One of the problems with hedge funds is that they are changing so rapidly. If you have the balance sheet that closed business last night, by 11 A.M. this morning, that won't tell you very much about what they're doing.
When I was 23, 24, I started covering hedge funds - a lot of this was luck - when no one else did. This was before hedge funds were the prettiest girl in school: this was pre-nose job and treadmill for hedge funds, when nobody talked to them - back then, it was just all about insurance companies and money managers.
I can't figure out why anyone invests in active management, so asking me about hedge funds is just an extreme version of the same question. Since I think everything is appropriately priced, my advice would be to avoid high fees. So you can forget about hedge funds.
Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.
It's definitely much harder to run a hedge fund today than it used to be, in my opinion. That's because there are more hedge funds to compete with.
To minimize market uncertainty and achieve the maximum effect of its policies, the Federal Reserve is committed to providing the public as much information as possible about the uses of its balance sheet, plans regarding future uses of its balance sheet, and the criteria on which the relevant decisions are based.
We need a new British business bank with a clean balance sheet and an ability to expand lending rapidly to the manufacturers, exporters and high-growth companies that power our economy. Today I can announce we will have one.
Hedge funds are other hedge funds' toughest competition. And there are just more of them, and it's tougher and tougher all along.
I think there are probably too many hedge fund managers in the world, as well as active fund managers. The hedge fund industry is very efficient. We see a lot of hedge funds open and a lot close. It's very binary. You either succeed or fail in the hedge fund world. If you succeed, the amount the managers make it beyond most people's wildest dreams of wealth.
With the world changing fast, we needed capital for investments. There's only so much bandwidth in your own balance sheet.
Yet another last night. The last night at home, the last night in the ghetto, the last night in the train, and, now, the last night in Buna. How much longer were our lives to be dragged out from one 'last night' to another?
Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity funds, is an elaborate fraud.
Business is many things, the least of which is the balance sheet. It is a fluid, ever changing, living thing, sometimes building to great peaks, sometimes falling to crumbled lumps.
Doing more with less, is a crucial principle to learn; especially if you're going to be in business in this rapidly changing world.
Edelman maintains a very conservative balance sheet. We do small acquisitions. This helps me sleep well at night.
We always look at the margin of safety in the balance sheet and then worry about the business.
You know, a balance-sheet is like a bikini, it shows more but it hides what is vital. I learnt to read a balance sheet and then I got fascinated by stocks.