Tuesday, May 7, 2013

Hedge funds come to Vegas, but they’re not always the be$t bet

The Post reports that the hedge fund honchos descending on Las Vegas for the fifth annual industry conference have a lot in common with the casinos of Sin City: The house always wins.  That truism has never been more evident than during the past four years.

Forty hedge-fund managers have now made the Forbes billionaire list, and the conference, known as SALT, beginning Wednesday has become the place for them to hobnob with world leaders, former presidents, political pundits and Hollywood celebrities.  But the people whose money hedge funds manage haven’t exactly hit the jackpot.  Teachers, firefighters, and others with defined benefit plans doubled down on money invested with hedge funds following the crash of 2008, pouring $282 billion into the industry in hopes of making up for their losses….

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