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By Tyler Durden

Nearly a decade ago, Warren Buffett bet Protege Partners, a fund of hedge funds, that over the course of 10 years the S&P would outperform Protege’s returns net of all fees, costs and expenses. To make it real, the loser agreed to pay $1 million to the charity of the winner’s choice.

At this past year’s annual meeting, Warren Buffett provided an update on the now 8-year-old bet and, sure enough, the S&P has obliterated Protege’s net returns by over 40%, on a cumulative basis.

Buffett referred to the bet as the “most important investment lesson in the world.”

“I believe this is the most important investment lesson in the world.”

“[Losing by 40 points] may sound like a terrible result for the hedge funds, but it’s not a terrible result for the hedge fund managers. If you have a couple percentage points sliced off every year, that is a lot of money … It’s a compensation scheme that is unbelievable to me and that’s one reason I made this bet.”

“It’s so obvious and yet all the commercial push is telling you you ought to do something different today than you did yesterday. You don’t have to do that. You just have to sit back and let American industry go to shop for you.”

“No consultant in the world is going to tell you just buy an S&P index fund and sit for the next 50 years. You don’t get to be a consultant that way and you certainly don’t get an annual fee that way.”

Perhaps this simple example helps explain why many of the largest pension funds and endowments are pulling back on investments in hedge funds and seeking fees cuts from managers that they choose to keep in their portfolio. As the Financial Times points out, the days of the “2 & 20” hedge fund fee structure seem to be coming to an end.

“There’s a lot of creativity going on and an effort to find fee structures that work for both the manager and the investor,” says Ermanno Dal Pont, global head of strategic consulting at Barclays. “The days where everyone was on 2 and 20 and quarterly liquidity are surely over.”

Managers are offering discounts by using a scale of fees based on assets under management or time spent invested, so when assets rise or a certain amount of time passes, the early investors pay less, according to Barclays’ prime services group.

There are also longer performance fee crystallisation periods for funds with longer investment time horizons, and hurdles that place a threshold on incentive fees.

Some are also charging different levels of performance fees based on how big a return they made; granting discounts where existing investors can add more capital to a strategy during a down period at a reduced rate, and offering reduced fees if investors agree to lock up their capital for longer or invest a larger chunk of money.

According to …read more

Source: The Traditional "2 & 20" Fee Structure Is Taking A Hit As Hedge Funds Continue To Underperform

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Deutsche Bank has agreed to pay $3.1 billion to the U.S. government to settle claims that it packaged up toxic mortgages between 2005 and 2007. …read more

Source: Deutsche Bank strikes $7.2 billion deal with U.S.

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Italian bank Monte dei Paschi has been forced to seek a government bailout after private investors refused to put money into the struggling firm. …read more

Source: World’s oldest bank seeks government bailout in Italy

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By The_Real_Fly

How dare Brian Stelter, so called ‘journalist’ at CNN, retweet an obvious prank by some dipshit named Adam Saleh — over what he sensationalized to be ISLAMOPHOBIA at the hands of a fine American company called Delta Airlines.

The claim by the very flamboyant and effeminate Adam Saleh was that he was merely talking a barbarous version of Arabic to his Mother, to which was met with an unrelenting form of ISLAMOPHOBIA by the employees at Delta, who quickly ferreted him off the fucking plane for obvious fears that he was about to stage a terrorist event by way of hijacking or shoe bomb detonation.

Little did the plebian employees know that Adam was just an effete member of the youtube theatre, playing tricks on the people, hoping to cash in on his adsense ads on his stupid videos. In other words, he was full of shit. A simply cursory google search would’ve produced such valuable information, something the CNN journalist named BRIAN STELTER didn’t bother to do.

Mr. Stelter didn’t bother to do a cursory search on Adam Saleh, instead opting to RETWEET his salacious story, because he’s a very dumb man — a stone aged type of person with savage qualities occupying a very low station in life. Most of the time Mr. Stelter is busy putting out stories about FAKE NEWS, while at the same time creating his own FAKE NEWS. The main stream media today is an active practice of a nonsensical nature, very Kafkaesque for you literary and Orsen Welles aficionados.

