Click below to watch the video!
For International Women’s Day this year I thought I’d create a modern day nursery rhyme to remind women everywhere that they have financial power and acumen that they may not even realize. You are so money, ladies!
I probably attend approximately 30 investment industry conferences each year. That’s right, I eat roughly 60 rubbery chicken or salmon lunches, have an estimated 120 glasses of overly oak-y chardonnay, and listen to more than 200 panel discussions and fireside chats annually. Sure, I get to do these things in some pretty fabulous locations, from Malibu to South Beach to Manhattan, but I mostly see them all through the double-paned glass of hotel rooms and the pallor-enhancing lights of conference ballrooms.
I would like to think, however, that all this conference going has made me somewhat of a seminar savant. An expert, if you will, in the inner workings of panels, exhibit halls and networking lunches and the human behavior that goes along with them. In fact, as I was winging my way back from a recent event, I was ruminating on all the half-truths, misrepresentations and outright lies that get told at investment conferences. And I’m not talking about folks overpromising on investment returns.
So in an effort to help my fellow conference goers navigate the often-confusing maze of conference attendance and etiquette, I thought it might be helpful for me to share the wisdom of 300 plus conferences with you with my all new Top 10 List of Conference Lies and Deceptions:
Number 10– “Oh, come on! It will be an early dinner, I promise!” – No conference dinner that has more than two people in attendance is ever an “early dinner.” In fact, any conference dinner with more than 10 people is guaranteed to take *at least* three hours. Plan accordingly and eat a snack and call your kids to say goodnight beforehand.
Number 9– “We will be leaving 15 minutes for audience questions.” – Yeah, this likely won’t happen. While this is possible, get one or two talkers on a panel OR a session that is running late where the organizers need to make up time, and it is NOT going to happen. I’d say the odds of a full 15 minutes for audience questions is a 50-50 proposition at best.
Number 8– “We don’t need a pre-panel call.” You do. Everyone does. It doesn’t have to be a long call but knowing things like who will be in the audience, who else is on the panel and what questions people want to answer can save a panel from monotony or irrelevance.
Number 7– “We need more than one pre-panel call.” You don’t. In fact, if you talk too much before the panel the whole thing can seem either canned or panelists anticipate and answer questions before they are asked, and you end up with nothing to talk about when the moderator doesn’t want to spring questions on the panelists.
Number 6– “I’m just going to run to my room for a minute.” You won’t see this person again that day, or at least not before the next meal or cocktail.
Number 5– “Oh, I don’t need the full XX minutes for my remarks.” They do. And they may take twice that much time.
Number 4– “Oh darn! I’ve run out of cards!” Maybe they really have. Maybe they are like me and thought they had cards in their bag left over from the prior conference but didn’t. But many times, this means they don’t want you to have their contact details or they have limited cards and you don’t actually merit one.
Number 3– “I’ll meet you by the registration table/coffee station/in the hotel lobby.” Again, there is a reasonable chance that this may happen, but probably an equal chance it won’t. Often, I find this is a well-intentioned lie, and the person was genuinely waylaid en route to your meeting. But still, take it as more of a suggestion than a promise.
Number 2– “I didn’t order the vegetarian option.” They did. But when the flaccid grilled portabella mushroom or other vegan fare actually arrived, suddenly the chicken, fish or steak looked a whole lot better.
Number 1– “Oh hiiiiii! It’s so great to see you!” It probably is, but I’d lay odds this person doesn’t remember your name or can’t remember if they’ve met you before or not.
Now, I want to be very clear that I’m not calling out any person in particular and that, in fact, I believe I have, at one time or another over the last 15 years, been guilty of every single lie, misstatement and half-truth on this list. We all have been. But forewarned is forearmed. So be on the lookout for these conference calumniations so you can plan your time accordingly. One less minute spent looking for someone means one more sip of screw-top chardonnay, y’all.
I know I'm a little late. Perhaps you're still nursing a love hangover from last week, but just in case you still feel like spreading a little tenderness and affection throughout the fund management industry, I've created some handy dandy cut out cards to help you express your feelings. Because nothing says "show me the money" like some old school, cut out cards with your name scribbled on the back, right? So share the love y'all!
A new holiday fad for fund managers of all ages and denominations! LP On A Shelf (or ELP on a Shelf, as I call him) knows when you've been spending too much time at conferences, when you're creating pitch books that are too long, or when you're not hiring critical personnel (or skill sets) and will tell Santa not to offer you an allocation in the New Year.
