with the traffic and it certainly didn't hurt that. You had some very high profile folks. Dan bongino the facebooks. Most popular radio hosts very right leaning. Talk show type actually. Owns a stake in the thing and has been pumping this on facebook as well based on the idea that people are irritated about facebook. Showdown groups and You know the stop. The steel effort that they sort of crackdown on and so it's kind of been on the platform itself. It's been getting pushed pretty hard. And that's been a big part of their growth. And i guess the question is does this platform present a competitive threat to the mainstream social media companies. Like could it actually compete with facebook and twitter too early to say. I think that there is a lot of skepticism. I mean people always say they don't want you know anyone else telling them what to thank telling them what to read or recommending content or censoring that they say that however the the history of the mainstream platforms basically was of people who had roughly those ideas themselves who were very much first amendment devotees even though they ran private platforms in the first amendment. Doesn't really apply in the full sense. They really wanted to keep it open for everybody and the problem is is that life gets in the way a and really vile stuff makes other users feel uncomfortable crimes get committed. There's kind of a reason why these platforms have cracked down over time. So i think it's sort of to be determined whether people who are leaving facebook and twitter because of their concerns that conservative viewpoints aren't going to be are being treated fairly are going to like being on a platform where like nude sell. Fees are totally cool. Are a wall street journal. Reporter jeff horowitz. Things reporting thank you.

Twitter Jeff Horwitz Rebecca Mercer Facebook Ian Objectivism Robert Mercer TB Jeff Dan Bongino Youtube Rand Cambridge Jeff Horowitz Wall Street Journal
Brodie Van Wagenen out as New York Mets general manager

10 10 WINS 24 Hour News

00:27 sec | 2 months ago

Brodie Van Wagenen out as New York Mets general manager

"Moments after a new Mets owner checked in some top level management checks out New York Mets general manager Brodie van wagon and a roster of top aides are out. Changes announced less than an hour after hedge fund manager Steve Cohen wrapped up team purchases. The team purchase pegged it 2.4 billion, also leaving special assistant to the GM. Omar Minaya, assistant general manager, is a large bar. Baird and Adam got Ridge along with executive director of Player Development Jared Banner

Mets Brodie Van Steve Cohen Omar Minaya GM Baird Adam Ridge Jared Banner
Steve Cohen completes $2.4 billion purchase of Mets

Michael Wallace and Steve Scott

00:22 sec | 2 months ago

Steve Cohen completes $2.4 billion purchase of Mets

"We'll lend a new era for the Mets is officially underway. One week after he was approved by Major League Baseball in the city signed off on the deal. Hedge fund billionaire Steve Cohen has closed on the deal. Cohen is now the new owner of the match. The purchase price, a record 2.475 billion. Cohen will have an introductory zoom press conference on

Mets Major League Baseball Steve Cohen Cohen
Steven Cohen Is Approved as Mets Owner After Clearing 2 More Hurdles

Bloomberg Daybreak Weekend

00:25 sec | 3 months ago

Steven Cohen Is Approved as Mets Owner After Clearing 2 More Hurdles

"Update Steve Cohen, officially the new owner of the New York Mets, Major League baseball team owners and New York City mayor, the Blasio approving the sale of the minutes to the hedge fund billionaire the vote complaints the $2.4 billion sale from the Wilpons to the 64 year old Cohen. All that stood in the way for the deal to become official was for Mayor de Blasio to sign off on the deal. The city field is on city property. Mayor approved the deal, saying he had no objections to

New York City Mayor De Blasio Steve Cohen New York Mets Major League Official
"hedge fund" Discussed on Monocle 24: The Bulletin with UBS

Monocle 24: The Bulletin with UBS

02:45 min | 3 months ago

"hedge fund" Discussed on Monocle 24: The Bulletin with UBS

"Hello and welcome to the bulletin with EDS Monaco twenty, four each week, the.

"hedge fund" Discussed on Thrivetime Show | Business School without the BS

Thrivetime Show | Business School without the BS

02:24 min | 4 months ago

"hedge fund" Discussed on Thrivetime Show | Business School without the BS

"But yet I understand that you grew up with a low self worth and again if I if I'm if I'm saying is not true about a guest I'm just GonNa pre boo myself. I don't because he never. Put. Say That on somebody everyone said that somebody grew up with low self worth and then be wrong about it but correct would you tell would you agree with that description that you kind of grew up with a some low self worth yeah you're you're yeah it's out of context it sounds worse than it is Could you build yourself? I was ready. Well what I was explaining what I explained people was that a lot of people they try to achieve financial independence. They confuse self-worth with Networth got and what I learned in the process site, cheap an independence at a young age, and yet I was still the same miserable person looking back at me in the mirror, and that's when I had to go on a personal development journey and understand what you know what really brings fulfillment. That's one of the unique things about my teachings is how combines fulfillment with financial independence? It's not just about the money 'cause usually. Don't try to cheapen financial minutes because they want more money. Nobody really wants more money. What they think is what they want is what they think money will buy them. and. So that's that sounds like a nuance difference. It's actually a profound difference and so I found that most people pursue financial independence are often acting out from low self worth. and so we try to overcome that right from the get-go said is h either financial goals. They also achieve their fulfillment goals. At, the age of thirty five I believe that's when you were quote unquote retired on. Do you have any Can you share with us how you are able to achieve financial success so quickly? Yeah, it was it hard for my situation. So I was one of the early pioneers in the Hedge Fund Industry. So I developed a successful business and had a very lucrative income and yet I maintain kind of a college kid lifestyle I never really expanded my lifestyle the things I enjoy our outdoor recreation books, things like that. They still cost a lot of money I've never been a very lavish spinner. I'm not cheap either I live in a nice home in a nice neighborhood during middle class lifestyle but I never really jumped the lifestyle and so the spread between my rapidly growing income, very high income and my. Lifestyle credited large savings rate, and so the math on retirement plans very clear the early stages.

