Innovators, imitators, and idiots: Behind the pod shop market chaos

Résumé détaillé

The world’s largest hedge funds are meant to make unrelated bets across stock and bond markets. But more often than not they push in the same direction.

At a private dinner, Izzy Englander, the founder of $US100 billion hedge fund Millennium Management, was asked what he does if one of his traders falls in love with a stock and doesn’t want to sell it.

His response, according to his fund manager friend Ron Baron’s account was the following: “Well, when they go to lunch, I sell it, and when they come back, I fire them.”

Début de l'article, extrait de Australian Financial Review. Pour lire la suite, ouvrez l'article chez le média.