During this holiday week, declare your independence from investment industry stress and worries. Let your cares float away as you enjoy this guided meditation designed for busy investment professionals. Namast-CFA.
(C) 2018 MJ Alternative Investment Research. All Rights Reserved.
You know what I miss? David Letterman’s old Top Ten Lists. Hands down, those were my favorite part of late night TV. I know that others have stepped in to try to fill the void. Bill Maher has his “New Rules” and Jimmy Kimmel has the often-entertaining “Mean Tweets” but, to me, David Letterman will always be the original king of the recurring hilarious late night bit.
I mean, who can forget the Top Ten Things That Sound Cool When Said By Snoop Dogg? And the Top Ten Reasons Homer Simpson Should Be President. Or my all-time personal fave: Top Ten California Names.
So in honor of Letterman and out of a wealth of nostalgia that popped up unexpectedly over the weekend, I hereby offer you my own top 10 list…
10. Spend the first 35 minutes of a call or meeting talking about your bio.
9. “I assume you’ve reviewed our pitch book in advance of this call…”
8. Inability to make polite small talk in lieu of laser-like need to focus on your investment product.
7. Interrupting conversations at conferences and/or staring from two feet away until said investor is so uncomfortable they interrupt their own conversation to acknowledge you.
6. Literally not knowing anything about the investor before you approach them.
5. Two words: Wardrobe malfunction (true stories, but better told over adult beverages than in a blog).
4. Ignoring time zones/weekends/holidays when calling.
3. Mansplaining why an investor’s reasoned conclusion is wrong.
2. Lying, and yes, this includes “gilding the lily.”
1. Saying “I’m not going to go through each slide.” And then going through each slide.
It seems as if everyone has been pretty focused on Tweets, hashtags, and the general dumbing down and coarsening of communication of late. So I thought this week I'd inject a little culture into my investment blog. What if investors and fund managers could only think or talk in Haiku? The sentiments would likely remain the same, but the delivery might be much more civilized. So here you go: investor and manager haikus. Feel free to add your own in the comments section.
Seasons change, my phone
Keeps ringing. The same number
Calls. Persistent funds.
Not the best idea
To use diligence checklist
On the kids’ playdates.
Must I disclose this
Doughnut to compliance or
Can I eat it all?
Can’t wait to discuss
Fees with the trustees at our
Next board meeting. Yay.
I don’t want to shake
Hands while grabbing paper towels
In the bathroom. Gross.
Fall becomes Winter,
And I find myself stuck in
Endless diligence.
Performance is great!
This sector is hot! So why
Don’t people subscribe?
Do you want info
On my investment fund? No?
Maybe tomorrow?
Families, pensions,
High net worth peeps, endowments.
Lather, Rinse, repeat.
Competitive edge?
It’s our process and people!
Oh. You’ve heard that one.
(c) Saturday Night Live
I happened to catch a re-run of Saturday Night Live the other day, and it just happened to be an episode with Sean Connery losing big (winning big?) at Jeopardy! with Alex Trebek. After I got done having my beverage shoot out my nose when this category came up...
(c) Saturday Night Live
...I figured what the investment industry really needs is our own Jeopardy! board. So here ya go! Enjoy!
(c) 2017 MJ Alts
(c) 1988 Bull Durham
Anyone who has spent any time talking to me or reading my blogs knows I love a good movie. Although I don’t see as many as I’d like these days, I love how a film can transport you, inspire you, create emotion and just generally entertain. I even use the love of a particular film as a kind of odd litmus test in friendship, business and dating situations. Did you adore Forrest Gump? Yeah, that makes me seriously question your judgment.
But some movies stand out more than others in the MJ Pantheon of Favorite Flicks. Star Wars (the original trilogy, natch), Shawshank Redemption, Argo, Bridesmaids, The Blind Side (don’t judge me), The Wolf of Wall Street, The Princess Bride, 50/50, Raiders of the Lost Ark, Rudy, Love Actually, Aliens, The Terminator (1 & 2), Die Hard and Pride & Prejudice (the 2005 version) are just a few of my all-time faves.
