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Caveat Emptor?  |
| 23 September 2007
Another bunch of investors have had their fingers burned after investing in
hedge funds based apparently on the glittering reputation of one man.
It's too early to know whether anything was done which could give those investors
a basis for suing Absolute Capital, but it does seem strange to me that investments
of a significant part of a fund's assets can be made into illiquid 'micro-cap'
stocks without the investors' knowledge.
I am no friend of regulation, and I well understand that hedge funds are left
alone on the basis that rich people should be free to throw away their money
if they choose to, but if it was my money (I don't have that sort of dosh) I
should at least want to know that the managers were bound by rules which they
could only break at the cost of their reputations.
My doctor, my lawyer, my accountant, even my real estate consultant, are all
bound by professional disciplines, and they would lose their livelihoods if
they transgressed; but not hedge fund managers. Strange.
You have been reading an entry on the following blog:
Penelope Wise
Penny Wise but not Pound Foolish! But remember: I am not offering investment advice. My comments are just for your general information; I do not recommend investments, and you should take professional advice before entering any investment contract.
Penelope blogs on investment and financial services around the world: mainstream and alternative. Contact: penny@lowtax.net
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Tags:
Hong Kong | Investment | Offshore | Taxation
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