#hedge_funds #glossary

Что значат некоторые фразы управляющих на самом деле:

▪️We are not in crowded positions = We missed all the best-performing stocks

▪️We are not correlated = We are underperforming while the market keeps going up

▪️We invest in unique uncorrelated assets = We have an illiquid portfolio which can’t be valued and will suspend soon

▪️We are soft-closing the fund = We want to raise as much money as we can right now

▪️We are hard-closing the fund = We are definitely open for you

▪️We are not responsible for the bad track record at our prior firm = We lost money but are blaming all our ex-colleagues

▪️We have a bottom-up approach = We have no idea what markets are going to do

▪️We have a top-down process = We think we know what markets will do but really who does?

▪️The markets had a temporary mark-to-market loss = Our fundamental analysis was wrong and we don’t know why we lost money

▪️We don’t believe in stop-loss limits = We have no risk management

▪️The longer the quarterly letter = the worse the performance

▪️The worse the Christmas gift = the better the performance

Via Essential Allocator