And of course, there’s Bull Durham. Though I’m not a huge fan of baseball (too slow, lots of spitting, often hot), I loved that movie when I first saw it at the ripe old age of 18. It was my first sophisticated on-screen romance, which had theretofore been populated by teen sex films (e.g. Porky’s), John Hughes offerings (Pretty in Pink, Sixteen Candles) and saccharine Disney scripts.
When Kevin Costner’s Crash Davis gave his epic speech during Annie Savoy’s, ahem “tryout” between Crash and Nuke LaLoosh (Tim Robbins), Susan Sarandon wasn’t the only one who sighed “Oh my…”
In case you haven’t seen Bull Durham since it’s original 1988 release (sacrilege!), here’s the scene in question. (And you may not remember this, but it is officially NSFW.)
Since we’re nearing the end of summer, I decided to watch my one and only cinematic homage to baseball over the long Labor Day weekend. It got me thinking about what I believe in when it comes to life and investing, and it wasn’t long before I was on an epic, Crash Davis-esque rant.
“I believe in manager skill. That checkbox due diligence only works if you also have a high EQ for evaluating people. That generalists and specialists should work together to combine the best aspects of myopia and a more holistic, 30,000-foot view. I believe that people who call themselves long-term investors, but who regularly redeem in less than 24 months, are full of crap. I believe that managers who say they can’t find diverse job candidates either exist in ridiculously insulated bubbles or have no imagination. I believe that having less than 10% of hedge funds, mutual funds, venture capital and private equity funds managed by women – who comprise 50% of the population – means we’re missing out on some amazing talent. I believe if all investment managers and all investors agreed to always interview a diverse candidate for jobs/fund searches, it would go a long way towards adding cognitive and behavioral diversity to the industry.
“I believe in downside deviation, maximum drawdowns and time to recovery. I think standard deviation is silly. I believe most investors don’t worry about upside volatility, but that out-of-character positive returns should trigger a monitoring phone call as fast as a losing month. I believe in macro funds, commodity trading advisors and short selling strategies, and that investors should consider these strategies before the proverbial shit hits the investing fan. I think hedging with index options isn’t real hedging, and that taking 8 to 12 months to complete due diligence is like wanting to get pregnant without risking actual sex.
“I think investment conferences should improve the quality of their cocktail party wine. That you should NEVER order the vegetarian option for lunch at an event unless you have a desire to eat something that looks like road kill. I believe in polite but persistent marketing. I think that if you focus on your expertise instead of a sale, you’ll amass greater assets under management (AUM). I believe you should always check time zones before calling a prospect or client, and that texting is NSFP (Not Suitable For Prospects).
“I believe in differentiated networks, niche strategies and cognitive alpha. I believe in gut feelings and spidey senses about people, markets, and investments. I believe in contrarians, and in sticking to your investment guns, as long as you periodically re-visit your thesis to ensure you’re not just stubborn. I believe going to cash takes testicular fortitude. I believe getting back into the market does, too. I believe in good business cards, firm handshakes and not approaching prospects in the bathroom.
“I believe that those funds that don’t get into responsible investing/ESG now will be licking AUM wounds in years to come. I believe that all investment managers make mistakes, and that admitting mistakes and ensuring that they don’t happen again is a mark in a manager’s favor. I believe in strategy continuity, but not necessarily in strategy drift. And that past performance isn’t indicative of future results, but it beats knowing nothing about how strategy translates into returns.
"I believe that most meetings could be emails, and those that cannot should be limited to one hour, tops. Oh, and any meeting that goes longer than one hour should involve snacks.
"Finally, I believe in small funds. New funds. Large funds. Old funds. Women run funds. Minority run funds. White guy run funds. Bread and butter funds. Niche funds. Liquid funds. Illiquid funds. And contrarian funds. I believe there is manager talent and fund utility in all types of funds, and that only by looking at the full menu can investor's hope to have a balanced portfolio meal."
Oh my!
So get back to work all. I hope you enjoyed my little investment rant…pith in the wind if you will. Maybe it will get you thinking about YOUR investment beliefs as we ramp back up into what I think could be a certifiably crazy fall market. Oh, and if you have an investment belief or rant of your own (or a good movie suggestions), feel free to sound off in the comments below.
If there's anything that several decades of mis-singing song lyrics has taught me, it's that you can't be sure that what you say is what people hear. And fund managers and investors are not immune to this phenomenon any more than the Pandora-loving public. If you've used any of the phrases below, you might want to ensure that investors picked up what you were putting down and didn't walk away with their own interpretation of your lyrics.