Networth Hedge Fund Industry
"hedge fund" Discussed on Epicenter

Epicenter

03:07 min | 6 months ago

"hedge fund" Discussed on Epicenter

"And, but but both those to hedge funds. They actually do have a lot of. They do have. A lot of data and they maybe maybe you. Yes, I'm just saying you can. Actually it's still possible that with just to hedge funds. If they had more data, more modeling, power, and other things like that, you can have more efficient pricing in the in the market than if you had. Ten thousand. So? I think that's undisputed. Like it's possible that ten thousand or actually only doing only just incurring trading costs and don't really have Alpha and actually by the way I should say I think hedge funds Psyche, but the hedge fund industry isn't good for society in its current state, so, but it could be if we had fewer hedge fronts, and if we were more efficient about how did the whole whole thing? So, yeah, in the limiting case, let's say when it gets to just to hedge funds left I still think we can have a very efficient world, and then if you just stop thinking about then you go to the laws Hedge Fund, you'd have to stop thinking about numerous as being a hedge fund. That's trying to compete. But really just think about nearby as the stock market, so the sub elements of numerous off the models they are now the hedge funds they're. They're the models, and they're bringing data, but numerous is more just like infrastructure, and we're just like making the traits happen sending all the money to companies. You need it the most. shorting, we'll about companies and we're just like. The the new stock market. Yeah! I think it's been super fascinating I. Think no one can say. You're not ambitious, so tell us. What's happening in the next year for numerous? Singles big thing I'm very excited about it. It's it's very key to numerous nearly the best thing you can say the best argument against numerous is. Is What if the modeling part of Hedge Funds isn't that important? And you get really good at modeling you get this amazing community and the modeling part is the magic. The magic is having data that no one else has and so I think numerous signals is the onset of acts. It's like we're GONNA. Have the best intelligence and we're going to have an open. Platform for anyone to submit new data to, and it's going to be trustable because at stake, so that is sort of phase. Two of the of the master plan that I described many years ago. Number one monopolize intelligence number to monopolize data number three monopolize money number four decentralized the monopoly. That's it simple. So step plan to automation. Exactly, thank you. This has been a very illuminating interview. Thank you for coming on rigid. Thank you guys incredibly good questions. Thank you, thank you..

