No, just Goodboy.
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CNBC's Ron Insana closing his Fund of Hedge Funds
- Thread starter makloda
- Start date
No, just Goodboy.
I don't even know what that means. But I do believe that having a casual disregard for mounting and excessive costs is one of the definitions of dumb money. Care for another slice of blue sky? It's really delicious.Quote from GGallin:
No, capacity rights means the world. You can not "buy" your way in. Perhaps you should stick to talking about what you know??
GG
Quote from runningman:
Do the math yourself if you don't believe it, prove me wrong.
I didn't realize there were 2+20 FoFs. I can't imagine why Insana failed!
A 50% return from the target fund nets 32% to the investor when you pay 20/20; 20% to the rainmaker and 20% to the FoF, excluding management fees. You're paying a 36% performance fee. Add in the 2x mgmt stroke on notional and you're up to 40%+.
2+20 won't get you into SAC or RenTech. Their fees will cost you nearly 60% on high-water.
So you're paying 40%-60% for lowering the barrier to entry on historical +ev/alpha? WTF do I sign!!
Quote from Thunderdog:
A "contact" fee almost equivalent to, and added onto, other performance fees? Well, he certainly wasn't shy, was he? It's a darn good thing that fees don't matter, as Landis82 pointed out earlier. (Just as Reagan "proved" that deficits don't matter, which Cheney assured us. And just as the captain of the Titianic proved that icebergs don't matter.)
You know what, you're just jealous and bitter. That's all.
I don't have a high opinion of Insana or the financial industry in general. But I'm not going to bash the concept of what he tried to do. He was able to make his connections worth something to investor who wanted in on the elite hedge funds but did not have access. That's all. He failed because he obviously charged too much and his numbers were not appealing, otherwise he would have raised at least half a bil in my opinion.
Try to do the same, if you want, but somehow, I doubt you have access to any hedge fund that any random Joe Shmoe does not.
I wasn't specifically bashing the concept. But he is a media personality who got in over his head and then compounded it by attempting to overcharge for what he was trying to do. (No wonder GGallin/surfer came to his defense.) That translates into insult added to injury to whomever he managed to snare. Now you go ahead and defend that kind of conduct if it makes you feel warm all over.Quote from Hydroblunt:
You know what, you're just jealous and bitter. That's all...
...But I'm not going to bash the concept of what he tried to do.
Note how the allocation in Renaissance was in the REIF fund - their Institutional Equities Fund. This fund is NOT their famed (and closed) Medaillon fund, but rather a L/S equities fund with a (from what I recall) very mediocre track record.Quote from WaveStrider:Renaissance Technologies Corp.
Those are all really great hf's.
Quote from Thunderdog:
Now you go ahead and defend that kind of conduct if it makes you feel warm all over.
Makes me feel warm all over? Oh wow.
Dude, whatever, feel free to spend your time bashing him, I'm sure he cares. I just tried to educate you as you obviously have little idea about how the industry is.
Groovy, dude. Thanks for the education. No doubt, I got what I paid for.Quote from Hydroblunt:
Makes me feel warm all over? Oh wow.
Dude, whatever, feel free to spend your time bashing him, I'm sure he cares. I just tried to educate you as you obviously have little idea about how the industry is.
Quote from Thunderdog:
I wasn't specifically bashing the concept. But he is a media personality who got in over his head and then compounded it by attempting to overcharge for what he was trying to do.
Really now.
Not bashing the concept?
And what evidence have you provided that would indicate that this "concept" has worked with others, and proven otherwise, celebrity status or no celebrity status?
Quote from Thunderdog:
Groovy, dude. Thanks for the education. No doubt, I got what I paid for.
I think that it's pretty clear to everyone that has participated on this thread that you have very little understanding of FoF's and the concept of diversification and access to the SAC and Omega's of the world. Yet, you bash, bash, and bash away on an anonymous message board.
Did Ron Insana pull a Barry Bonds on you and not say "hello" to you and shake your hand when you were out with friends in the City one night?
Sounds like you have issues, dude.