Alternative Thinking on Porn-Star Pay Advice…Surging Oil Theft… A Senatorial Candidate’s Risky Hedge Fund Links… Why You Missed Squawk Box… and Active vs. Passive Management.
“2 & 20 is pretty outdated especially when hedge funds are dealing with institutional money. “
Both a former Lazard intern-turned-porn actress and Cliff Asness, co-founder and managing principal of investment firm AQR Capital Management, have something to say to hedge fund managers: “Your fees are too high…”
Here’s Asness with Bloomberg laying out his argument on why hedge funds don’t “hedge” enough and that funds should “lag behind rising markets and outperform when they fall.”
And here’s a Twitter exchange in which porn star Veronica Vain stated that “2 & 20” is an outdated model. (Probably NSFW if you click around too much.)
Now, quick question, which link did you click on first?
“I’ve never seen anything like this before with a member of Congress. I’m not saying it’s never happened, but I’ve never heard of it.”
First it was Hillary Clinton’s rather confounding statements during the Saturday night debate on why she accepts so much money from Wall Street.
But now we’re truly through The Looking Glass any future statement suggesting that the GOP is solely the party of Wall Street. Former Florida Congressman and current Senate candidate Alan Grayson is the subject of a debate over two hedge funds that bore his name and how they are structured.
Some Republicans are arguing that there’s a conflict of interest tied to the structure of his partnerships and the anonymity granted to investors in his fund. Others are concerned about ethics if he wins the Senate race and still maintains some level of control and financial stake in a hedge fund. Plus, there’s the fact that his name is tied to the hedge fund, and Members of Congress are not supposed to use their own names in order to obtain financial gain.
But then there’s the curious case of the fact that one of Grayson’s hedge funds is located in the Cayman Islands… and he has denied that the funds are based there for tax-haven purposes.
“Neither I nor any other investor has ‘taken any advantage’ of the Cayman Islands tax system, as you put it,” Grayson wrote to Politico earlier this year. But that again opens up all sorts of questions about fiduciary responsibility who is investing in his funds, the latter which he does not have to disclose...
When confronted by a reporter earlier this year that he’s keeping $25 million off shore – in places that avoid taxes, he launched into an epic, profanely laced tirade, which you can read here.
Just in case you don’t know who Alan Grayson is – he’s a well-spoken elected public official who has a strong history of bipartisan accomplishments and shows constant respect to his political opponents. Oh, who are we kidding?
Here are a few of his most famous negative sound bites about political rivals...
- “The Republican healthcare plan for America: Don’t get sick. That’s right, don’t get sick. If you don’t have insurance, don’t get sick. If you’re sick, don’t get sick. Republicans have a backup plan in case you get sick. If you get sick, America… die quickly. That’s right. The Republicans want you to die quickly if you get sick.”
- “I have trouble listening to what [Dick Cheney] says sometimes because of the blood that drips from his mouth when he’s talking.”
- “They understand that if Barack Obama could somehow bring about world peace they would blame him for destroying the defense industry. In fact, they understand that if Barack Obama has a BLT sandwich tomorrow for lunch, they will try to ban bacon.”