laws Hedge Fund
"hedge fund" Discussed on Masters in Business

Masters in Business

13:17 min | 1 year ago

"hedge fund" Discussed on Masters in Business

"Your risk parameters are very different and if if if V if I'm running net fifty percent long okay that means that Fifty percent is correlates to the asserts that meet and also fifty percents Beta and fifty percents outlets. So if I'm up fifteen and the S&P is up fifteen percent only seven and a half half percent is alpha yet. I'm charging too and twenty and twenty percent is on both Alpha and Beta so Fifteen so twenty percent of fifteen percent is three percent three plus two is five. I'm charging five percent on a Um Five percent divided by seven and a half percent. Just follow me with the math. Athen you know Your listeners can Rigging Kibo they can kind of work this out for themselves. Samatha Ethic Group. It's a mouthy group that means two thirds of the Alpha by that equation is going to me the hedge manager and one third to the LP's. That's not a winning goats Tristan. Then you have hedge funds like the multi managers where it's all Alpha everything. They generate his alpha. It's correllated it's low volatility pretty. That's why an end so that's totally defensible. Business model and jumping onto another subject the startup environment while so few funds can scale and we have so we have more closures than startups. These days. The exception to that rule our funds that splinter off from the successful accessible multi managers. That's why we saw exodus point. Have the biggest launch and Hedge Fund history last year at eight billion. That's why this year you see would line and candlestick To Citadel spinouts launched with anywhere somewhere between one and three billion candlestick I was between one and two and will be an end would line is between two and three. These are exceptions that prove the rule and also shine a light on the efficiency of this of the Hedge Fund universe you have hedge funds that are struggling to come up with the fee structure that can address the lack of value creation. And then you have funds like element that are charging two and forty again again. It's a it's it's efficiency are less I met you discussed all sorts of really fascinating things. I wanted to circle back to in particular about the shifts and where institutions are putting their money and the fee structure. So so let's start with with the fees one of the things I've I've seen that's been kind of interesting and you explained earlier. Why institutions hate to pay Alpha prices for Beta? Is the rise survey so-called fulcrum fee where there's a very modest fee on assets and the actual profit sharing fee the the typical two and twenty part of the fee is not on with the S. and P. provides but only on the excess performance so it might be instead of the two and twenty twenty five basis points and thirty. What what do you think of those sorts of fee structures that they have any longevity? I think that that we need to We need to move to a model which is closer for if you're if funds are going to charge what they charge whatever whiches ages sizeable We need to move to a structure where LP's are paying for Alpha. That's the bottom line so whether it is they lower their fees or the just charge on Alpha that has to be where the industry is going it. Or and or here's another thought there are hedge funds comes with which Really and this is true of a of a lot of the single manager long short equity cubs longshore equity funds whether tiger cubs or related needed. Some of these guys are really vast at generating long alpha. They're really not that good on the short side and if you look closely at the composition of their return earn the shorts are actually volatility enhancers and Alpha detractors. But they have to short because they're hedge funds right. They can't charge to in twenty without out with just having a long only model and it's very hard to short when the market has at least for the first half of this bull market just rampage straight up from Oh nine to twenty twenty foot scored if it's not there it's not. It's not what they do best there are and they're also not set up To do it as well will as the multi managers that have much broader and deeper resources to help these guys be successful With with respect to with respect to managing factor volatility and coming up with single name Alpha shorts so the best thing the these more concentrated directional channel managers could do would be to say okay. I'm best generating long Alpha therefore let me set myself up in away where I maybe it. They create an alternative long. Only where I think this is the way of. This is how a lot of these funds are going to go I mean recently saw in the last year Sore Ban Eve really converted most of assets to long only and so the idea being If I'm best degenerating long Alpha and not that good at managing short-term volatility and coming up with with alpha with Alpha shorts Elvis Alpha generating single named shorts. But I need to three or four years to let my thesis Lisa play out. Then you know what you know. Maybe you just charge on Alpha at the end of that time period and so that's a very and it's a totally different structure. But that's the the point you need to figure out what your best at it's so hard now to generate consistent Alpha. And you need to figure out what Structure sure is going to enable you to be competitive and that may mean locking up capital for a longer period of time and charging less or just charging on Alpha but the idea idea that one size fits all when it comes to fees no matter what you're investing style is or how much Beta you employ is ridiculous. You know the guy charging to the it's the same fee structure for the guy running net thirty running net sixty so I think there should be a hurdle With respect to how much is Alpha Beta. You mentioned how many Hedge Fund closings that were in two thousand eighteen typically when a fun shuts down does that money. Johnny