(Originally posted on June 5th 2009)
I am at the world polo event and was invited by one of the hedge funds that I know. Like others in the industry they were adversely affected. However this is not because they did a bad job.They were victims of their own success. They did exceptionally well. Their redemption terms were very good. Investors decided to pull out their money to compensate for the losses they suffered with their other investments. One of our relationship managers mentioned that she had heard that they may be in trouble. In hindsight I should have listened to her. I did my due diligence and found nothing wrong. I did not account for investor sentiment though. I continue to believe in the potential of this asset management company. I have also started to value the opinion of that relationship manager more.
The weekend is here and as a policy I do not watch or read any news. It is something I have had to implement after my health got affected during the financial crisis. From mid September to mid December I used to sleep on average about 3 hours during weekdays and on the weekends about 15 hours. Have a nice weekend and now we will have to see if Gordon Brown continues to be the Prime Minister.