Making an annual review of portfolios is good practice for investors. Unfortunately, January may not be the best time for this. The rosy glow of last year’s performance has too much emotional appeal, and the background noise of pundits is distracting. It is tempting to project market gains for the year, or to pencil-in likely […]
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Tag Archives: managing expectations
Gaming monthy returns – perverse hedge fund incentives
October 27, 2011 
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Why are so many hedge funds struggling this year? Volatile markets should help active traders, and this year’s rollercoaster has given ample opportunity to demonstrate defensive skills. Yet, many hedge funds are doing little better in 2011 than their conventional long only counterparts. Does this reflect unusual market conditions, or might the key to the […]
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Behavioural Edge 