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The Journal of Wealth Management

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Is Greed Still Good? What Have Hedge
Fund Managers and Investors Learned
from the 2008 Crisis?

Greg N. Gregoriou and François-Serge Lhabitant
The Journal of Wealth Management Fall 2011, 14 (2) 42-48; DOI: https://doi.org/10.3905/jwm.2011.14.2.042
Greg N. Gregoriou
is a professor of finance at the School of Business and Economics at the State University of New York (SUNY) in Plattsburgh, NY, and a research associate at the EDHEC Business School in Nice, France.
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  • For correspondence: gregorg@plattsburgh.edu
François-Serge Lhabitant
is the CIO of Kedge Capital Fund Management and a professor of finance at the EDHEC Business School in Nice, France.
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  • For correspondence: f@lhabitant.net
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Abstract

Have investors and hedge fund managers learned anything from their recent mistakes? One can doubt it. While each financial crisis has its unique features, common traits and warning signals surface repeatedly. In this article, the authors have chosen to discuss six of them, namely (a) the belief that the current situation bears little similarity to past disasters; (b) the misalignment of interests between principals and agents; (c) the mismatch of liquidity between assets and liabilities; (d) the increased use of leverage when returns are disappointing; (e) the increased complexity of the strategies and instruments traded; and (f) the lack of reliability of external due diligence providers. They conclude that, unfortunately, many of these signs seem to be back again in the world of hedge funds.

TOPICS: Real assets/alternative investments/private equity, in markets, financial crises and financial market history

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The Journal of Wealth Management: 14 (2)
The Journal of Wealth Management
Vol. 14, Issue 2
Fall 2011
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Is Greed Still Good? What Have Hedge
Fund Managers and Investors Learned
from the 2008 Crisis?
Greg N. Gregoriou, François-Serge Lhabitant
The Journal of Wealth Management Jul 2011, 14 (2) 42-48; DOI: 10.3905/jwm.2011.14.2.042

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Is Greed Still Good? What Have Hedge
Fund Managers and Investors Learned
from the 2008 Crisis?
Greg N. Gregoriou, François-Serge Lhabitant
The Journal of Wealth Management Jul 2011, 14 (2) 42-48; DOI: 10.3905/jwm.2011.14.2.042
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  • Article
    • Abstract
    • THIS TIME IS DIFFERENT
    • LONG-TERM INCENTIVES MATTER
    • LIQUIDITY MISMATCH
    • ADD SOME LEVERAGE
    • KEEP IT SIMPLE, STUPID (KISS)
    • CHECK IT YOURSELF
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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  • PDF (Subscribers Only)

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