Oh, and visit www.kissthisguy.com for a giggle over misheard lyrics before the day is over...you'll thank me for it.
(c) 2017 MJ Alts
www.tv-spoty.info
Music is an important part of my daily life. Whether I’m ignoring other passengers on a plane whilst rocking out under my favorite Beats by Dr. Dre headphones, dancing out a bad day in my kitchen, or scaring little kids at the ice skating rink with my early morning musical selections, the music I listen to is a great indicator of my mood and a reasonable barometer for my life at any given time.
In fact, many of my regular readers have noted that there is almost always a song lyric hidden somewhere in my blog postings, and I have even occasionally been challenged to work in specific lyrics - a challenge that is almost always accepted, by the way.
It’s perhaps no surprise then that as I was winging home from yet another conference on Friday afternoon, I began to think about my various fund manager and investor conversations over the prior two days and decided that maybe what the investment industry really needs is a playlist.
That’s right, we all need a break from chasing capital, being chased for capital, due diligence, the low return environment, watch lists and pitch books, so why not get down and get funky?
So without further ado, here are reasonably comprehensive musical stylings for nearly every fund manager and investor mood. The song list and use cases are below, and I’ve even created a Spotifly playlist for those of you who want to break out your best Carlton Banks dance moves.
“Money” - The Flying Lizards – For both investors and fund managers, because isn’t that what this business is all about?
“I Need A Dollar” – Aloe Blacc – For pre-launch fund managers in search of their initial funds.
“Please, Please, Please, Let Me Get What I Want” – The Jealous Girlfriends – For any fund manager about to go into yet another meeting after a string of ‘maybe in 6 months, in 1 year, when you get to XX dollars.’
“Uprising” – Muse – Been blocked out of an opportunity by a gatekeeper or a bigger fund? This song will build your motivation to overcome them and succeed.
“Price Tag” – Jessie J – Been blocked out of an opportunity by a gatekeeper or a bigger fund? This song may help you keep that loss in perspective and your blood pressure in check.
“Patience” – Guns-N-Roses – Investors should have this playing in the background as fund managers wait in the conference room…
“How Soon Is Now” – The Smiths – …while fund managers who are on their third, fourth or fifth meeting in months hum this under their breath.
“What Have You Done For Me Lately” – Sharon Jones & The Dap Kings – Question that should be asked by every investor to their long-time funds.
“Shake It Off” – Us The Duo – Get a bad due diligence rating from a consultant? Fix the problems and shake it off.
“Every Breath You Take” – The Police – How every investor I know feels at the end of a conference.
“Just Got Paid” - *NSYNC – You got an allocation! Woot!
“Mo Money, Mo Problems” - The Notorious B.I.G. – Sure it’s great to gather more assets under management, but as you do, you’ll have to spend more time thinking about your business, operations, compliance, staffing, etc. And it may be harder to generate returns. Being bigger isn’t always glamorous. (Explicit Lyrics)
“Money For Nothing” – Dire Straights – What anyone outside of the investment industry probably thinks about your job.
“Billionaire” - Travie McCoy & Bruno Mars – The morning prayer of every emerging fund manager. (Explicit Lyrics)
“Did I Shave My Legs For This” – Deena Carter - For any investor who’s walked out of a meeting with a fund manager that was ridiculously off the mark based on size, performance, fund age, experience, drawdowns, strategy, etc. That was an hour of your life you’ll never get back.
“Fighter” – Christina Aguilera – When an investment you thought was great, isn’t.
“I’m Still Standing” – Elton John – When you are coming back from a drawdown.
“Everybody Knows” – Concrete Blonde – When you’ve been trying to gather assets for months and keep seeing bigger funds get bigger, even if your performance is better. This one may require a stiff drink.
“Somebody’s Watchin’ Me” – Rockwell – Oh the joy of being on an investor’s or consultant’s watch list.
“Extraordinary” – Liz Phair – You know that if investors ever got to know you, they’d want to give you money!
“Holding Out For A Hero” – Bonnie Tyler – Investors see hundreds of funds a year – this should be playing as they walk down the hall into yet another meeting.
“We Are The Champions” – Queen – When you get your first institutional allocation.
