Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
International Herald Tribune – Bernard Drury is a rarity on Wall Street: a hedge fund manager who is making money, rather than losing it.
While most hedge funds are declining this year and unsettling the markets in the process, a handful are posting spectacular gains. Drury’s fund, for instance, is up 60 percent since Jan. 1.
How has he done it? Drury, a former grain trader, is not giving away his secrets. He relies on proprietary computer models to chart tides in the markets and to ride the prevailing currents.
But however smart or lucky the moneymakers have been, a few bad trades can end any hot streak. Despite Wall Street’s reputation as a place of big money and bigger egos, many of the winners are reluctant to boast, particularly given the gaping losses threatening some rivals.
International Herald Tribune – Bernard Drury is a rarity on Wall Street: a hedge fund manager who is making money rather than losing it.
While most hedge funds are sinking into red this year and unsettling the markets in the process, a handful of them are posting spectacular gains. Drury’s fund, for instance, is up 60 percent since Jan. 1.
How did he do it? Drury, a former grain trader, is not giving away his secrets. He relies on proprietary computer models to chart tides in the markets and to ride the prevailing currents.
But however smart or lucky the moneymakers have been, a few bad trades can end any hot streak. Despite Wall Street’s reputation as a place of big money and bigger egos, many of the winners are reluctant to boast, particularly given the gaping losses threatening some rivals.
"There’s going to be, naturally, a lot of forms of disillusionment with hedge funds," said Drury, who opened his fund, Drury Capital, in 1992.
New York Times – Frazzled traders and money managers spent an angst-filled weekend struggling to fathom the sweeping bailout the Bush administration proposed for financial institutions in the United States and what it will mean for the world’s markets.
At big banks, staff members rushed to update trading records before the opening bell sounded on Monday morning in New York. Quants, those math-loving traders who use complex computer models to hunt out investments, tinkered with algorithms.
Some hedge fund managers, unsure where the markets will go or what the government will do, sought safety in cash. Securities lawyers sorted through new rules from the Securities and Exchange Commission that will require such funds to disclose their bearish bets on financial companies.
And in between, everyone tried to catch up on some sleep.
But after the Dow Jones industrial average cartwheeled a dizzying 1,023 points in 24 hours on Thursday and Friday, ending the week virtually where it began, just about the only thing people seemed to agree on was that this ride was not over.
