HedgeSpeak

@HedgeSpeak Bitcoin Anyone?

2018-10-06T13:16:00.001-04:00

October 5, 2018:

“WHAT'S THE KILLER APP OF BITCOIN?"

I hear that line a lot.

The answer has three layers or perhaps phases – like the Ghost of Christmas Past, Ghost of Christmas Present, and Ghost of Christmas Yet to Come.

My first answer is:

"Yeah, bitcoin is the killer app of bitcoin"

@HedgeSpeak #HedgeFund #Trivia: Which Hedge Fund Strategy motivated this quote?

2016-05-25T16:07:00.001-04:00

December 13th 1999

"Dear Partners and Friends,

Pinch me. Go ahead pinch me. I ask you to do that because I want to make sure that I'm not dreaming"

Which Hedge Fund Strategy motivated this HedgeSpeak quote?

@HedgeSpeak #HedgeFund #Trivia: Who penned this wordy 'Le Zig and Le Zag'?

2016-05-09T20:04:00.000-04:00

"Equity statistical arbitrage takes as it's source of profitability the 'zigs' and 'zags' in the spread relationships between similar stocks. The magnitude of the 'zigs' and 'zags' is not a predictable but the statistical reliability of mean reversion of these swings is one of the most powerful forces operating in the US securities markets. We don't try to control market behavior. We try to control the combined effects of lots of contemporaneous 'zigs' and 'zags' in the overall portfolio -- trying to keep the portfolio 'zigs' and 'zags' to a minimum commensurate with achieving the return. Our models are based on the expectation, using statistical demonstration, that 'zigs' follow 'zags'. But there is a rich set of combinations of durations and magnitudes of each 'zig' and 'zag'."

@HedgeSpeak #HedgeFund #ClassicQuote

2016-05-02T20:21:00.001-04:00

July 6th 1998

"Besides, we learned from our high school what excuses are like. We made some mistakes, and we know what has to be done to get back on track. I am focused and excited for the challenge – no Viagra needed here."

@HedgeSpeak #HedgeFund #TBT #BacktotheFuture: What year was this HedgeSpeak written?

2016-05-02T20:12:00.001-04:00

"One of the problems that we face in the US is the leadership void that starts in the White House and extends to the executive suites of the institutions that were conned into lending [XYZ capital management] hundreds of billions of dollars. Now that the leaders of these institutions, who never understood the lending risks they were taking (or by definition they wouldn't have taken them), are likely to indiscriminately instruct their institutions... is the biggest risk that the US faces right now."

What year was this nugget of Hedgespeak written?

@HedgeSpeak #HedgeFund #Trivia: What year was this HedgeSpeak quote written?

2016-04-27T11:46:00.001-04:00

"There is no doubt that we are in the first innings of a washout in hedge funds and certain strategies."

What year was this HedgeSpeak moment shared with investors?

@HedgeSpeak #HedgeFund #Trivia: Who was the Author of this finalmissive?

2016-04-11T22:11:00.000-04:00

August 2010

"The challenge of managing an enormous amount of capital was having a clear impact on my ability to perform, as well as my state of being."

Which Legend wrote this phrase in his last investor letter?

@HedgeSpeak #HedgeFund #Trivia: 'An Ode (Owed) To Hedge Funds'

2016-04-04T19:33:00.002-04:00

December 2015

'A black swan stretches, ready to stride,

But today he's lunch for the hedge fund lion pride.

A brown bear is startled. Too, ready to play.

Now he's carrion, Signet fund-of-fund's vulture fund's prey.'

Which swiss-based hedge fund manager penned this insightful poem?

@HedgeSpeak #HedgeFund #Trivia Which Manager Suddenly Identified Unintentional Correlation Risk?

2016-03-29T10:48:00.003-04:00

January 2016

"Perhaps the largest correlation in our portfolio is one that we have not previously considered; that is, the fact that we own large stakes in each of these companies"

Which Hedge Fund Manager recently discovered that concentrated public bets may have unintentional consequences?

@HedgeSpeak #HedgeFund #Trivia Which year was this nugget of technical analysis written?

2016-03-22T10:16:00.001-04:00

“.....Years ending in “O” have an average loss of -8.17%; the Dow gains only an average of only 0.85% during the last year of a second term President and loses an average of -7.0% for the last year of a second term Democrat; and the results from XYZ Study forecast prices going down -9.3%. Since the release of that letter, the Dow’s performance has provided further evidence that Dow prices may continue to deteriorate.”

Which year was this nugget of technical analysis written?

@HedgeSpeak #HedgeFund #Trivia Which Manager is feeling #bubbly?

2016-03-15T10:59:00.001-04:00

December 2015

"While we would not yet describe the current phenomenon as an index fund bubble, it shares similar characteristics with other market bubbles."

Which Hedge Fund Manager recently penned this HedgeSpeak quote?

@HedgeSpeak #HedgeFund #Trivia Which Manager recently discussed 'Humility' below?

2016-03-07T15:59:00.001-05:00

December 2015:

'I have often stated that in order to be a great investor one needs to first have the confidence to invest without perfect information at a time when others are highly skeptical about the opportunity you are pursuing. This confidence, however, has to be carefully balanced by the humility to recognize when you are wrong.'

Which manager penned this note early this year?

@HedgeSpeak #HedgeFund #Trivia Which Movie is this Manager Quoting?

