Earlier this year, Goldman Sachs Asset Management announced that it would launch a new mutual fund that — apparently — will bring the joy of hedge fund investing to the masses. For as little as $1,000, the Multi-Manager Alternatives Fund (GMAMX) allows mom-and-pop investors to put their life savings into some of Wall Street’s riskiest and most expensive products. This “fund of funds” will, according to its prospectus, let investors gain exposure to the trading strategies of hedge funds.
The obvious question is: “Why would investors want that?”
Despite all the media coverage, glitz and glam of hedge funds, they have not done well for their investors. They have high — some say excessively high — fees; their short- and long-term performance has been poor. ...
Hedge Funds are actively managed funds on steroids. They cost a fortune to get into, and investors end up on the short end of the deal.
* From 1998 to 2010, hedge fund managers earned $379 billion in fees. The investors of their funds earned only $70 billion in investing gains.
* Managers kept 84 percent of investment profits, while investors netted only 16 percent. ...
Anybody interested in getting a piece of that action? (I thought not.)
The Animation Guild will be holding more 401(k) enrollment in the coming week:
Starz-Film Roman: Tuesday, May 28th -- 2 p.m. in the Glass Conference room
Nickelodeon: Wednesday, May 29th -- 2 p.m. main conference room
DreamWorks Animation: Thursday, May 30th -- 2 p.m. dining rooms B & C
And on next Tuesday night (May 28th), TAG will be holding a panel discussion on investing or retirement. I don't think that hedge funds will be part of the discussion.
Posts
8 comments:
Hedge funds, except Vegas is more fun.Las Vegas. Both pretty much the same except Vegas is more fun
How does "GMAMX" get to be short for "Multi-Manager Alternatives Fund?" Seems to me it should be MMAF. It doesn't even work for Goldman Sachs Asset Management (GSAM.) These are some of the best examples of the worst acronyms in history.
As I was reading this, I was wondering why the 401(k) plan was called a 401(k) plan. That was an exercise in fruitlessness. Is there a 401(L) Plan? What was wrong with the 401(J) Plan?
As a result I did read more about the government's obsession with acronyms and abbreviations as manifested in IRA, TEFRA, DEFRA, REACT or REA, ROBS, TRA, GIC, ERISA, RMD, HCE, NHCE, ADP, ACP, QNEC, QMAC, QDIA, LLC, EGTRRA, and the ever-popular IRS.
I guess one-for-20 is the best I can do. Internal Revenue Service (IRS.) Score 5 points!
Are they just too damn busy to take the time to write out the whole phrase? Maybe they need to publish a Government Acronym and Abbreviation Dictionary (GAAD) so we can all look up the acronyms and abbreviations to see what the hell they're saying.
I look forward to the day some computer IT guy or some financial advisor comes to me asking what an A-G RPT Pan is.
And what ever happened to Reg Tobege?
I was wondering why the 401(k) plan was called a 401(k) plan.
It refers to section 401(k) of the IRS tax code.
Read about it here: http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/retirement-gamble/five-moments-that-shaped-the-401k/
GMAMX is not an acronym. It is a symbol.
A symbol for what?
A symbol you would use to get a trade quote. Like AAPL or GOOG are stock symbols.
I may be the only broker turned VFX artist. Many of my clients were "hedgies" (Hedgefund managers) . When they're hot they're great. Goldman used to be the pinnacle of honest hardworking brokers. There was a time where a Goldman backed hedge fund for the little guy would have been something I'd recommend if appropriate for an investor. Times have changed as you may have noticed. A great contemporary book: "Why I Left Goldman Sachs". By Greg Smith. It's inspired my book actually: "Why I Left Oppenheimer --So I Could Have a Righteous Heart Attack As a VFX Artist."
"I've made more money from hedge funds than from all the businesses I've created and sold."
-David Geffen
And now you're telling me that they aren't so hot? Pardon me for being confused.
Post a Comment