Hedge fund winners amid the rubble
Tuesday, November 11, 2008 : PermalinkInternational 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.
Tags: asriel, backlash, bad-trades, dictates, disillusionment, grain-trader, hot-streak, journalism, june-14, library-system, miscalculation, powerhouse, private-equity-investors, proprietary-computer, rarity, spectacular-gains, tides, women-and-minorities
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