2016-02-29T11:28:00.001-05:00

January 2016

The future for me is now more uncertain than at any time I can remember. Or to fully quote the Chairman of the Board from ___________, "I'm here to guess what the music might do a week, a month, a year from now. That's it. Nothing more. And standing here tonight, I'm afraid that I don't hear - a - thing. Just... silence."

Which Movie?

@HedgeSpeak #HedgeFund #Trivia How many years?

2016-02-24T13:05:00.001-05:00

How many 'years' separate these two HedgeSpeak quotes (from 2 separate managers)?

HedgeSpeak Quote 1:

'Let's get some of the gory facts out of the way: We lost money every quarter'

HedgeSpeak Quote 2:

'While we dodged some bullets, we could not get out of the way of the freight train'

A- 1 Year

B- 8 Years

C- 18 Years

@HedgeSpeak #HedgeFund #Trivia

2015-12-03T08:18:00.001-05:00

“It’s much more profitable to have 0 and 100 rather than 2 and 20,”

Which Hedge Fund Manager/Year started the trend of closing his hedge fund and migrating to a family office structure?

@HedgeSpeak #Trivia #HedgeFund #humble #gonefishing

2015-11-12T09:49:00.001-05:00

October 2015

"I've failed to protect your capital, and mine, from a significant drawdown, despite a flat market."

#HedgeFundTrivia #Gonefishing: This manager had a 'run in' with a big fish earlier this year. Which fish and which manager?

@HedgeSpeak #‎HedgeFund #TriviaTuesday : What Year was this HedgeSpeak Quote?

2015-10-06T15:55:00.001-04:00

'These adjustments are designed to provide additional comfort to investors. First, we are committing that no side pocket investment will have a duration of greater than 10 years.'

What year was this missive on side pockets drafted?

@HedgeSpeak #HedgeFundTrivia : What Year was this HedgeSpeak Quote on China published?

2015-08-31T12:36:00.001-04:00

August 20--?

"Nevertheless it features one of the most formidable new buildings that I have ever come across. I would estimate the build cost must be in the hundreds of millions of dollars. And it wasn't located in Hong Kong or even Shanghai or Shenzhen, but in the decidedly less glamorous Wuhan in the centre of the country. And to make matters worse it was completely empty..."

"I learned recently that the building now has a tenant, the $20bn Minsheng Bank, but I suspect they lent the money to the developer in the first place."

"Adding to the intrigue, I have subsequently been informed that our video has now been blocked in China by the authorities. Who would have thought that I would become an enemy of the state?"

What year was this HedgeSpeak quote published about China? We read regularly in the media about how hedge fund managers are the bad guys always looking to make a profit. I would argue that in most cases these same managers are simply correcting (exploiting) certain market inefficiencies or simply going against the herd. Examples would include Mr. Chanos and Enron and this manager asking some basic questions.

The real question should be to ask other managers why they are not asking similar questions?

@Hedgespeak #HedgeFund #Trivia Which country is referenced?

2015-08-17T12:11:00.001-04:00

August 2015

'Like any detective worth his salt, I must build a case based on the evidence. Just standing around exchanging theories and jumping to conclusions based on intuition with even the most intelligent and experienced detectives won't do me any good. I need to build the kind of case that will hold up in court.'

Which country is the hedge fund manager referencing in this recent #hedgespeak from August 2015?

@Hedgespeak #HedgeFund #Trivia Which year was the best and worst of times?

2015-07-28T11:38:00.001-04:00

“To borrow a quote from a Charles Dickens’, A Tale of Two Cities, which aptly depicts XXX’s return profile for the year: ‘It was the best of times it was the worst of times’.”

Which hedge fund year would have been appropriate for this Dickensian quote?

@Hedgespeak #HedgeFund #Trivia What Year?

2015-07-14T09:06:00.001-04:00

April 30th _______

'In a future remake of ‘The Graduate,’ the phrase replacing ‘plastics’ to be whispered in the ear of the title role is ‘hedge funds.'

Hedge Fund Trivia: What year and which manager included this sentence in his quarterly letter?

@HedgeSpeak: #HedgeFund #Trivia #Monday #Liquidity

2015-07-06T11:37:00.001-04:00

Dec. 23rd 2005

'These adjustments are designed to provide additional comfort to investors. First, we are committing that no side pocket investment will have a duration of greater than 10 years.'

Which manager feels that anything below 10 year liquidity will provide comfort for investors?

@HedgeSpeak #HedgeFund #Trivia #Monday

2015-06-29T22:41:00.001-04:00

“If wealthy, sophisticated investors wish to pay 20 percent of their profits for investment management or, as one dejected investor put it, are "foolish" enough to pay 20 percent-then quite possibly they should be allowed to

do so.”

HedgeSpeak Trivia: What year and in what magazine did this article appear?

@Hedgespeak #trivia #monday

2015-06-22T15:23:00.001-04:00

May 31st 2000

“Within a month of the stroke, I had

regained most of my motor skills and

although still unable to speak

properly, I was able to follow the

markets and our trading program

and to put in my two cents on

occasion, for whatever it was worth.”

Hedgespeak Trivia: What was the name of this fund manager (a world-renowned 'go' player), who went on to generate 60% returns before closing his fund down a few months later?

This former CEO of a large Broker went to Jail

2015-06-15T13:54:00.001-04:00

July 31st 1998

“As soon as the mispricing was identified, XXX commenced an investigation concerning the portfolio valuations and has adopted revised internal pricing procedures...”

This former CEO of a large well known asset management firm ultimately served time for this mispricing. What's the name of this hedge fund with an equestrian influence?