leave the space or does it just rotate to a different hedge fund At least from an institutional perspective well given the trend line I shared shared with you earlier which is we have now sixty billion of net outflows to the industry. That's that's net outflows I think money is actually leaving the industry. That's where I think things are going and so it could go to another fun but the problem is there are so few good options were it doesn't want to go to another fund that has had the same meh eh or crappy performance. A lot of the better funds candidly are closed right. That's the truth. Yeah Sean So. And that's why you see when when when guise splinter off from the funds that are closed and LP's are salivating for access to the they're the ones that scale overnight and they're only so many of those so that's why I think we're seen the The aggregate amount of net outflows and also the trend line with the thing on the trend. Line is the only other year in Hedge Fund history where we had four consecutive quarters of net outflows. Was Two thousand eight to two thousand nine. That's a meazza probably Q.. One twenty and nineteen the the only other time in Hedge Fund history. We saw four consecutive quarters and that was an and Q.. One two thousand nineteen this year we had fifteen billion of net outflows. We're now at sixty something so I guarantee you we're now in our sixth quarter net outflows. That is first time ever in Hedge Fund history. That's amazing so the FA- I don't want to call it the flavor of the month with it's a little too Glib but it's clear that private equity is the shiny new thing. Lots of money seems to be flowing in that direction is that who is the beneficiary of the outflows from hedge funds. As if you're an institution and you know you're expected returns for equity is going to be five or six percent and bonds yielding less than two percent and alternatives are promising eight nine ten percent do these outflows outflows. End Up going to private equity. They do but interestingly and and it's true that in the last four or five years while hedge funds have suffered it because their returns have come down and for most of them fees have had to readjust or in the process of readjusting. Private equity was was had the hot hand because rates were low and And it was you know it was easier to to buy companies I think that but it's but you know I think what we're seeing now is the murder merging of Public and private UC private equity firms. Trying to get into the public markets gets you see Hedge funds developing their private Investing expertise and so. I think each one is trying to capitalize relies upon the others revenue stream. That's quite interesting One of the things I I read about you that I thought was pretty amusing. There was a event a gala that you helped put together earlier this year and one of the CO producers of the gala was Steve Cohen of Now point seventy seventy two and he discussed what a challenge. It's been for so many hedge funds and basically said no one's winning the Hedge Fund game. There's this this. Recruitment process where people go from one fund to another to another. And the only one who wins is you he kinda dragged. You know No just to be clear. The gala was in honor of me. I was so we Was a little bit of roasting roasting. I think I hope I think it was. He was introducing loosing me. I was the honore so I think it was mentioned as good nature and okay. It's also because when you read it. It's like wow Steve Cohen's really drinking but it's nothing like it was seen that way. I think his point was there is a war for talent. Because there's so little of it right there only myself. They're only so many people I put in that I bubble of best in class class that is true And you see it with the returns of funds or so only so many funds that are performing in only so many people within those funds tails. Don't lie doesn't lie. That's what I love about this industry. It's real time it's marked market. You know where you stand at all times but You know the so and we so that is true. It's there's an intense competition to attract the best. It is also true. We tend to be in the mix of it but the the other thing that's true is much as there are only so many good people there also so they're only so many places those people are going going to be attracted to and Steve runs a great shop point. Seventy two is one of them Other places like Sid El Millennium Davidson Kempner golden old intrigue. The there are there are there are places that had built something unique and are going to be able to do something special to attract talent Alan and make them more successful because of the very fact that they are on those at those funds or on those platforms and that's what creates a symbiotic relationship relationship between talent and the best places that exist in myself at the end of the day. We idea w has been very deliberate about who we choose to work with. I mean not gonNA name names but there are plenty in terms of the ones we choose not to but because we need it is is is good as I'd like to think we are at the end of the day. The people we are dealing with on the talent side. They are very sophisticated. They are very smart and and and they're not gonNA go somebody someplace. That isn't a market step up from where they are today with a pathway. That is unique. AAC and Enor- would I feel good about trying to convince them to do that. So I have tremendous conviction around the the I've to have tremendous conviction around the what around our clients and what they've built and what they can provide for talent and And so again I think it was a joke but at the end of the day. They're only so many places that also talent really wants to go. Can you stick around a bit. I have so many more questions breath. We have been speaking with a lot of Weinstein. She is the founder and CEO of the W. Group A leading boutique for Hedge Funds Family family offices in private equity searching out top talent..

