I'm starting a boutique hedge fund. Anyhow, my mother told a certain big wig in the fund management industry...we're talking the Warren Buffet of Canada, you can probably figure it out. Anyhow, without even hearing about my fund, he said I'm greedy and have no morals, and that I should work in real industry. He said hedge funds provide nothing. My fund is small, trades in relatively illiquid securities, and provides real value to an individual's (not an institution) portfolio. This guy is 80, famous, and hates hedge funds. Any thoughts why he is so critical? I see myself as making markets more efficient, and helping make friends and family rich.
Any publicity is good publicity. Go with the flow. Take that quote and put it on your giveaways, say it's evidence that you have above average returns.
well obviously he doesn't know you or your perspective. he does know the the typical "hedge fund" guy who is likely a major douchebag trying to get over on people who he should be protecting. he also probably feels like they are more salesmen just trying to get funds to manage to generate fees. i don't know your fund or you but you sound like you are looking at things from a positive perspective so you are not the type of person he is talking about. i wouldn't care about what he said but keep an open eye because he isn't just a bitter old man. he feels the way he does for a reason.
ET is full of daytraders and scalpers working for nickles and dimes. No serious big fish here. Its a pity but its true.
Nickles + Dimes everyday = a lot more at the end of the year than your tremendously huge " whatever hot stocks " position results
So he's rich and you become depressed because he didn't invite you for a round of golf? There will always be people - rich and poor - that are critical of you and what you do. Why bother thinking about them?