"Don't You Want Me" - Human League - When an investor or gatekeeper won't take your calls or schedule a meeting with you. ('You know I can't believe it when I hear that you won't see me...')
“Have You Met Miss Jones” – Tony Bennett – When you read my blog postings.
Got suggestions for songs I didn’t include? Sound off in the comments below. And happy listening!
As we commence another year of the great capital raising dance, I thought it would be fun to channel all of the back and forth, yes and no, hide and seek frustration into a little game. One that harkens back to a happier and simpler time, and one that anyone who has ever been under 12 or over 60 is familiar with.
So yes, ladies and gentlemen, this year we're gonna play a little Capital Raising BINGO. Simply print out the appropriate investor or fund manager card below and mark off (and date) each time you get a designated response.
The first investor who gets a BINGO can draft me as a single-use meat shield at an event.
The first fund manager who gets a BINGO will also get a prize, custom tailored to the fund in question.
Happy capital hunting! And may the BINGO odds be ever in your favor!
(c) 2017 MJ Alts
(C) 2017 MJ Alts
Me and my Granny, Christmas morning circa 1973/1974-ish
Well, 2016 has been one helluva year. Between the celebrity deaths (Bowie, Rickman, Prince in particular), fake news, election chaos, Zika, creepy clowns, Aleppo, and a host of other miserable events, I know I won’t look back on 2016 with anything remotely regarding fondness. In fact, I may pretend this year didn’t even happen, therefore reducing any future therapy bills and bolstering lies about my real age.
But alas, as much as I wish I could be Queen of de-Nile, I’m afraid 2016 did happen, and I have the blogs to prove it.
So if you need a good year-end chuckle to survive the holidays, the Electoral College vote, or your boozy office fete, or if you’re just craving random info and snarky rants about the investment industry, I’ve got just what the doctor ordered.
Here’s a complete wrap up of all my blog postings, by topic, for 2016. Enjoy them while you rock around the Christmas tree, drink your Gin and Tonica, or however you plan to celebrate the season.
See y’all next year!
Hedge Funds (Don’t) Suck
http://www.aboutmjones.com/mjblog/2016/11/1/killer-kittens-the-decline-of-hedge-fund-returns (Why you’re more likely to be injured by your toilet than get busted by the SEC)
http://www.aboutmjones.com/mjblog/2016/9/6/you-cant-handle-this-hedge-fund-truth (Perception versus reality in the world of hedge funds, told with pictures)
http://www.aboutmjones.com/mjblog/2016/5/17/hedge-fund-truth-dont-believe-everything-you-read (Animated blog about hedge fund fees, returns and the so-called talent shortage)
http://www.aboutmjones.com/mjblog/2016/2/29/the-hedge-fund-headline-predictorator (Using hedge fund headlines (13-Fs, Rich List, etc.) to tell time and seasons)
http://www.aboutmjones.com/mjblog/2016/2/22/person-or-people (Why we tar the investment industry with a big brush, and how that can hurt performance in the long run)
http://www.aboutmjones.com/mjblog/2016/9/20/can-this-hedge-fund-relationship-be-saved (The hedge funds people fell in love with 2000 to 2002…well, they’ve changed…)
Behavioral Finance
http://www.aboutmjones.com/mjblog/2016/8/16/thank-god-what-you-see-isnt-all-there-is (The bias of “what you see is all there is” and why that makes us think returns are lower than they are)
http://www.aboutmjones.com/mjblog/2016/7/19/great-expectations (Matching investor expectations to reality. Matching money manager expectations to reality)
http://www.aboutmjones.com/mjblog/2016/8/2/a-picture-is-almost-worth-1000-words (Truly terrible drawings that illustrate the “streetlight effect” and how we end up looking in the wrong place for strong performance)
Diversity And Investing
http://www.aboutmjones.com/mjblog/2016/11/15/lenny-bruce-is-not-afraid (A post election blog that covers the importance of diversity, ESG, thinking before you talk to investors and a long-term investment strategy)
http://www.aboutmjones.com/mjblog/2016/7/5/and-now-for-something-completely-different (How cognitive, behavioral, structural and network diversity can benefit investors in hedge funds, private equity and venture capital)
http://www.aboutmjones.com/mjblog/2016/6/7/the-five-ps-of-gender-parity (Solutions for getting more women into the investment industry)
http://www.aboutmjones.com/mjblog/2016/1/25/no-quick-fix (The many unconscious biases men AND women have to overcome to achieve gender parity in investing)
http://www.aboutmjones.com/mjblog/2016/1/4/nostradamnus (Why the low return environment heading into 2016 may require some creativity on the part of investors re: active management, diversity, and emerging managers)
Emerging Managers and/or Capital Raising
http://www.aboutmjones.com/mjblog/2016/12/6/the-five-stages-of-emerging-manager-grief (Denial, anger, bargaining, depression and acceptance all figure into your capital raising experience)
http://www.aboutmjones.com/mjblog/2016/10/4/seed-me-seymour (The truth and consequences of seed capital)
http://www.aboutmjones.com/mjblog/2016/7/5/and-now-for-something-completely-different (How cognitive, behavioral, structural and network diversity can benefit investors in hedge funds, private equity and venture capital)
http://www.aboutmjones.com/mjblog/2016/6/21/capital-raising-crimes-punishment (Don’t be guilty of these capital raising crimes or pay the price of low AUM).
