your right. I don't know. the guy made me interview him as he was running on his treadmill in his home. it wasn't an easy interview to say the least. however, he was super nice prior and after-- i consider him a friend of the surf report. surf
His skills are qualitative. He could take a negative backtest and make it profitable in the market. At this point TIC is essentially a giant internal FoF operation.
More recently, he's been associated with http://investing.businessweek.com/b...tocks/private/snapshot.asp?privcapId=23837801 and http://www.alphacet.com/site/news/news6.shtml among other endeavors.
Most big HFs ..especially the so-called Global Macro players & Multi-Strategy houses are just internal FoFs; Moore, Millennium, Soros, Caxton, etc. Yes, PTJ is a special breed and a great guy.
What exactly is meant by an internal FOF? Each strategy is run as a seperate entity?? They have different fee structures? I think this term is slightly a misnomer, but I am not sure... thanks surf
Agreed. But I believe that Druckenmiller's Duquesne Capital is not, which is most interesting in and of itself given the current FoF environment.
You do realize that Barclay's Global Investors under Don Luskin as Wells Fargo Nikko Investment Advisors was ( and still is ) nothing more than an index fund where 83% or more of the "transactions" were done as journal entries and had nothing to do with an exchange, don't you? They felt that they got "raped" during the Crash of 1987, and chose to avoid exchange "transactions" at all costs. At the end of the day, an index fund like BGI is concerned about tracking error, and minimizing transaction costs. I'm sorry, but I really don't call what BGI does as . . . . TRADING.