A Quote by Edward Lampert
The pushback I get is, 'He's a hedge fund guy.' Full stop. Some places, that can be a badge of honor. In others, it's almost a term of derision.
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When a hedge-fund guy gets lucky because the market goes up, and he is going to make $200m, and you know $200 million, and he is going to pay almost no tax. I don't think that is a good thing for the country, and they are all supporting Jeb Bush and Hillary Clinton, all the hedge-fund guys. I don't want their support, because I'm totally self-funding my campaign.
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.
I've nothing against Goldman Sachs. But Goldman Sachs isn't an investment bank. Goldman Sachs is a hedge fund. It's bigger than any hedge fund. It's more leveraged, to the power of three or five, than any hedge fund.
There are a lot worse things you can do with all your bucks than giving them to even a mediocre mutual fund - such as, for example, giving them to a mediocre hedge fund. If supporting the lifestyle of a mediocre fund manager is your favorite charity, who am I to stop you?
Some people in the art world bemoan the hedge fund millionaires spending freely to acquire ostentatious displays of wealth and coolth for their giddily chic designer duplexes. Others bemoan art being treated as a commodity. But most of the bemoaning is because the art world is stuffed full of bemoaners, bemoaning about everything.
Today, you've got hedge fund billionaires aligned with Karl Rove, running ads against me to try to get Democrats to vote for you [Bernie Sanders]. I know this game. I'm going to stop this game.
Insider trading by hedge funds has a long and distinguished history, dating to the days when people didn't know that there was such a thing as a hedge fund.
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.
The term 'steampunk' itself, now a badge of honor, began as a putdown, a joke. But like 'Big Bang' in cosmology, the diss became the standard.
If you want better behavior from bankers, then make their financial incentives more like those in the hedge-fund world - where managers have 'skin in the game,' and their net worth is tied to their long-term performance.
Some hedge fund managers have made big bucks trading oil futures - George Soros is one.
A schmuck is a general term of disrespect. It's a term of contempt and derision. It applies to a lot of people.
A hedge fund manager whose clients demand monthly performance reports has different needs than any individual investors with a 20-year time horizon. The needs of that long-term investor differ markedly from someone who is retiring in three years.
Hedge fund managers charge so much more than mutual fund managers; alpha is even harder to come by. They end up selling a variety of things beyond mere outperformance.
Economies are risky. Some industries rise, and others implode, like housing. Some places get richer, and others drop, like Atlantic City. Some people get new jobs that pay better, many lose their jobs or their wages.
There are some really wealthy hedge fund billionaires in San Francisco who have pledged a lot of money for Democratic candidates to argue for cap and trade and carbon tax and all these things.
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