| Topic Name: |
Financial Models |
| Message Name: |
Whatever... |
| Date Posted: |
09/18/2003 |
| In Reply To: |
would you say on average most of these firms are that well run? i dont think so, i think its a basicaly fragmented and mature industry populted by people with a lack of the real important information. you seem to get the impression that accountants with ego, or bureaucrats or political poeple, or big-firm chumps, or custodians dominate. thats why even hedge funds dont do so well as expected. also in many cases the streategies lack imagination and dont hold up to much rigorous analysis even in terms of logic, e.g. ltcm and numerous l/s funds. its pissing me off the knock backs from fking recruitment and hr minions and little poeple who dont know who to hire for a horison of more than next Q'er. i know i can pick a few very good stocks at once, so im going to go ahead and do it, set up a micro fund and if a job falls into my lap, ill take it, if not ill just build it up. how hard can 30% a year be? |
| Message: |
You do realize what you just said is a bunch of bull shit don't you? For one thing, LTCM was unique in what they set out to do and how they did it. At least initially, eventually they took in so much capital that they had to disburse it in other, less creative ways and started to act like other hedgies. However, with the trades the put them under, LTCM was correct on the markets and if they would have had more time to wait they would have turned an outstanding profit. However, things went out of whack for a longer period of time than anticipated and there funding fell short.
That is just the beginning of why what you just said is a bunch of crap. Up until you started bitching and feeling sorry for yourself this was a good thread that I enjoyed reading. How about going back to discussing value investing, Ben Graham just gets it.
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