Barry Ritholtz: Is 3 & 30 the new 2 & 20?: "The hedge fund industry... are the latest group to succumb to 'Winner Take All' ethos.... In 2018 'the industry saw its biggest annual loss since 2011, declining 4.1 percent on an a fund-weighted basis'.... For all but the most elite... poor performance has led to pressure from clients. Look no further than the changing nature of those fees.... With a few notable exceptions, 2 & 20 is no more. About those exceptions: the winner takes all ethos applies as much to hedge fund managers as it does to the rest of us.... Bridgewater,... Pure Alpha vehicle generate[d] 14.6 percent in gains in 2018.... D.E. Shaw... is... moving back to a fee structure of 3 percent of assets and 30 percent of profits it used throughout the aughts. Its 14 billion Composite fund, gained 11.2 percent in 2018...
#noted
