早上简介：盐，对冲基金回报，拜登和灌木丛

	Former U.S. Vice President Joe Biden (Credit: David Paul Morris / Bloomberg）

把它留给比尔阿克曼。

For the first time in recent memory, a prominent hedge fund manager publicly called out the industry for what, over nearly a decade, has been one of its dirty but rarely spoken secrets: The current low-risk, low-return mentality is not the hedge fund industry that initially charged, and more importantly earned, its high fees.

Speaking Thursday at the SkyBridge Alternatives Conference (SALT), the outspoken activist — who launched his first hedge fund, Gotham Partners, 25 years ago and now runsPershing Square Capital Management- 断言，“1992年，对冲基金是您达到高回报的地方。”他指出，当时的柏忌是至少20％，这有证明了1.5或2％的管理费和20％的绩效费用。

“Hedge funds have to earn high returns,” he challenged the audience — and everyone else in the hedge fund industry.

这是我过去几次突出的问题。这是自去年盐会议以来加剧了当前费用反抗的核心问题。

回到20世纪80年代和20世纪90年代，对冲基金被称为外出回报的地方。投资者在当时勾勒出1和20 - 甚至更多Paul Tudor Jones II,Bruce Kovner和史蒂文科恩— would tell you they look at “net return.” And who could blame them, if they were enjoying returns of 30 percent, 40 percent, or even in excess of 50 percent returns after fees, which was the norm at the time?

机构投资的冲击将业内增长超过3万亿美元，但这些新投资者要求他们所谓的风险调整和绝对回报与市场不相关。这些机构真正说的是：如果你必须，请给我平庸的回报，只是不要赔钱 - 或者你必须，只是失去一个小小的威恩斯特。这样，这些投资者可以将他们的董事会和其他成员人留下背部。

Hedge funds were happy to go along because they sucked in billions and billions of additional assets, which in turn generated management fee revenues far exceeding their operating costs. And, best of all, they got to retain their hefty fee structures. In many cases, the 1 percent became 2 percent and 20 percent became 25 percent or 30 percent. What a deal!

However, after seven or eight years of mostly crappy performance, interspersed with a few good years, amid a ferocious bull market, investors are pushing back. They are seeking fee reductions or redeeming from the consistently mediocre performers, especially those that have been around from the early days and jacked up their fees at the same time they entered a period of sub-par performance.

Kynikos Associates'Jim ChanoS在投资委员会为三个机构投资者提供的投资委员会，在盐中挑选到媒体，匿名突出的对冲基金经理最近将他的费用减少5亚博赞助欧冠0％以换取三年锁定。当然，部分性能问题是对冲基金的数量的指数增长。因此，难以迫切地努力寻找效率低下的市场甚至是未被发现的投资机会。

In fact, Ilana Weinstein, founder and CEO of The IDW Group, a hedge fund recruiting firm, told attendees during her SALT panel discussion that she hopes many funds shut down and that “it happens more quickly,” asserting the current number of funds is destroying the industry.

“没有足够的因素可以让80％的资金做得好，”她争辩说。“也许10％。有人说也许2到3％好。许多糟糕的表演者有低回报，资产下降，投资者兑换哪个驱动资产。有限合作伙伴质疑为什么他们在购买指数基金时投资对冲基金。“

Ironically, the answer could be China. HNA Capital, the Chinese conglomerate that will soon own SkyBridge Capital, is planning to push into China and other parts of Asia. Troy Gayeski, a partner with SkyBridge, told me that many prospective Chinese customers figure to be the newly wealthy individuals who crave high returns and are okay with bigger drawdowns, at least in theory. You know, what we call “outsize returns.”

“They’re more comfortable with high volatility,” he says. In other words, they are the U.S. hedge fund investors of the 1980s and 1990s.

他们会迅速学习。

___

After listening to former vice president Joe Biden and former Florida governor Jeb Bush speak at SALT last week, I couldn’t help but think: If they were the two respective party nominees, how different would our country be, and the world for that matter?

无论您是民主党人还是共和党人，您都必须相信我们不会渗透和感染了每一天的话语，仇恨贩运和整体刺痛。是的，这两个人会发起密集，情感的运动。是的，两者之间存在明确的政策差异。

But, that is where it probably would have stopped — at policy. There would have been no calls to “lock him up” or assertions that half the other’s followers are “deplorables.”

We would have had a good old-fashioned debate over health care, immigration, free tuition for community colleges, foreign policy, and yes, how to deal with Russia, but without the suspicion of motives. And without the “chaos” Bush neatly reminded us that he had predicted for a Trump administration.

我们会知道他们每个人在税收上支付了多少，他们赚钱，以及他们是否与外人有关，如果有的话。

During their panels, we got Biden’s signature blue-collar passion and frankly a lot of energy from Bush. His passion belied the cartoon character President Trump got away with creating.

要是……