Alpha Hedge Fund Hedge Funds Family LP Steve Cohen Rigging Kibo Samatha Ethic Group Sid El Millennium Davidson Kem Lisa Enor murder Weinstein Johnny Sean honore Alan
"hedge fund" Discussed on Masters in Business

Masters in Business

11:15 min | 1 year ago

"hedge fund" Discussed on Masters in Business

"He asked me how much work we done. Em and. I told him we had done a fair bit out of work. This is going back a few years. But because it's a cyclical strategy not for a while So there what we did is we threw a laso over the universe verse sort of as we knew it from when we last left off and when that strategy was last in vogue and and it was pretty sizable universe but and and this was a global search as well right because it's a head of emerging markets. It's the person could sit here. Could sit in London and we just dive in and we build a tapestry of who the best people are which is both by meeting people that we already know to be good but even if we have no idea the reality is were doing so much work in other areas areas whether it's credit rates macro. And if we're doing work multi strat and we have the credit candidates it's the Equities candidates play. They will also have perspective on who is good in the m right whether it's at their firm or they may or they may know someone that they respected another firm and the common theme is these are people. We're reaching out to people who have who who view is best in class and Talented people tend to recommend other talented people so we we very quickly form a picture of who the best people are and the other thing. Barry is just good old fashioned hard work when we do a search any search were typically going through maybe two three hundred people even though I know Oh the answer is within ten to fifteen of those we just WanNa make sure. We're leaving no stone unturned and also building our own depth and breadth of knowledge. So when you you make a final recommendation to affirm I imagine this varies from firm to firms do some firms say fine me the guy and I'll hire them or do firm say you give me your best on a three choices and will interview them. How what's the range like? It's really it's usually iterative because again there there is. There's a best three choices in its basis form which is people who are Who can generate? who were the people who can generate consistent assistant? PNL over time That meet with with our With that meet with our investing our investment parameters but you're you're version of who the those best three people are maybe different than someone else's part of it is cultural fair was my next question is just how flexible. He was a founder or going to be with respect to giving them. You may say you're going to give them a fair degree of you know a lot of autonomy but they may need more than what you're willing to give them they and then they were just nuances. They may you may say you're open to somebody who runs in a in a manner that's quite concentrated. Traded in volatile with their version of concentration volatility may be too much for you so there's a lot of nuances where we you and I need to hitter. H On truly who the best quote three are and the way we work is. I'M NOT GONNA WE'RE NOT GONNA throw fifty. We're going to do the work of meeting all the people but we're GonNa have you me. Let's call it fifteen to twenty that many and they want well because we're talking about really good people and they're gonNA learn something they're going to learn how other funds are set up. They're going to learn how other How they're gonNA get ideas from these people right? There may be Let's say it's a long short equity search. There may be things that the that the candidates Saran that are actually helpful for the founder to know about so if I told you that search is a portal to meeting the top fifteen twenty people in your universe you you would take every one of those meetings. That's good use of your time. This isn't just. I need a guy to do this now. This is a whole big holistic process. That's it's a really a two-way street with a lot of exchange of information that is the only way we work. And it's an and I will tell you we're doing a search right. Now where the founder candid with me. He may not even end up hiring someone he just sees An opportunity that he may may being the operative word want to capitalize relies upon and wants to meet the smartest people who do this out there. And then let's rate on what makes sense so that's not that different than BCG. Where I had to sort would've help a CEO draw conclusion whether to enter a market? And the way we went about that was through competitive benchmarking and speaking to other really smart people who sat in competitive companies. He's and would help us to help him figure it out. So here's the obvious business. Question Typically head hunting and recruitment firms get paid when the higher is placed. If someone says hey I may or may not hire this person but do all this work. Do you have to set up a different sort of lean. We are retained retain firm. We don't do any work without Gotcha without it's very different structure than the old school now. We we are at the risk of being totally immodest modest. I will tell you for variety of reasons. I don't think we look like anybody else. The most prominent one of which is Are the the level we work on at and the access to the people that we have. So it's yes there are discrete roles that founders need need to fill yes. We are hired to complete those searches but they tend to be really important searches. That will move the needle for the further fund and if fits a fund. That's let's call it somewhere between ten and forty billion that's a really important percent sure And and and it's not about who's looking for the job it's not about You know who's available. It's that's not how we come things if you think of a ven diagram one bubble bubble being best in class and there are very few people in any asset class. I'd put into that bubble that a really that good again. There's all the work. We do to make sure relieving no stone unturned but I really have a firm view on who is best in class. My firm does before we start any sort why we sort of know the answer but we just want it. We do all the work to make sure we're not missing anybody. The second bubble is people who are disenfranchised miserable looking for jobs if there's an overlap and these days for a variety Friday of reasons we can get into there's probably more overlap than ever before. That's a happy coincidence. It makes our job a little bit easier. All we care about all we care about is that I bubble bubble and really talented people who are who have accomplish something special it this would not be a new an unusual profile candidate somebody who oversees five billion dollars where they said today has had triple digit. PNL every year here for the last specifically triple digits. Yeah it's not even double digit unannounced triple-digit Roster candidate. Yeah and this isn't an outlier. This is like this every day what we do so five billion triple digit pin L.. And the last four years have been really really difficult. So that's quite an accomplishment right much much tougher environmental we can talk about and I and compensation for him is typically been between twenty and thirty eight year. He's not looking for a job and he's at a great firm by the way which is not at all facing the issues other firms are facing. He's coming talk to me and my team because he wants to understand given what we do given all the smart people we meet and the clients we have everything we see across the entire hedge-fund landscape am I. What do you think about the structure of where I'm sitting What is what else else exists out there? here's what I built. Do I take my bag of tricks and do something different. And then what does different look like. What should compensation look like for for me? It's it's it's. It's an advisory meeting and in that it is our job to understand everything about his firm before he walks in in which we know. Why do we know because we've met plenty of other people at that firm constantly and And also understand what all his other options look likes. We have have to have deep intelligence on all the other funds that he could theoretically think about and then have a point of view on which of our clients could make sense and there are times there. There isn't although it's rare there isn't something else because our clients tend to be very innovative and creative to attract some like that. There were times he should stay exactly where he's at but more often than not we can set something up that is structurally superior to where he is even at that level. That's a very different dynamic than somebody who the needs a job quite fascinating. Let's let's jump into something you alluded to earlier. The past decade has not been especially especially kind to most hedge funds. A lot of them have been struggling. First Question from your unique vantage point. Why is that and second and what can they do to turn things around okay so I don't know that it's been the past decade? I think it's more from twenty fifteen on. Okay okay so we could. That's a whole longer longer. Just we can talk. But it's certainly been tough it's been it's been a very very retie environment but I but let's talk about what's gone on and event to timing so and let's juxtapose it to when I I started which we talked about earlier which was two thousand and three. That's when I started my firm Five hundred billion of assets under management three thousand hedge funds as you said Berry. Now there's eleven thousand hedge funds and three and a half trillion Mussa. They you out. A lot of that growth actually came post crisis at the time of the two thousand eight was one point. Four trillion now is three and a half. That's a lot of growth is organic growth of assets or is that just capital flowing capital flowing in literally especially post crisis right. That's when you saw the shift right and that's also you know you mentioned earlier Redo which we do Work to find investment talent for The Hedge Fund Industry. But we also do work to find and this is when this started charted was was in two thousand and eight. We have a Very meaty practice looking at non-investment talent across cross functions like president. COO Head of marketing Meaning the Non Invests yes administrative side operate. Yeah but but senior senior But what would what really drove. That was post crisis. You saw all the the the shift from funds and high net worth L. keys to institutional channel LP's because they realized that had they invested in a hedge fund they would have done much better than buying the market right. Most hedge funds were down how they were down but they were down in half as much as the estimate..

