Circling Back to the Caisse and SARA Fund

A senior pension fund manager at the Caisse asked me to meet him late yesterday afternoon to discuss last Friday's comment on Quebec's absolute return flop. He didn't want to discuss the content as he's not in charge of hedge funds but told me he was "extremely disappointed with the form of the message, the innuendos of fraud and mismanagement" and compared the comment to "Quebec tabloid sensationalism."Moreover, he told me that "in this business, you're only as good as your last trade," and warned me that "if you keep irritating large Canadian pension funds, you'll find it difficult to secure employment or get their support for your projects." He also asked me point blank: "If you were still consulting for the Caisse would you have written...

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Showdown at Syntagma?

Was at my buddy's place late tonight where we enjoyed cigars and whiskey on his balcony. Beautiful night here in Montreal but we were thinking about what's going on in Greece and the controversial vote on the austerity package on Wednesday. I told him I went all cash in my portfolio early this morning and going to wait this out even though the stocks I'm watching took off (apart from solars, paying close attention to JDSU, CIEN, FNSR and JNPR at these levels).I'm going to follow up on my previous post on the ugly truth with some more ugly truths:1) Ugly truth on why Greece is the future: Watch what is going on in Greece right now because this is the future of capitalism. We are at a historic crossroad. Had an interesting conversation with a...

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Pensions Move to Direct Hedge Fund Investments?

Before getting into my latest topic, I want to thank those of you who took the time to write me after reading my last comment on the ugly truth. Rest assured this blog is not my open diary but sometimes I like delving deep into personal matters because I believe certain frustrations, anxieties and worries are common and if by expressing my thoughts, I can help someone else, so much the better. I have nothing to ashamed of and if some people choose to use my openness against me, then shame on them. The real ugly truth is that far too many people in finance and business are money whores and would screw over anyone for money. That's all I'll say about the ugly truth.Now, onto the latest topic, direct investments into hedge funds. Christine...

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The Ugly Truth?

On Sundays, I like to write and reflect on various topics. Take the time to read this comment carefully as it covers everything from relationships (personal to professional), to markets to politics. The theme today is going to be the Ugly Truth.1) Ugly truth on yours truly: I'm going to begin and end this post on a personal level. I've been going through a lot of introspection ever since turning 40. First, I'm glad I got off my ass and joined a gym. I don't know what is going on in my body but ever since I underwent the CCSVI procedure in late March and then joined the gym to work out with a trainer, I've seen a major transformation and feel stronger than I have in years. I'm walking further, my upper back pain is almost gone, and my posture...

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Quebec's Absolute Return Flop?

Woke up at 5:30 this morning and headed to the gym. My new routine now is get up early and head for a hard workout first thing in the morning, but when I got there, the gym was closed because it's St-Jean Baptiste Day, a national holiday in Quebec.I'm pissed, it's raining, haven't been to the gym in a couple of days, and really needed my workout. Why am I sharing this? Because as you'll read below, I'm in a cranky and foul mood. I've had it with "Quebec's financial elite" and all the hot air they're blowing in the media. I'm going to expose what is really going on with the new venture to promote Quebec's absolute return funds, and I couldn't care less about who I piss off. As we say here in Quebec, je m'en criss!!!First, let's back up and look...

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Betting The Farm On Hedge Funds?

Following my last comment on Japan's pensions betting on hedge funds, Jonathan Jacob of Forethought Risk sent me an Institutional Investor article by Imogen Rose Smith, Public Pension Plans Bet Their Future On Hedge Funds:It didn’t sound like much, even at the time. In April 2002 the California Public Employees’ Retirement System invested a total of $50 million with five hedge fund firms. For the then-$235.7 billion CalPERS, the largest state pension plan in the U.S., writing $50 million in checks was hardly a noticeable occurrence. But as the first step in an initial $1 billion allocation, the investment was a monumental moment for the hedge fund industry. It marked one of the first significant commitments by a public pension fund ...

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