Exploding a couple of hedge fund myths

Posted by Marc Hodak on May 11, 2009 under Irrationality, Politics | Be the First to Comment

Myth 1:  Hedge funds attract the best and the brightest

Not more so than any other industry.  In fact, it attracts its fair share of cranks and fools.  Case in point:  One can accuse a president of many things.  Keeping his campaign promises isn’t one of them:

A top Obama fundraiser and hedge fund manager said: “I’m appalled at the anti-Wall Street rhetoric. It was OK on the campaign but now it’s the real world. I’m surprised that Obama is turning out to be so left-wing. He’s a real class warrior.

Which brings us to the second myth.

Myth 2:  Hedge fund managers are a bastion of Republicanism

Most people mistakenly think of Wall Street in general as pretty Republican.  Most people, as usual, are wrong.