Passive people may be nonassertive, but passive investors are another breed of cat. They are out to conquer the world, to judge by the inflows into Vanguard and its ilk over the past 12 months ($229 billion into passively managed funds, according to Morningstar, just shy of the $236 billion removed from actively managed funds). The tribulations of the active spirits, especially hedge funds, is the subject at hand—that and a revisit to a 21st-century monetary hedge.
We write with close attention to a new essay by the protean Murray Stahl, chairman, chief executive officer and chief investment officer of Horizon Kinetics and publisher of The Devil’s Advocate Report Compendium. Stahl’s essay in the new edition falls under the headline, “Interest rates, hedge funds and the rise of the artificial asset class.” Cryptocurrency is that asset class.
Bonhoeffer Fund's performance update for the month ended July 31, 2022. Q2 2022 hedge fund letters, conferences and more The Bonhoeffer Fund returned 3.5% net of fees in July, for a year-to-date return of -15.8%. Bonhoeffer Fund, LP, is a value-oriented private investment partnership for . . . SORRY! This content is exclusively for Read More
For reasons best known to themselves, the market gods have cast a