Financial Services Industry
Industry: Email Alert RSS FeedIt's a gusher: Western world gripped by hedge fund mania.(Brief Article)
Pensions & Investments, July, 2001 by Burr, Barry B.
Barton M. Biggs believes ``hedge-fund mania now grips the U.S. and Europe.'' It is ``rapidly assuming all the classic characteristics of a bubble,'' contended the chief global strategist and chairman of Morgan Stanley Investment Management Inc., New York, in a Global Strategy report to clients.
``The hedge-fund bubble is no secret,'' he added, but it may be shrouded in flaky statistics. ``Total equity in hedge funds worldwide is about $400 billion, leveraged up to who knows what,'' he suggested. ``Supposedly there are roughly 6,000 hedge funds ... the average hedge fund life (is) around 3.5 years.'' ``Investors involved in hedge funds are generally wealthy, smart and sophisticated,'' he continued; however, ``history shows that sophistication and...
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