Fortune Magazine 1969
"Probably the hedge funds deserve to be regulated in some way, but whether they should be ravaged is another question. If wealthy, sophisticated investors wish to pay 20 percent of their profits for investment management or, as one dejected investor put it, are "foolish" enough to pay 20 percent-then quite possibly they should be allowed to do so. Anyway...after 1969, not so many will be in that magnanimous a mood. For as every hedge-fund manager knows, without a good product at a good price, you don't get far in the market."
Just when you think there is something unique about your "epoch" you realize that the same issues and problems have existed for years. It helps to have historical persepctive which can only be gained through: "Experience"
How many investors today were allocating to hedge funds in 1969? 1979? 1989?
More relevant, the debate continues on regulation 40 years later...
Tuesday, September 15, 2009
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