I hate fund of funds

There were none of the usual hotties on the bus this morning.

I am really kind of enjoying the whole Made-Off scandal mainly because of many of the investors involved. Not the individual investors- I truly feel sorry for them. I am somewhat gleeful that a lot of European fund of funds were in there. Gotta love their due dilligence. There are many on the list that were investors in the hedge fund I worked at for five years and they were a bunch of pricks who put us through the wringer before they would invest. We actually had a very well known accounting firm who's reputation was built upon them specializing in hedge funds. We had one of the two major law firms for outside counsel who were known for their hedge fund practice. We had a major i-bank prime broker who provided all pricing for all securities. They still treated us like we were trying to perpetrate a fraud on them.

I came to learn that all European FofFs were solely performance chasers and not investors at all. No better proof is there than the fact that they invested in Made-Off solely because he had steady up returns no matter what. They must have changed their due diligence process. They also must never have heard of serial correlation and what it implies- that would be a strong possibility of fraud. They ignored all these red flags solely because they were chasing performance. I love the irony of the situation for them but truly do feel bad for the retired carpet salesman and his wife who invested their entire savings with Made-Off.

JW sent me a link to a really great former blog. I say former because sadly this brilliant mind who writes much better than I and on many of the same topics but much more in depth has signed off. He has taken a new job in The City.

Went to the gym tonight and have to say there was some serious quality hotness there. It made the work out interesting and I actually shared the incline with this really hot guy who had teddy bear brown eye- he was dreamy. He was also actually nice guy who gets gym etiquette. He asked if I needed a spot on my turns and told me he needed a lift off on his turn and how many reps he was going for so I knew when to be ready. He also stripped the plates. It's nice to know not everyone at the gym is uncouth.