http://www.aboutmjones.com/mjblog/2016/4/5/are-you-hot-or-not (Evaluating a new fund launch – what makes some sizzle and others fizzle?)
http://www.aboutmjones.com/mjblog/2016/2/14/at-your-service (Choosing your service providers)
http://www.aboutmjones.com/mjblog/2016/1/31/making-the-first-move (How to make and keep contact with investors without making them hate you)
http://www.aboutmjones.com/mjblog/2016/1/4/nostradamnus (Why the low return environment heading into 2016 may require some creativity on the part of investors re: active management, diversity, and emerging managers)
Random Musings
http://www.aboutmjones.com/mjblog/2016/11/15/lenny-bruce-is-not-afraid (A post election blog that covers the importance of diversity, ESG, thinking before you talk to investors and a long-term investment strategy)
http://www.aboutmjones.com/mjblog/2016/1/18/money-manager-advice-dont-panic-but-do-bring-a-towel (What 2016 may bring - fee pressure, market volatility, few changes to the regulatory regime until after the election)
http://www.aboutmjones.com/mjblog/2016/5/3/kicking-the-buckets (Do strategy and style buckets help or hurt us? Getting past a checkbox mentality)
http://www.aboutmjones.com/mjblog/2016/4/18/you-are-so-money (Money manager horoscopes - don’t ask!)
http://www.aboutmjones.com/mjblog/2016/3/14/money-manager-report (How to effectively evaluate money manager performance without getting caught up in your benchmark underpants.
http://www.aboutmjones.com/mjblog/2016/10/18/sleepless-in-nashville (The things about the investment industry - hedge funds, private equity, venture capital, real estate, investment advisors, etc. - that keep me up at night)
http://www.aboutmjones.com/mjblog/2016/1/4/nostradamnus (Why the low return environment heading into 2016 may require some creativity on the part of investors re: active management, diversity, and emerging managers)
ESG/Socially Responsible Investing
http://www.aboutmjones.com/mjblog/2016/11/15/lenny-bruce-is-not-afraid (A post election blog that covers the importance of diversity, ESG, thinking before you talk to investors and a long-term investment strategy)
http://www.aboutmjones.com/mjblog/2016/2/7/ucee2gr6omdig0e5vtpsbx8qra738m (Predicting more interest in socially responsible/ESG investing, different pathways to fund management jobs, and a break from paper and PDFs)
It's often quite amusing to me to chat with friends and associates outside of the investment industry about the investment industry. The vision that many folks have about the typical hedge funders' day-to-day existence is one part conspiracy theory, two parts lies and debauchery and a final part douchebaggery. So, to help clear up some of the most common misconceptions about working in alternative investments (specifically hedge funds), I thought it might be helpful to create a simple visual aid separating hedge fund fact from fiction. May this give you a giggle as you attempt to re-acclimate to work after the long weekend.
Please note: I don't think that the hedge fund industry is in imminent danger of going away, but I do think that, like in Westeros, there will likely be some carnage before we make it through this round of poor average performance and fee, tax and regulatory pressure. Oh, and I don't own any of the images above. And finally, you may have to be 40+ or a bone fide cinematic geek to understand some of the references (Hint: Trading Places, Dr. No, Hitch), but I think you'll get enough of the picture. That is, hedge funds: More PowerPoint than "power suit, power tie, power steering."