London The Hedge Fund Industry Barry BCG Saran LP Berry
"hedge fund" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

10:43 min | 1 year ago

"hedge fund" Discussed on Adventures in Finance: A Real Vision Podcast

"Whitney tells you might know him. As a hedge fund manager with case capital management he founded ended that Fandi grew it from what he describes as bedroom grew it to a major player and then it it all it all went away and he tells the whole story of the incredible rise and fall of his hedge fund in this conversation with real visions and Harrison Whitney also talks about some current market situations that he finds interesting talks about fanning Freddy at length and he talks about Amazon. He Sees Amazon as a value doc and he sees we work as maybe not so much so they talk about his credit talk about some specific situations and they talk a bit about the research that Whitney he is doing now with empire financial research so this interview was recorded on September ninth release to subscribers on September thirteenth and you get to hear the whole version right here on your podcast feed so please enjoy this conversation between Ed Harrison and Whitney. Tell him it when he tilson. It's a pleasure to talk to you. We're GONNA talk a lot about value investing some of the ideas that you have what you're doing currently with empire financial research but within the first question that pops to me when I look at your resume is that your parents were teachers. How is it that you got so involved in investing yeah well. It didn't come naturally. That's for sure my parents their entire lives. I never owned a stock so it wasn't like investing or business was ever talked about around the dinner table. I grew up in developing countries. Tanzania Nicaragua must childhood my interest in business developed when I was an undergraduate at Harvard got involved with Harvard student agencies and and I remember probably my sophomore year as an Undergrad somehow through some friend went sat in on a Harvard business school class and I just loved the case study method and I still remember the the case and what the insights were and I knew right then that I want to go to Harvard business school and that was my mission from that point forward so I did. A bunch of entrepreneurial stuff ofo coming out of college was employee number two helping Wendy Kopp start teach for America then did a fairly traditional two year associate program at Boston Austin Consultant Group and was lucky enough knock on wood to get into Harvard business school the only school I applied to if I hadn't gotten in I would have waited and apply to some other schools later but got in off. I went but up until that point all the way through Harvard business. School had no interest in investing I used to I remember are we used to get the. I was very interested in business. When the Wall Street Journal came I'd read it except I take the c section the money and investing section I threw it in the trash. Never even read so you know my only exposure really to investing was through my college. Buddy Bill Ackman who was very interested in investing at a young age and and I still remember bumping into him on campus back on Black October nineteen eighty-seven and he was white as a ghost and I said bill what's the matter and he said did you see what happened in the stock market and I said No. He's like well. It just had its worst day since the great depression or something and you know my family just lost millions of dollars and that was thinking thinking I saw Gee. I wish I had millions of dollars but so Warren Buffett came to speak at Harvard Business School when I was there and I didn't even hear him right incredible opportunity because I didn't even know who he was so it wasn't until the mid nineties I graduated in Nineteen Ninety-four so call it ninety six. I'd say okay I got interested in investing for a very simple reason. I had ten thousand dollars in my bank account. it was the first time in my life. I ever had any savings. I had college debt. Then I had business school debt. I had gotten married back in ninety three. My wife was working as a lawyer. We're living in her grandparents apartment. So we had a low cost of living. Both of US had incomes uh-huh. I was working in the nonprofit sector at the time so I didn't have much of an income but between the two of us you know we finally had some savings paid off. Our debt had a little had ten thousand dollars since so I called up bill. I said well you know what should I do with it. I want to invest this money and keep in mind the nineteen ninety-six or so you're now fourteen years into this big bull market. Everybody's talking about stocks the Internet starting to you know the early germs of the Internet are sprouting so Bill Hill said all you gotta. Do I still remember exact words. He said all you have to do is read everything. Warren Buffett's ever written go back and read all his annual shareholders letters and you can stop there. You don't need to read anything else. That's when I discovered buffet read his shareholder letters and that led me to a couple of years later start going to the Berkshire meetings. I read Roger Lowenstein Book Buff at the making of American capitalist or the first major biography of him than that led me to the the intelligent investor to Peter Lynch's books. you know beating the street in one up on on the street seth. Carmen's original book Etcetera Cetera etc led me into the literature and I just got more and more into it and started buying a few stocks here and there and at the time you know I'm embarrassed that I was sort of speculating in penny stock right you know hot tip somebody had given me but fortunately at least fairly quickly started gravitating toward higher quality businesses and buffets influence and bill ackman's influence started to steer me into higher quality businesses and I did that for a couple of years started managing you know at this point. Maybe my wife and I had saved one hundred thousand dollars so I started. I put that money in an e trade account started buying the gap Dell Microsoft. AOL was my big score. went up six times in a year in the late nineties and I quickly came to believe that I was God's gift to investing because every stock I picked went up. I now look back. Ah can realize I really wasn't doing much. Fundamental research didn't have any particular insights. I was just sort of buying what's hot and it was a stock market. It not too dissimilar to what we've seen over the past ten years where you know you just sort of bought some popular blue chip stocks and they just went up every year and you look like a genius right so it was at that point bill was probably four or five years into his first hedge fund called. Gotham partners he he had grown up from three million inception to five hundred million dollars under management he was hot and I figured well. I'm a smart as Bill and if my friend can bill and I are very close friends but we're we're both super competitive so you know sort of in late. Nineteen Ninety Eight my nonprofit job after five years working with Michael Porter at Harvard Business School is something I had started coming out of. HP was winding down. I said you know what I do. A bill did a few years earlier and just hang out. My shingle is the world's smallest touch fund and so six weeks later it was mid. November one thousand nine hundred eighty eight. I made that rash decision. I've been telling every young person ever since don't try and do what I which is rush out and start a fund out of your bedroom with a million dollars under management with absolutely no experience either on the business side of running and building an investment management business or really on the investing side. I was sort of a late nineties bull market genius but that's how it came to be. I opened my doors as the world's smallest hedge fund on January first of nineteen ninety nine with a million dollars from my parents my in laws bill through a little bit of money as dad threw in a little bit of money plus my own on money that got me to about a million dollars when I started but you say that you didn't have a lot of acumen but you hit a lot of home runs. I mean subsequently over the next two decades. You did very well yes well. I split it sort of into two periods the first dozen years or so. I really did knock the cover off the ball. is a great time for investing and to some extent. I was smart and lucky and but but a lot of hustle led to the luck saying yeah the harder I work the luckier I get so as an example only a year after I started were now in early the spring of two thousand a year after I launched I was up to about four million dollars and I heard that investing legend Joe Greene Blatt who I'd read his book. You can be a stock market genius again one of those classic early value investing books. He was teaching a class up at Columbia business school so I found out when the first class was and in what classroom and I just showed up and I sort of looked like a student. I was only five years out of business school myself so I sat in the back of the classroom and he didn't notice me or anything thing and I learned for a couple hours. He was teaching that day and then I went up to him after class and I introduced myself and confess that I wasn't a student but that was a big fan of his. I'd read his book. I'm watching Little Hedge Fund. Would he mind if I sat in on the rest of the semester and he got a very uncomfortable look on and his face because he's against Columbia business school policy to let just random. We'll come sit in on their classes and he said I'm. I'm not supposed to do this but if you promise to keep quiet like you can't participate in any of the discussions like a regular student but if you just want sit there and keep quiet I'll look the other way and so I did and that was an incredible investing education because this was the absolute very peak of the Internet bubble was March tenth of two thousand and I was taking this class that week and he was preaching the Gospel of special situations and and it's it's hard for young people today who I didn't live through it to understand anything. That wasn't nifty. Fifty Internet related then was incredibly cheap. Good industrial businesses this trading at three or four times earnings. Berkshire hathaway had gotten had fallen from seventy thousand a share down to just over forty thousand dollars a share which was sort sort of cash and investment so you got a much younger Buffett and munger seventy-five operating businesses for free.

