I just got dissed...

[faure]

It could be old man doesn't like hedge funds because of the fact that managers will take bigger risks with people's money to generate performance and consequently, massive fees.

That of course is a negatively biased generalisation but it is a popular one with a lot of people.

 

[9999]

Quote from wutangfinancial:

I'm starting a boutique hedge fund. Anyhow, my mother told a certain big wig in the fund management industry...we're talking the Warren Buffet of Canada, you can probably figure it out. Anyhow, without even hearing about my fund, he said I'm greedy and have no morals, and that I should work in real industry. He said hedge funds provide nothing.

My fund is small, trades in relatively illiquid securities, and provides real value to an individual's (not an institution) portfolio. This guy is 80, famous, and hates hedge funds.

Any thoughts why he is so critical?

I see myself as making markets more efficient, and helping make friends and family rich.

Why don't you go and ask him yourself? If your mom knows him personally, and you two don't have any sour grapes, I see no reason not to do it.

 

[zdreg]

Quote from snowhite:

ET is full off wannabes except for traders like myself who made it. Be careful and trust no won.

is that a sell signal on the won?

 

[John_Wensink]

I have heard the same BS before as well. As recently as yesterday as a matter of fact.

So this guy works in the fund management industry so he's better than you are because he takes a longer time frame in his trades?

"Investors" are nothing but speculators who take a longer time frame but ultimately the end game is the same, profit.

You should have asked him how many times he beat his index and what added value he provided to his clients, I'm sure he would not have been to happy as the answer would have probably been none.

 

[satchel]

you're gonna let a guy who simply heard the word 'hedge fund' and reacted? he does not know you, it's not about you.

however, i would prep your mother with an 'elevator speech' so she can articulate what the h it is your doing succinctly should she ever find herself in similar situations.
(http://en.wikipedia.org/wiki/Elevator_pitch)

 

[HedgefunTrader2]

ET is full of screen jockeys and nickel grinders. I run a very large and successful paper trading hedgefun. Guys like me are the real deal. I donot think you will run into a more successful and astute trading wiz than me, and a few others on my staff.

Recently, we cleaned up one morning so great that we took the afternoon off to go see the Sex And The City Movie.

True story. Cause thats how we roll.

 

[wiesman02]

Quote from wutangfinancial:

Anyhow, without even hearing about my fund, he said I'm greedy and have no morals, and that I should work in real industry. He said hedge funds provide nothing.

Any thoughts why he is so critical?

No disrespect wutang, but isn't it possible she could have told him about your drug addiction ? Maybe that could have jaded his views on you.

 

[TraDaToR]

Quote from HedgefunTrader2:

. I run a very large and successful paper trading hedgefun. Guys like me are the real deal.

Recently, we cleaned up one morning so great that we took the afternoon off to go see the Sex And The City Movie.

True story. Cause thats how we roll.

mmm... You're either playing a game and joking( and that's OK for me ), or you're for real( and that's even better...)

 

[Epiphany]

Quote from wutangfinancial:

I'm starting a boutique hedge fund. Anyhow, my mother told a certain big wig in the fund management industry...we're talking the Warren Buffet of Canada, you can probably figure it out. Anyhow, without even hearing about my fund, he said I'm greedy and have no morals, and that I should work in real industry. He said hedge funds provide nothing.

My fund is small, trades in relatively illiquid securities, and provides real value to an individual's (not an institution) portfolio. This guy is 80, famous, and hates hedge funds.

Any thoughts why he is so critical?

I see myself as making markets more efficient, and helping make friends and family rich.

Don't want to know - don't care

Screw him

He may be a billionaire but his snap judgments on you are NOTHING

Never give any one the power to affect you

 

[gnome]

Quote from wutangfinancial:

"... Any thoughts why he is so critical?

I see myself as making markets more efficient, and helping make friends and family rich.

Maybe it's because (1) when "things go well", HFs are scraping off exorbitant fees, and when "things go wrong" (as they often do when management is overly compensated for taking risk), investors are left holding the bag.

Warren Buffett also thinks HFs are immoral rip-offs.