first_img Show Comments ▼ MANAGING A HEDGE FUND? SIMPLE, IT’S LIKE DRIVING THE SCHOOL BUS YOU’VE got to hand it to Glenview Capital hedge fund manager Larry Robbins – The Capitalist has rarely heard such a creative defence of a period of negative returns.Robbins, in his latest newsletter to clients following a four per cent decline in his portfolio over the second quarter, touched on the equity markets and the wider economic environment, but boiled the performance down to a simple analogy: comparing his job to that of a bus driver.Taking his Monday morning routine as an example, Robbins explained how driving his children to school in New York was actually a combination of alpha and beta – the latter being the flow of traffic each day, and the former his own “combination of knowledge, skill and luck, attempting to choose the correct lane, the alternate route, the best shortcut to weave along the 15 mile journey”.“Our job at Glenview is very similar to my job as Monday bus driver,” he continued – with his investors’ capital akin to his precious human cargo, and his own mandate to reach their investment goals on time.“While at any point and time it may appear as though one car is ahead while another is behind, it is the consistent drivers that utilise all of their tools of alpha that consistently end up leading the race at the end,” Robbins concludes, brightly. “Thus, while we are disappointed that the second quarter brought heavy traffic, we are satisfied with our navigational skills as a team, and we believe we are on pace to arrive at our common objectives safely and securely.” That’s alright, then.BOOK WORMVince Cable’s not having a good time of it of late, what with the thunderous reception to his “anti-business secretary” speech at the Lib Dem conference last week and all. Now budget hotel chain Travelodge has another piece of dire news – apparently, Cable’s book “The Storm: The World Economic Crisis and What it Means” is the third most readily-discarded tome in the group’s hotel rooms so far this year.This for the man who, when interviewed by City A.M. earlier this year, couldn’t give away his work quickly enough, foisting the books on his hapless guest in any number of weird and wonderful foreign languages.Still, at least he can take solace in the fact that Simon Cowell’s “Unauthorised Biography” and Ant & Dec’s biography were both placed even higher in the abandonment league table.COLOUR FLASHWord reaches The Capitalist that Deloitte is busy persuading all staff from diverse cultural backgrounds to wear traditional ethnic dress into the office on Fridays, as part of its diversity programme. Brings a new and colourful meaning to “dress-down Fridays”, doesn’t it? More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and‘The Love Boat’ captain Gavin MacLeod dies at‘Neighbor from hell’ faces new charges after scaring off home KCS-content Share Sunday 26 September 2010 9:40 pmcenter_img whatsapp whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Tags: NULLlast_img

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