Last week I had the pleasure of celebrating Frank Sinatra’s 101st birthday at his old haunt, Patsy’s on West 56th Street. The afternoon was one full of serious Sinatra talk as well as discussions on pretty much every topic other than the retirement of David Ortiz. We covered quite a bit of ground over the three-hour lunch and while most of our discussion centered on the incoming administration and what effect it will have on the hedge fund industry, talk about old New York and all its wonders was priceless.
Still, the truth is that no one knows what the Trump administration will bring the hedge fund industry, or anything, for that matter. Quite frankly I think that is refreshing. There is no track record to analyze, no experience to review, there only is simple and utter pure speculation. This scares many. It excites quite a few. And it’s providing the media with a field day.
While many continue to be angry about the election and continue to place blame – including former President Clinton and First Lady Michelle Obama – others have started to focus on the potential positives a Trump administration could have on the economy, the markets and the country as a whole. I am not sure what tomorrow brings – nobody is – and the road ahead may be a difficult one. What is for sure, though, is that we will make through.
As for the hedge fund industry, or the investment management industry in general, well, I am quite bullish. I believe that 2017 will see a resurgence as investors continue to seek active managers who can deliver performance. Investors will find these managers and flock to them, leaving those who under perform in the dust. Investors and managers alike need to sharpen their pencils and get to work. The New Year is just around the corner and, mark my words, hedge funds will do well in 2017. The best is yet to come for the industry.
Operations for Alternatives will be in Miami on February 27 and 28, 2017. To learn more about this great event or to register, click here.
Have a good holiday weekend – take some time, relax and enjoy your family.
Things that drive me crazy
I am sick and tired of the press bashing anything and everything about the incoming Trump administration. I get it, they are angry that Mrs. Clinton lost. I get it, they are angry that they completely failed to predict the outcome of the election. I get that they are mad at themselves and therefore are taking it out on President-elect Trump and his nominees. The attacks hit a new low on Tuesday. I was listening to an NPR’s Fresh Air segment about Rex Tillerson in which the commentator basically called the Secretary of State nominee a criminal who used bribes and corrupt practices to expand Exxon Mobil’s operations. I had to shut my radio off. This is a new low, even for NPR.