Harvard business school Bill Ackman Warren Buffett Harrison Whitney Bill Hill Harvard Little Hedge Fund Columbia business school fund manager Amazon Harvard student agencies Bill Wall Street Journal tilson Wendy Kopp Berkshire hathaway Roger Lowenstein US
"hedge fund" Discussed on Animal Spirits Podcast

Animal Spirits Podcast

02:33 min | 1 year ago

"hedge fund" Discussed on Animal Spirits Podcast

"Some of the many of the names in the portfolio today are above average beta quite a bit of the portfolios exposure is in technology stocks consumer stocks. There's there's definitely a momentum tilt to it today. So there's certainly element abated that script in we have clients come to us well if students or recent college grads. We'll have folks that are planning on making a a big down payment on the home who say i want to be more conservative. We're ten years endurable market. I'm not sure if i want to be taking much market risk at this point but i also love the philosophy of titan and i want to be invested so for those clients with a conservative risk profile. They'll have a higher hedge which is effectively means more every thousand dollars. They invest will be invested in that universe and p._d._f. And so if you look at that conservative risk profile that client will have a lower beta which obviously means they're going to be on the long-term sacrificing some of the upside but they're okay with it because is what they do is mitigate some of the downsides how do you how do you explain this to people are opening an account very simple. We say we're built like a hedge fund and what that means is. There's a concentrated portfolio of what what we the funds. We follow believed to be high quality compounders for the long term but based on your personal risk tolerance. We're going to hedge some of the market risk for you and so it's a very civil appro value prop. The hedge built like a hedge fund for the masses is i think what people internalized for quickly and then you know it's an extremely simple process but to be clear we want to make sure people understand and this is not a security to trade. This is not admitting meaning. We believe a significant portion of the underperformance by the retail investor historically early and i think data from companies like dalbar will show is due to behavioral psychology. I think the average investor on a performance by something like three or four hundred basis points due to trading in in out the wrong times and so have to mention that that that study has come under assault but as we all agree that people tend to do the wrong thing i i think it's hard to hard to dispute the fact that investors often trip over themselves guilty as well. That was the that was probably the first i ten years of my career myself and so it's important to understand what you're investing in. I think it's equally as important as what you're seeing is understand the reasons why so let's talk talk about that in terms of your research. Do you do videos on the app. You do after earnings reports. Are you expecting that people are going to take your research and traded outside of titan so in terms of the research strategy we basically built in house research operation that functions essentially like a team of a fleet of analysts would hedge fund one. I know this because i used to work at those funds and so that means everything from quarterly letters to our apiece much harvey retail.

harvey retail dalbar assault ten years thousand dollars
"hedge fund" Discussed on Animal Spirits Podcast

Animal Spirits Podcast

02:05 min | 1 year ago

"hedge fund" Discussed on Animal Spirits Podcast

"Was there something in your hedge fund background that made you want to build. Something like this like. I've kind of railed on this for a few years is now the fact that hedge funds have illiquid fund structure in the fees are very high so the hurdle rates pretty high <hes> a lot of times. You don't know exactly what's going on in the portfolio voglio. I mean we'll just stuff like that that you saw there. Maybe is a better way to do. This was that part of the motivation here. Absolutely a huge part of the motivation was the second component on any of their value prop. Which is let's help. People be better investors than they have before an importantly. Let's build a research operation that is completely personalized to what they're investing. In the most frustrating things having been on the buy side was there's all these legal compliance restrictions to basically hedge the managers lack of willingness or lack of ability to explain his aggies and while it was whether it was selling perceived in complexity when they're just going along. This basket of thirteen funds thirteen stocks. They're buddies these. Are you know there's a number of different reasons for it but the bottom line was manager is would often not communicate without piece actually worked at simone funds so i worked at a fund called fairlon before that i i worked in a phone call cerberus. I had a ton of respect for those funds but it was the relationships that other funds that i saw where they were not communicate with l._p.'s except for maybe if they swung by the office they were they if they were in the area or quarterly letter and they relied on things like three five year lockups all these kind of gates to basically say this is how we're going to retain clients i i said i want to go build and operation where we can build the most transparent we believe high quality investment products but also we have no lockups we have have can get money in and out titan within two business days and so we purposely designed it so that we had to put a high bar ourselves to basically inform clients and so our retention is only correlated with our ability to effectively explain to our clients what investing and why and so that's the bet we're making longer-term. Where does this fit in the financial services the universe are you do you see yourself as competing with betterment of wealth front and traditional robo advisors.

l._p. three five year
"hedge fund" Discussed on Capital Allocators

Capital Allocators

04:23 min | 2 years ago

"hedge fund" Discussed on Capital Allocators

"And it was going to take a lot longer. Now. You're three years later. What started to click? It just was sort of one off to be honest. You. To be grateful for and take pride in very very small win. So it's hey XYZ. Great entrepreneur, great, investor or good person likes and trusts you enough to give you a small amount because they believe in you. And that's a huge win. You're not gonna get really paid on it or not gonna change anything. But that I promise you if you keep working with those people, you're amazed at how then they'll tell another person, and we're starting calls now being like, okay. What's the next thing? You're working on inbounds. Like, we wanna do more with you. And it's it's all incremental the, you know, talking in the door with a normal nine vicar checks, but it's just these little things that start to build on each other. And it's natural to have doubt initially of. Okay. This person said no or they gave us a token amount of money that maybe they're just being nice because they don't want to offend me. But once you start to change that perception from UK, maybe they're just being nice to oh, they act. Kinda like what we do and you build that relationship. Everything just takes it takes years and those things are finally starting to happen. And that's been. It's been really cool. When I was at a big farm, I managed huge amounts of money for very very large investors. Now, I manage a little teeny bit of money. But for just like, I can't even believe how nice and cool, and I can pick up the phone if we ever need anything to any of our LP's, and they're there for me and the reverse is true. They don't pick up the phone in like Haiwaii down three percent this month. They all get it. And I couldn't be happier with where we are even though where a long way from where we could theoretically be. But again, if you're happy if you have good partners, and you're doing what you love that's success to me, and we've gotten lucky and just continue to sort of try to build on that you mentioned some of these inbounds about, hey, can you can do that you started with a flagship hedge fund. How did you start considering? Oh, should we incorporate along only? Fund should be incorporated a series of SP vis and what have you done? Another thing. We've tried to be cognizant of is do people believe in the efficacy of our process, but not necessarily the mouse trap that it's being fit into. I don't have any. Hubris or belief around that if we can be solutions provider to folks who fall under the following category. Good people believe in what we do willing to be oriented. We will think about doing a solution that makes sense for them. I think if I had my druthers we would on one fund, but particularly as were smaller, one of the things I wanted to make sure of is if different people had different views on volatility or duration that we could possibly look at these other products to nor to satisfy a customer water need without imposing anyone's particular view on our main fund, and so we've thought about partnering folks on different products. We're not there yet tone as you look out over the next year. What's your next most pressing goal for the business to continue to find good investments? I wanna spend as much time as I can really focusing on. Finding the two four good ideas year. And I wish I could find one tomorrow and we've gotten a couple of great opportunities in the volatility of October. And we're gonna spend two thousand nineteen really focused on factual outcomes in our current portfolio, and hopefully finding a couple of good ideas. All right, let's turn to some closing questions. What is your favorite hobby or activity outside of work and family? The only thing I do. These days is play golf outside of work and family, and that's my happy spot to be on a golf course. All right. How's the golf game? They stace pretty mediocre. The lake are investing strategy volatile. Sometimes really good and sometimes pretty bad. So the overalls still have decent. All right. What's your biggest pet? Peeve arrogance. I mean, it's just a tough one. It happens a lot in her business..

