A Quote by Gavin Esler
I am the typical British aspiring working class. To be called 'elite' by people who have inherited wealth and run hedge funds or worked in the City of London, I don't criticise them for it, but the idea is frankly laughable. Just ridiculous.
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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.
For most Indians in America, wealth is not inherited. Neither do we make it as heads of large hedge funds and private equity funds. For us to make it to the top, we have to use our knowhow to create great new technology products and build high-tech companies.
Hedge funds are other hedge funds' toughest competition. And there are just more of them, and it's tougher and tougher all along.
A lot of the city boys in London, a lot of the hedge-fund, young city workers at the height of the financial boom were a lot of working-class, brilliantly minded young fellows and women.
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.
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 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.
In the past, people couldn't place me. They thought that I was Danish or English or French. They never got that I am Italian. I'm not typical, maybe because my visual education was very mixed. There was a lot of London in my aesthetic: The Face, i-D, British music, and a lot of British fashion . . . But I really enjoy this contrast.
We are seeing more managed money and, to an extent, institutional money entering the space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?
Given the typical fee structures of hedge funds, they need to do something different to make money in a consistent way.
I have to admit, I am aware of my Latin roots now. In the past, people couldn't place me. They thought that I was Danish or English or French. They never got that I am Italian. I'm not typical, maybe because my visual education was very mixed. There was a lot of London in my aesthetic: The Face, i-D, British music, and a lot of British fashion . . . But I really enjoy this contrast. I can go from Lady Gaga to Brian Eno in a split second.
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.
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.
The very idea that there should be a certain class of people who give orders by virtue of their ownership of wealth and another huge class who take on orders and follow them because of their lack of access to wealth and power, that's unacceptable. So, sure it should be abolished.
I worked with people I admire; Josh Lucas, who I'd worked with many many years ago on a pilot called The Class of 61 and Kurt Russell, and so there were a variety of different people that I enjoyed working with.
I am confident that there are hedge funds, banks or investment companies that could allocate five percent of their portfolios for risky investments. In any event, for countries like Afghanistan the formation of an entrepreneurial class is of vital importance.
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