Posted on 12/09/2011 3:32:02 AM PST by TigerLikesRooster
Hedge fund managers lament the end of the golden era
By Svea Herbst-Bayliss
NEW YORK | Thu Dec 8, 2011 6:48am EST
(Reuters) - For years, running a hedge fund was the road to riches, but with the giddy years of double-digit returns at an end, prospects for profits look decidedly more gloomy, top managers and investors say.
When famed short-seller James Chanos launched his Kynikos Associates more than two dozen years ago, he had just $16 million to begin trading. But the manager of a fund that now has $6 billion in assets said those days are long gone.
"Now, you can't do that," Chanos said at this week's Reuters Investment Outlook Summit. "If you can't raise nine figures right out of the box, it is going to be very difficult, and you won't attract institutional money," he said.
(Excerpt) Read more at reuters.com ...
P!
OK, so where’s the new ‘road to riches’?
Australia.
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