Hedgehogs 0
Susan Blumner looks over the hedge and view the hogs inside:
Take Steven Cohen of SAC Capital Advisors. Cohen’s 2012 pay was $1.4 billion. For this, he obtained a 13 percent return for investors. Sounds good, right? Except that the Standard & Poor’s 500 stock index shot up 16 percent last year when factoring in dividends. SAC investors paid a 50 percent performance fee to Cohen despite the lagging numbers.
Having no shame is one of the rules for success as a hedge fund manager.
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