Clearly, something is amiss in the markets that few in our strategy, if anyone, have experienced before," Black Mesa's managers Dave DeMers and Jonathan Spring wrote. DeMers declined to comment on Thursday.
So when it goes up you are a f***ing genius. When the poo poo hits the fan its the "systems" fault?
I don't think that quote is saying that the market or system is at fault as much as they are saying that 50 hedge fund managers all got taken by surprising by a unique combination of market events. The best hedge fund managers admit that a 70% return is partially luck and will probably never happen again if you have good risk controls in place, the worst will claim they are geniuses. I guess you could argue that with fees as high as 2 and 20% they better be genius's at what they do, and maybe you are right. With 15,000-19,000 hedge funds out there some truly deserve to eat dust while others are literally ran by geniuses and professionals who work very hard for their investors.
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