golf UK Haiwaii three percent three years
"hedge fund" Discussed on FT News

FT News

01:39 min | 3 years ago

"hedge fund" Discussed on FT News

"Joining us i just wanted to sue many people this approach by this small relatively unheard of swiss hedge fund was commands the blue you will the biggest children critics we still using it has any merit well i don't really think there's a lot of merit theoretically it seems to make firm foul unscrewed when you get the details and when you look at the complexity of the businesses underneath the credits weeks umbrella multiple jurisdictions multiple regulators and the interdependence on some of the various divisions with one another from a practical perspective it would be very difficult and i think secondly the new first boston corp which would be the new name of the investment bank the assumption is that it would have the theme valuation africa goldman sachs morgan stanley and i just don't believe that to be the case very different and morgan stanley goldman sachs longestablished indepenent house it would be quite a stretch to think that the spinoff could be adequately try to compete headtohead nestor me but i think there's no way that the spinoff first boston would be able to be equivalent fever morgan goldman yeah this clearly quantum leaps of face in terms the valuation what about the idea of a split up per se because this dubs he talk in this hedge fund proposal of a conglomerate dis synergies does that s ring truly tools you.

boston corp investment bank goldman sachs morgan goldman morgan stanley goldman sachs boston
"hedge fund" Discussed on Let's Talk Bitcoin!

Let's Talk Bitcoin!

01:54 min | 3 years ago

"hedge fund" Discussed on Let's Talk Bitcoin!

"Yeah exactly and we've seen we're seeing things like this now like this the fence the sort of hedge fund crypto hedge fund i will just a fund that guess on that bought a bunch of numerous analysts slack from from our users on like otc trades before it even existed on and as a while they doing this they just speculating on the price and it was actually that they they wanted to use it in the seeking competition they wanted to basically higher data scientists to work with them and they would be like kind of lending them lima rare for them to stake um if they didn't have enough but the had a good model andtheyso it's very interesting to see these kinds of things and i heard other people say since launch of numerous they've quit their jobs and now they can actually do need marai fulltime um and they're working with near maybe speculators who have a bunch you can't use x because it's kind of useless to them because they can't stake um and then they work together and the swamp it in by it and so it's very it's very interesting cnni think it's yes anita the ginning amina just being growth for two weeks and you have these outcomes already it's amazing an against what what sort of is interesting here right because you guys are switching to paying out in in eater so you know i see an end since numair is niazi20 token you can even imagine that somebody create some small contract air where you know p room pudding new mirror dare and may be that somehow gets lent add in interest rate to people submitting models like the dc that kind of application being built.

lima amina numair two weeks
"hedge fund" Discussed on Let's Talk Bitcoin!

Let's Talk Bitcoin!

02:08 min | 3 years ago

"hedge fund" Discussed on Let's Talk Bitcoin!

"What is a hedge funds roland the wilted deciding where resources go out amid midly and that's why hedge funds they don't really know that's why they exist a lot of them just exist to make money but they are there in a system where moving money around changing the prices of things is actually changing whether resources go and if you have extremely high price things that are mispriced and hedge fund goes in and shorts them in that changes investment in human behavior and outcomes and if hedge funds stopped investing in oil companies that would end that industry in the they move the money somewhere else on some other industry would come through two that's why is it is actually worth thinking about it as like a venture capitalist in a way way would you put the money what ideas do you want to succeed and it's just the same when you do now public markets so now what we're talking about going to obstruct this a little but now we're talking about a system for using price signalling as an input and machine learning to determine the output of a resource allocation machine that could run the world yeah so it's it's pretty awesome again that's totally amazing just to think about it in those terms it becomes by far the most grandiose project that we've yet seen coming out of the space or ever in the history of mankind being well as if they're logical conclusion viewers there well we want to manage exactly one billion an and stop area onetotwo billion and stop they are wait a second we actually do wanna manage all of the money in the world's in this way is distributed way and it would be especially scary if all of this power were kind of centralised but because it also be open it also any one will be able to participate for free right now the stock market has huge various is actually very difficult to participate and with this it'll be like anyone can always download data anyone can earn money helping us it's a meritocracy so i think it would be a better world.

hedge funds oil companies venture capitalist stock market