Rick Bookstaber is blogging! The former investment banker
and hedge fund manager is now plugging his new
book with the help of an infrequently-updated blog.
It’s not one of those "here’s something interesting I found on the internet"
blogs; it’s more a series of columns But as columnists go, Bookstaber is about
as expert and lucid as they come.
Place Bookstaber solidly in the bearish camp, but with occasional flashes of
contrarianism: this
entry, for instance, handily demolishes all the stratospheric estimates
of how much money hedge-fund managers actually make. It seems that magazines
such as Alpha handily forget to account for the fact that hedge funds have,
you know, expenses. Like employees. Besides, explains Bookstaber, "because
of netting, a fund can be up for the year and still be operating at a loss".
Almost makes you feel sorry for the poor things.
(HT: Alea)