Here’s Brian making fun of himself.

The bow-tie less Tucker Carlson calls out Mr. Stelter, and the media as a whole, for being very stupid, falling for the oldest tricks in the book.

Content originally generated at iBankCoin.com

…read more

Source: TUCKER CARLSON CRUCIFIES CNN REPORTER FOR RETWEETING ADAM SALEH PRANK

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By Tyler Durden

For the 3rd night in a row, China opens with a panic bid for Bitcoin. The cryptocurrency is now up over 14% in less than 3 days, topping $900 for the first time since December 2013. Interestingly yuan is not moving much tonight.

The USD price for a Bictoin has soared over 14% in the last 2 days. We first warned of this 'outlet' for Chinese capital in September 2015 when Bitcoin was trading around $200…now it is topping $900…

And volume is very heavy once again from China…

Getting very close to record highs…

As a reminder, back in 2013, the government classified bitcoin as a commodity and not currency, placing it outside the purview of the foreign-exchange regulator, the people said. That does not mean, however, that China is powerless at limiting bitcoin's upside.

Several Chinese government bodies including the People’s Bank of China and the financial regulators said in a joint notice that year that bitcoin functioned like a digital commodity without the legal status of a currency. The central bank said in January it is studying the prospects of issuing its own digital currency and aims to roll out a product as soon as possible.

While China dominates bitcoin mining and trading, the government has shown caution over its spread in the nation. In 2013, the PBOC barred financial institutions from handling bitcoin transactions.

…read more

Source: Bitcoin Soars Above $900 As China Opens

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By Tyler Durden

Submitted by Brandon Smith via Alt-Market.com,

For years, alternative economic analysts have been warning that the “miraculous” rise in U.S. stock markets has been the symptom of wider central bank intervention and that this will result in dire future consequences. We have heard endless lies and rationalizations as to why this could not be so, and why the U.S. “recovery” is real. At the beginning of 2016, the former head of the Dallas branch of the Federal Reserve crushed all the skeptics and vindicated our position in an interview with CNBC where he stated:

“What the Fed did — and I was part of that group — is we front-loaded a tremendous market rally, starting in 2009.It’s sort of what I call the “reverse Whimpy factor” — give me two hamburgers today for one tomorrow. I’m not surprised that almost every index you can look at … was down significantly.” [Referring to the results in the stock market after the Fed raised rates in December.]

Fisher continued his warning (though his predictions in my view are wildly conservative or deliberately muted):

“…I was warning my colleagues, “Don’t go wobbly if we have a 10-20 percent correction at some point. … Everybody you talk to … has been warning that these markets are heavily priced.”

Here is the issue — stocks are a mostly meaningless factor when considering the economic health of a nation. Equities are a casino based on nothing but the luck of the draw when it comes to news headlines, central banker statements and algorithmic computers. Today, as Fischer openly admitted, stocks are a purely manipulated indicator representing nothing but the amount of stimulus central banks are willing to pour into them through various channels.

Even with the incredible monetary support pooled together by international financiers, returns on equities investments continue to remain mostly flat. It would seem that the propping up of indexes like the Dow has been only for the sake of keeping up appearances. For many people, revenue is barely being generated.

Unfortunately, the majority of Americans do not care to educate themselves on the finer points of finance. Their only relation to the health of the economy is their daily glance at the Dow. If it is green, or at all time highs, they assume that all is well, even if their gut is telling them something is not quite right.

The elites that stand at the helm of the Federal Reserve understand this dynamic very well. They are not stupid. They know that the whole of the global economy could be in a shambles but as long as stocks remain positive the masses will continue to ignore reality until the flames of destabilization are at their very doorsteps.

With this fact in mind one might think that the Fed would consider it in their best interest to keep stimulus measures operating indefinitely; but that is not what they are doing.

In fact, the Fed along with other central banks like the ECB has been slowly peeling back pillars …read more

Source: Federal Reserve Initiates End Game As Trump Heads To White House

    

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