选举的对冲基金

The attack on hedge funds has been raging for months. “These guys are getting away with murder,” said Republican candidate Donald Trump onFace the Nation在八月。

A few hedge fund managers are fighting back.AQR Capital Management co-founder Cliff Asnesstakes on “Trumpers” on social media and refers to the business magnate as a “lowlife TV pitchman,” a “gross hero,” an “idiot who can’t Google” and a “dictator whack-job.” At the end of 2015, Asness donated $1 million to Marco Rubio and his Conservative Solutions PAC. Amid political infighting and rising donations from wealthy hedge funders, many investors and industry insiders remain bullish on hedge funds for 2016.

EvenTed Cruz, Delivering Alpha alumnusand recipient of Renaissance Technologies co-CEO Robert Mercer’s $11 million, has touted a flat tax proposition, which he says will help even the playing field for “hedge fund billionaires [who] pay a lower rate than their secretaries.” Most of the conservative hedge fund donors give to Marco Rubio, who has been quiet on issues that might affect his bankrollers.

民主党人可能已经开始了行动。2015年，参议员Bernie Sanders推出了立法，旨在删除携带的利息税漏洞（使管理者能够将收入视为资本收益），并征收旨在征收的金融交易税，旨在为大型华尔街机构以及对冲基金公司的新条例。在竞选赛道上，桑德斯已经吹捧了他的民粹主义决定，以拒绝超级PACS的资金。尽管华尔街和对冲基金支持，希拉里克林顿，在早期的竞选演讲中，在最近的辩论中，公开批评了对冲基金经理“支付比护士的税率降低税率”的制度。未来45 - 由对冲基金亿万富翁埃利特管理公司保罗歌手领导的反民主党超级PAC。Kenneth Griffin of Citadel— has been releasing attack ads against Clinton and Sanders since October.

“I’m fascinated by how the press and the candidates are focusing on hedge funds, not the private equity guys,” particularly regarding carried interest, says Jane Buchan, CEO of Pacific Alternative Asset Management Co. (PAAMCO), a fund-of-hedge-funds firm headquartered in Irvine, California, that serves large institutional investors and focuses on liquidity as well as transparency with its clients. According to Buchan, there are some hedge funds that have carried interest, but not many, since “you have to hold positions for a long period of time, which isn’t really what hedge funds do. Most hedge funds trade.”

In the 2012 presidential election, GOP nominee Mitt Romney came under scrutiny for decades-long business practices at theprivate equity firm he co-founded, Bain Capital。私募股权遭到掠夺性的，过度的侵害，罗姆尼被绘制为贪婪的海盗队长，他们希望所有的财富 - 包括美国主席 - 为自己为自己。流行杂志和报纸的特点是针对罗姆尼以来，他以自20世纪80年代中期以来通过贝恩收购累积的大量财富。当许多美国人仍然从失业率和重大投资损失中卷入时，罗姆尼风格的私募股权因选民而成为别人。

鉴于这一近期历史，对冲基金管理人员很容易。少数最富有的对冲基金经理已经向超级PACS捐赠了纪录的金额，超越了2012年总统选举周期所收集的捐款。据敏感政治中心称，截至1月31日，对冲基金捐款额为5.53亿美元。作为超级周二的方法和比赛升温，这个数字可能会显着上升。

It remains unclear what may happen regarding “significant regulation of hedge funds or Wall Street firms in general,” says Kyle Kondik, political strategist and director of communications for the University of Virginia’s Center for Politics. Kondik advises voters and investors to watch local congressional races, which may have a larger impact on future economic reforms.

Buried under the rubble of these moneyed scuffles is what it means for investors if or when reforms and regulations trickle down. PAAMCO’s Buchan explains that most Americans would be exposed to transaction tax through pension plans that often invest in hedge funds: “It’s sort of a stealth tax on the average investor.” As for institutions trying to build well-diversified portfolios that include hedge funds, Buchan suggests that the current political climate makes things “a bit more difficult for our investors, because they have to spend a lot of time correcting misimpressions, rather than investing.”

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